- Cardano network development activity is on the rise;
- Cardano’s development team announces the launch of the Daedalus 5.1.0 wallet update and other noteworthy developments;
- Santiment’s MVRV metric suggests the worst of the bear market is behind us,
- Cardano’s price action.
Cardano Delivers Daedalus Update
Cardano (ADA) is gracing the limelight once again as a slew of positive developments washed over the ecosystem over the past few days.
To start with, the network has enjoyed some notable network development in recent times, with 834 commits being pushed across 53 repos on October 25 alone.
Meanwhile, network developers recently put out a weekly update, which highlighted a number of notable pieces of information. One such was the launch of Daedalus 5.1.0, a full-node hierarchical deterministic wallet for ADA, according to Input Output Global — Cardano’s host company. The team also announced other updates for various apparatuses of the network.
Another interesting piece of data revealed was that the number of ADA on the Cardano ecosystem had reached 6.4 million coins, and the total number of transactions had exceeded 52 million.
ADA’s MVRV Score at 2019 Levels, Bullish Rally Imminent: Santiment
In other news, analysts believe that the worst part of the recent bearish market trend might be behind us now and that the coming months could hold some interesting price action.
Backing this point was Santiment with a report that showed the price of ADA is at its “lowest ebb” compared to its realized value—its MVRV score. The report added that the last time this metric was spotted was in 2019, adding that it acted as a major catalyst for the price rally recorded just three months after its sighting.
Santiment noted in the report: “Cardano now sits at its lowest relative position compared to its realized value since Jan 2019.” The on-chain data analysis and statistics provider further stated: “This is a sign of undervaluation based on average trader losses. ADA’s price doubled in the following 3 months the last time its MVRV Z-Score hit this level.”
Historically, the market value to realized value (MVRV), a significant technical indicator, has been a reliable predictor of an asset's price movement. Realized Value is just the total amount of value at the time all ADA last moved, and the MVRV is computed by dividing Market Value by Realized Value.
The Santiment report showed that ADA’s MVRV score sits at -1.35 for the first time since 2019, as the cryptocurrency trades at $0.40, over 670%from its all-time high of $3.10, recorded in September 2021.
Cardano Price Action
The crypto market sprung a surprising move over the past few days. Cardano has emerged as one of the biggest movers in the sharp bullish rally recorded in the last week of October.
The cryptocurrency netted a 20% rally between October 23 and October 25, as the cryptocurrency breached the $0.40 mark. That said, the question on the minds of many is whether the recent rally is in line with Santiment’s proclamations of “better days ahead.”
Regardless, the near-term target for bulls is the $0.45 mark, which, once attained, would put strong support under ADA and assist in an upward retest of the $0.50 - $0.55 area.
ADA Statistics Data
ADA Current Price: $0.40
ADA Market Cap: $13.8B
ADA Circulating Supply: 34B
ADA Total Supply: 35B
ADA Market Ranking: #8
This article should not be taken as financial advice. It is essential to conduct your research before making investment decisions.