HomeUncategorizedCardano network activity and ADA’s oversold price action hint at a powerful breakout By Cointelegraph

Cardano network activity and ADA’s oversold price action hint at a powerful breakout By Cointelegraph

July 11, 2023

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Caradano’s native gas-paying token ADA received a big blow at the start of June when the SEC regarded it as a security in its lawsuit against Binance and Coinbase (NASDAQ:).

The lawsuit triggered a 42.5% drop in ADA’s price from $0.37 to a two-year low at $0.21 within a few days after SEC’s lawsuit.

Cardano total fees paid on the network. Source: Messari
The TVL and DEX volumes on Cardano. Source: DeFiLlama
ADA funding rate for perpetual swap contracts. Source: Coinglass
daily price chart. Source: TradingView
weekly price chart. Source: TradingView