Although the cryptocurrency market activity has largely been suppressed across 2022, several networks are recording increased interest and activity.
In particular, the decentralized finance (DeFi) network Cardano (ADA) has added about 100,837 wallets in November alone, despite the sector operating in a bear market, with the FTX collapse complicating matters further.
As of November 25, the figure stood at 3,734,363, while at the start of the month, the number of ADA wallets was 3,633,526, according to Cardano Blockchain Insights data.
Cardano’s impressive wallet growth can be tied to the increased network activity, considering that the platform has yet to witness any bullish triggers in recent weeks. A notable activity on the platform is the ongoing development of Lace, a lightweight multi-chain crypto wallet.
The wallet seeks to seamlessly link elements in Web2 and Web3 to a single interface, with the Cardano team terming Lace a game changer. Additionally, the network is recording increased activity following the launch of a stablecoin linked to Cardano.
ADA price analysis
Indeed, the Cardano network activity is classified among the possible catalysts to trigger an ADA price rally. Notably, like the rest of the crypto market, ADA is still searching for a bottom that seems elusive amid the widespread fallout from the FTX crisis.
As things stand, ADA was trading at $0.31 by press time, with losses of 0.28% in the last 24 hours. In general, the asset has been on a bearish trendline in the past week, with bulls unable to recover the extended losses.
At the current price, ADA faces resistance at $0.33, with $0.30 standing as a crucial support position. It is worth noting that ADA bears remain strong.
ADA technical analysis
Under the technical analysis, ADA is bearish, with a summary recommending a ‘strong sell’ at 16, similar to moving averages at 14. The TradingView daily gauges have the oscillators going for ‘sell’ at two.
In general, the fate of ADA heavily lies in the hands of the Cardano developer Input Output (IOHK). The Cardano developer has a number of plans for 2023, and much of ADA’s future depends on whether or not these plans will serve as price catalysts.
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