Cardano’s (ADA) price continued its downtrend on March 31, down 4.5% over the last 24 hours to trade at $0.6529.
The altcoin is down 10% over the last seven days and 45% from the March 2 high of $1.19.
ADA/USD daily chart. Source: Cointelegraph/TradingView
Several factors are behind Cardano’s underperformance, including:
Decreasing network activity and declining total value locked.
Negative funding rates.
A weakening technical structure.
Weakening onchain Cardano activity
The bearishness in ADA price today is preceded by reduced network activity and the total value locked (TVL), which has dropped sharply over the last month.
Cardano’s daily active addresses fell by over 70% from 70,700 on March 2 to less than 20,000 on March 31.
Similarly, daily transactions decreased by more than 71% over the same period.
DAAs and daily transactions on Cardano. Source: Artemis
Cardano’s