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Cardano ADA performed weakly today, trading at $0.898, down 8% in the past 24 hours. Weak technical structure and some on-chain signals indicate that ADA may decline in the near future.
Today let's take a look at the factors that caused the price of Cardano to drop.
Cardano network activity decreased
Since early December, user engagement on the Cardano network has significantly decreased.
Artemis's data shows that the daily active addresses on-chain in the Cardano blockchain have dropped from around 96,700 on December 12 to around 40,700 on December 18.
Similarly, the daily trading volume for the same period dropped from around 144,300 transactions to 72,500 transactions.
In addition, Cardano's total locked value (TVL) has been declining in December. The chart below shows that TVL has dropped by more than 36% from around $708.9 million on December 12. At the time of publication, it was approximately $450.82 million.