Could the bear market blues be overcome by Cardano [ADA]?

After the hardfork at Vasil, Cardano (1) appeared to be heading for success. Unfortunately, everything went south when ADA’s price didn’t rise on the charts.

What’s happening with Cardano?

Investor morale began to deteriorate as many traders started selling. But despite ADA’s problems, its supporters persisted in lending a hand. Staking incentives show that there was a significant increase in stakers on the Cardano network. The following graphic shows that over the last 30 days, there were 30.51% more stakers on the network. However, over the same period, the money that Cardano network investors made declined by 23.52%. If the revenue continues to drop, it remains to be seen if the stakeholder loyalty will endure.

Should Investors be concerned?

Nevertheless, despite the advantages, there were a few worrying aspects that investors should consider before buying ADA. The graph above shows that there was a substantial dip in velocity during the previous few days, suggesting that the average number of times the ADA was transferred between wallets has decreased. Additionally, during the last month, ADA’s development activity has decreased. Traders who check dev activity before placing a transaction can interpret this as a negative indicator.

Is there hope ?

The NFT industry was one area where Cardano made major advancements. Blue-chip Cardano NFTs saw increases in volume and revenue, including The Ape Society (2) and SpaceBudz (3). However, it was also noted that Cardano was working with more partners to combat the bear market. In a recent update, it was revealed that Cardano and Algorand have collaborated; in the long term, this cooperation may be beneficial for Cardano. Cardano has decreased by 5.30% over the last 24 hours and was now trading at $0.334 at the time of writing. The volume, on the other hand, increased by 25.50% at that time.