The current bear market in the cryptocurrency industry, which has affected all cryptocurrencies, has contributed to the decline in the price of Cardano.
ADA prices have fallen as a result of investors selling their riskier crypto assets as a result of other market variables including inflation and an impending recession.
Cryptocurrency trader and popular analyst Michal van de Poppe presents a possible event that could change the course of the largest proof-of-stake (PoS) asset, along with a graphic example of his findings.
According to Van de Pope, “the party time trigger is $0.48,” he also added that “by then, [ADA is] Still resting on support. ,
If the prediction that Van de Poppe has made comes true, it would be in line with some of the Cardano price predictions made by the crypto community and a deep learning system that predicts positive growth for the currency.
Furthermore, CoinMarketCap’s community vote estimated the average ADA price at the end of August to be $0.79 and at the end of July at $0.88. Meanwhile, the algorithm predicts that Cardano will trade at $1.63 by the end of July.
The price increase could come as the expected Vassil hardfork approaches, especially after the recent successful testnet deployment by Developer Input Output (IOHK) of the blockchain.
On-chain data is another story
Cardano is receiving a huge amount of funding on its GitHub page as programmers prepare their applications for new features.
According to on-chain data, the project reached 13,003 GitHub commits in June, making it the project with the most development activity during the past 30 days.
The Vasil upgrade hard fork on the testnet on July 4th and the mainnet eagerly awaits when development is at its peak.
There were over 3.4 million wallets on the Cardano network at the end of the month, a 1.8 percent increase.
The network’s activity was represented by over 44 million transactions, an increase of 5.4% month-on-month. The number of native tokens and Plutus scripts increased by 6.4 percent and 3.4 percent, respectively