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Cardano (ADA) Sees Positive Developments Despite Bearish Market

Cardano (ADA) and the cryptocurrency market have faced a challenging year in 2022, causing investors to look for indicators of the token's future performance as 2023 approaches.


Despite this, Cardano has seen success in terms of increasing the number of new crypto wallets, adding over 22,000 since January.

Exciting progress has been made in the Cardano ecosystem, including the resumption of testing for the DJED stablecoin with improved functionality and a significant increase in the number of Plutus Scripts. In addition, Cardano's CTO, Charles Hoskinson, has announced plans for Midnight, a privacy-centric blockchain aimed at addressing smart contract privacy through a confidentiality framework.

However, bears have maintained control over ADA prices in the past week, keeping the price range at $0.2482–$0.2707. The market capitalization has decreased by 1.04% to $8,902,819,650, and the 24-hour trading volume has fallen by 37.94% to $130,536,253.

Technical Indicators Suggest Positive Turnaround for Cardano (ADA)

Despite bearish market conditions, technical indicators suggest that a positive turnaround may be on the horizon for Cardano (ADA). The stochastic RSI, currently at 82.82 in the overbought region, suggests that the bear trend may be coming to an end.

The MACD blue line's upward trend (-0.0008) above the signal line and the histogram's movement towards the positive sector also indicate that the bulls still have a chance and that bear vigor may be waning, potentially leading to a reversal.

The Supertrend signal on the 4-hour price chart has turned red with a rating of 0.2656, indicating that the bears are currently in control. However, a change in the indicator's color could indicate a potential purchase or wait for investors.