Although the cryptocurrency market<\/a> activity has largely been suppressed across 2022, several networks are recording increased interest and activity.\u00a0<\/p>\n In particular, the decentralized finance (DeFi<\/a>) network Cardano (ADA<\/a>) has added about 100,837 wallets in November alone, despite the sector operating in a bear market<\/a>, with the FTX collapse<\/a> complicating matters further.\u00a0<\/p>\n As of November 25, the figure stood at 3,734,363, while at the start of the month, the number of ADA wallets was 3,633,526, according to Cardano Blockchain Insights<\/em> data<\/a>.\u00a0<\/p>\n Cardano\u2019s impressive wallet growth can be tied to the increased network activity, considering that the platform has yet to witness any bullish<\/a> triggers in recent weeks. A notable activity on the platform is the ongoing development of Lace, a lightweight multi-chain crypto wallet<\/a>.\u00a0<\/p>\n The wallet seeks to seamlessly link elements in Web2 and Web3 to a single interface, with the Cardano team terming Lace a game changer. Additionally, the network is recording increased activity following the launch of a stablecoin linked to Cardano.\u00a0<\/p>\n Indeed, the Cardano network activity is classified among the possible catalysts to trigger an ADA price rally. Notably, like the rest of the crypto market, ADA is still searching for a bottom that seems elusive amid the widespread fallout from the FTX crisis.\u00a0<\/p>\n As things stand, ADA was trading at $0.31 by press time, with losses of 0.28% in the last 24 hours. In general, the asset has been on a bearish trendline in the past week, with bulls unable to recover the extended losses.\u00a0<\/p>\n At the current price, ADA faces resistance<\/a> at $0.33, with $0.30 standing as a crucial support position. It is worth noting that ADA bears remain strong.\u00a0<\/p>\n Under the technical analysis<\/a>, ADA is bearish, with a summary recommending a \u2018strong sell\u2019 at 16, similar to moving averages<\/a> at 14. The TradingView<\/em> daily gauges have the oscillators<\/a> going for \u2018sell\u2019 at two.\u00a0<\/p>\n At the same time, as reported<\/a> by Finbold, the ADA community on CoinMarketCap<\/a> remains bullish, projecting that the asset will trade at $0.48 by the end of 2022.\u00a0<\/p>\n In general, the fate of ADA heavily lies in the hands of the Cardano developer Input Output (IOHK). The Cardano developer has a number of plans for 2023<\/a>, and much of ADA\u2019s future depends on whether or not these plans will serve as price catalysts.<\/p>\nADA price analysis<\/h2>\n
ADA technical analysis<\/h2>\n
![\"\"](\"https:\/\/finbold.com\/app\/uploads\/2022\/11\/Cardano-technical-analysis-1024x312.png\")
![\"\"](\"https:\/\/lh6.googleusercontent.com\/8cFQqWFuOt-pXucxg6RnQ4uN6v7WOe6EufODPA0pjnrStLtTPrSkkrTRa62bdqA0BP7KX1u8Gs64EaDdaGQ4gNfadb7eWd0jDYWniGbj7QuqnMwF5lj3lOsRFgi0Nfq3NwaPaN-hLUu2BqTcUwSMPU3FgjE0L49wU3CJ8QC5qvH5BdF60Dg4lEXkszLVQw\")
![\"\"](\"https:\/\/lh6.googleusercontent.com\/0QwXxnbHd2C-fzUWXMvQaA39RurdRAwuJSuFt8ehxHyXvlvHJts-RsiEqk7GwcsdQPJpqBvKqNDi0RrulGGpsQGsoJBgXB4jX9Aw0fxYDpT3Omsyil-nhubS8PiTPlxCBB7g4ltyRBir-UC-7-mEL3PRwNSCNj6uj4Z5G9ucpMAr499C3v-q25AVBg4lkQ\")