The article discusses the recent surge in the popularity and usage of the Cardano network. The on-chain data indicates that previously inactive ADA (Cardano’s cryptocurrency) has started moving again, suggesting renewed interest from investors. The platform has achieved positive results in the third quarter, with an increase in daily active addresses and average daily transactions. The growth of the NFT sector on Cardano’s ecosystem has also contributed to its success. The introduction of stablecoins like USDT and USDC on the network has further fueled this growth. In terms of technical analysis, ADA’s price has surpassed the 200-day moving average, indicating a potential increase in buying pressure. However, the high Relative Strength Index suggests the possibility of the cryptocurrency approaching overbought conditions. Additionally, the article briefly mentions some other developments in the cryptocurrency space, such as the US government’s ownership of Bitcoin and the reassurance from the co-founder of Cardano regarding the platform’s Hydra project.
AI Sentiment: Positive
