According to a new energy report released by the White House, Cardano is the largest evidence of blockchain stake in the world in terms of electricity consumption and market valuation.
This report released by the White House aims to understand the impact of the cryptocurrency space on climate change. It was also considered whether there are any reforms that the government needs to make in order to improve the impact of the cryptocurrency market on the environment.
On one page of the report, the White House ranked all cryptocurrencies by market valuation and energy consumption. Cardano is third overall with a similar claim to first place in proof of stakes.
The above revelation has excited Cardano supporters and community members. As expected, Cardano quickly gained massive support on Twitter, with many saying it was a bullish signal for ADA dollars. For example, Dan Gambardello, founder of Crypto Capital Ventures, tweeted:
— Dan Gambardello (@cryptorecruitr) September 9, 2022
The announcement is seen as a signal from the White House, and people on social media reacted positively to the update.
Cardano’s social media presence has been steadily growing for some time now, with social media activity increasing by 20.55% and social media mentions by 29.97% month on month.
However, this is not the only good news for ADA, its volume has been growing steadily for some time without much fluctuation. Despite the recent drop in volume, trading volume quickly rose from $732.33 million to $763.21 million.
Moreover, the MVRV ratio is steadily rising, which is another sign of a bullish future.
Here, a sharp decrease in the activity of developers is noteworthy. When Wasel approaches an intersection, it can be confusing.
Although there are no signs of any delays in its development and the developers are very positive, this can be considered a cause for concern.
ADA is trading at $0.5147 at press time, indicating a 0.55% gain for the altcoin over the 24-hour period. The price of the cryptocurrency is trading between resistance at $0.519 and support at $0.431. The RSI was at 65.54 which is a good sign of buying momentum at the moment. The future for ADA looked very bleak on the chart as the price of the altcoin tested the $0.51 resistance.
Finally, the CMF was at 0.08. Now, while this may sound like a bullish outlook, this is not a strong indicator of a bullish future for ADA.
Therefore, traders are advised to conduct additional research before opening any position. With the highly anticipated Vasyl Hard Fork event approaching, readers can expect a lot of ups and downs.
Readers are encouraged to check out other developments, such as the latest release of the Cardano Daedalus Wallet, to better understand where ADA is heading.