After a brief consolidation, the cryptocurrency sector is currently using all its resources to break out of a bearish trend. Bitcoin price has crossed $30,000 again and hence most of the altcoins are gearing up for a massive leg pull. On the other hand, Cardano price has also bounced well from a very important position which points to a strong uptrend very soon.
ADA price declined below the 0.23 FIB levels during the previous day’s crash. However, the recent flip from low pushed the price higher above these levels and it is currently targeting the 0.38 FIB level at $0.62 as soon as possible. Once the price secures a level above these levels without a correction or rejection, a marked rise could probably be imminent.
On the other hand, the number of on-chain transactions has increased by 77.4% and stands at $42.5 million at the moment. The Cardano Foundation recently shared its last monthly report, which showed that a total of 947 proposals were funded by Project Catalyst.
The above metrics demonstrate a significant increase in most aspects of the Cardano blockchain such as wallets, delegated wallets, transactions, native tokens and Plutus Script. While some metrics also saw significant declines, such as the share of ADA and the amount of stake pools. Hence, a significant growth is expected as VASIL Hard Fork gradually consolidates its presence.
