Cardano and its fundamentals continue to be a major attraction for investors and developers, despite the lukewarm performance of the past six months. Now, unlike other altcoins, Cardano’s demise started three months ahead of the rest of the market. Still, investors hope that it will soon come to an end.
Project catalyst
Project Catalyst is a quarterly innovation fund campaign initiative used to support projects proposed by developers. The Cardano Treasury will set aside $16 million for Fund Eight. Interestingly, Fund has funded seven 269 projects with $8 million. And this quarter, the number of projects that received funding could double.
Since its inception, Project Catalyst has doubled its funding every quarter, making it the world’s largest decentralized innovation fund.
History of Project Catalyst | Source: IOHK
The proposals that come in for Fund 8 have a deadline of 17 March. Cardano is expected to make impressive moves on the price charts after the proposals come in. Development and community have long been Cardano’s strong points. Building on them would reflect well on the price action. It might as well boost investor interest.
Such a recovery would be crucial for Cardano, as the altcoin has not seen any major gains since September. Although there had been a few recovery attempts, they failed to sustain themselves. Over the past four days, the market’s bearishness has wiped out the February 28 rally of 12.49%. ADA, in particular, fell by 13.29% over the same period.
Cardano, trading at $0.834, is already at its annual low. If a rally comes into play after March 17, ADA’s immediate target would be to test $1.02 as a support.
Cardano price promotion | Source: TradingView – AMBCrypto
In addition, a recent spike of $42.64 billion in transaction volume indicates that people still have hope for Cardano. In particular, addresses with balances have not fallen lately. This means that people are not leaving because of market losses.
Cardano total transaction volumes | Source: Intotheblock – AMBCrypto
The increase in volume, combined with investor conviction, is proof that investors are active.
However, it is worth pointing out that they are looking for a concrete recovery signal. This will be very beneficial once the actual recovery begins.
This post The unknown reason why Cardano is looking forward to March 17th
was published first on https://ambcrypto.com/the-unknown-reason-why-cardano-is-looking-forward-to-17-march/
