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crypto.news 2025-06-02 08:48:33

Cardano crosses 110M total transactions but technicals signal more downside

Cardano has surpassed 110 million total transactions, marking a significant milestone in the blockchain’s ongoing growth. As of press time, the network has recorded 110.09 million transactions, according to Cardanoscan data . This shows consistent adoption and usage throughout its ecosystem. Furthermore, nearly 22 billion Cardano ( ADA ) are currently staked in 2,992 active stake pools, indicating a strong community involvement in network upkeep and security. ADA’s market performance has remained strained despite the rising network activity. With a modest 0.9% increase over the previous day, the token is now trading at $0.6811. However, ADA is still down more than 11% over the past week. Over the last day, it has recorded $541 million in trading volume, which represents an 8.5% increase. This shows rising market activity, though not necessarily in a bullish direction. In the derivatives market, open interest has increased by 2% to $818 million while trading volume is up by over 13% to $1.14 billion. This rise in leverage suggests that more traders are betting on ADA, possibly in expectation of more volatility or directional movements. You might also like: SEC delays Grayscale’s Avalanche and Cardano ETF decisions to July From a technical perspective, most momentum and trend indicators suggest the path of least resistance is still down. ADA is trading below major moving averages, such as the 10, 20, 50, and 200-day levels, all of which indicate that the bearish trend will continue. Cardano price analysis. Credit: crypto.news The downward pressure is supported by the negative moving average convergence divergence. At 38, the relative strength index is bearish but not yet in oversold territory. Further declines, perhaps toward the $0.65 region, could be possible if the $0.67 support area breaks. On the other hand, a short-term reversal might occur if the price is able to bounce back and close above the $0.72 range. Meanwhile, development activity on the Cardano network has been steady. The Cardano Foundation released its 2025 Ecosystem Guide in late April, which featured practical applications in industries like real estate and supply chain. Around the same time, on Apr. 20, Input Output Global announced a collaboration with BitcoinOS to introduce decentralized Bitcoin ( BTC ) rollups to Cardano through zero-knowledge proofs. The implementation is anticipated to take place later this year. In another update, Brave confirmed in May that it has integrated ADA support into its browser wallet, and the beta version is now available. Most recently, on June 1, Wanchain added cross-chain routes to the Cardano ecosystem for the transfer of stablecoins like USD Coin ( USDC ) and Tether ( USDT ). Later in 2025, Cardano-native stablecoins such as USDA and USDM are expected to go live. Read more: Cardano: A coiled spring? Whales accumulate, price rebound

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