- Cardano’s Transaction Volume on the Rise Due to Latest Updates and Development
- ADA Price is Unstable at the Moment
In the past few weeks, the overall volume of transactions bigger than $100,000 in ADA increased greatly, also the total amount of Cardano transactions has been steady, the volume is surging which could be seen later in its market value. The overall volume of transactions on Cardano’s network greater than $100,000 attained $116 million on October 31st, 2019. Compared to the $25 million observed previously, these new statistics show a 464% increment.
Following other cryptocurrencies in the market, Cardano also recently released its update on the Daedalus wallet that was launched on the Cardano mainnet during the time of launch. Aside from the redesigned user interface, the major change the update brought was the addition of a newsfeed. With the update, Daedalus users will be able to have four different types of news about the latest development in the industry issued to them through the wallet. Also, users will be able to access the new recovery phrase authentication system that will flag them if their recovery phrase has not been verified for a long time.
Cardano (ADA) Price Today – ADA / USD
Name Price $0.046 7.38%
As of November 2nd, 2019, there have been large transactions worth over $12 million on the Cardano network, this shows a 90% surge from the volume in the blockchain. Another surge has also been registered in the last 24 hours with more than 100 large transactions worth close to $90 million. A lot of people are looking into using the incentivized testnet of Shelley, which is the next iteration of the Cardano blockchain. According to the senior product manager at Cardano Dynal Patel, the incentivized testnet will allow all ADA holders to earn real ADA rewards, he went thus: “marking an acceleration in the Shelley testnet, and Cardano’s development.”
ADA Price Analysis – Unstable Price Trend
Currently, Cardano is on the no-trade zone, this zone has the lower and upper Bollinger bands that sit around $0.036 and $0.044, respectively. So trading within these support and resistance levels causes high-risk exposure due to the inability to ascertain which direction the trend will result. Since October 24, ADA has been experiencing low volatility which took the Bollinger Bands to shrink on its 1-day chart. So far, the Bollinger bands have been shrinking for the past two weeks, indicating that a major price movement is on its way. A break below $0.036 could take the coin to test the next level of support around $0.028. Moreover, a move above $0.044 could permit Cardano to increase to the $0.052 or $0.065 resistance level