Cardano (ADA) collided with a sharp turn in its price action. Initially, showing a strong positive impulse, ADA changed the course, reflecting the benefit in a wider market.
After four days in a row, we rose to a maximum of $ 0.746 on April 24, the price of ADA began to decline. Kardano celebrated two days in a row at loss and is on the way to mark the third if the price ends today.
Despite the rollback, Kardano managed to keep the psychological level of $ 0.70. ADA, stable at this level, can signal that buyers still protect it, preventing a deeper correction, at least at the moment.
The level of $ 0.70 is located between the daily SMA 50 and 200 in $ 0.674 and $ 0.764, respectively, makes it a natural battlefield for bulls and bears. Until now, the bulls have managed to save ADA afloat, which indicates that the fundamental force remains despite the volatility of the market.
If the ADA can remain above $ 0.70 and return the impulse up, it can make another run at immediately obstacles on the daily SMA 200 in 0.764 US dollars. Here, significant growth will be aimed at 1 dollar.
On the other hand, the inability to support $ 0.70 can put Cardano for further decline, with the following potential support level in the daily SMA 50 in 0.674 US dollars and subsequently $ 0.60.
Currently, the ability of ADA to hold the line retains the door open for fresh rebound, but market sentiments in the coming days may be crucial when deciding on its next major move.
Cardano network update
According to the latest updates to Global (iOG) Global (iOG), currently 1993 projects are being built on the network.
The activity of tokens remains high, with 10.77 million local tokens and 212,489 tokens. The introduction of a smart contract is increasing, with 131 015 Plutus scripts and 6492 AIKEN scenarios are currently expanded. The network processed a total of 108.73 million transactions.
1261 sawdusts were registered from the department, and 935 actively participate, which indicates an increase in decentralized representation by 0.49% from last week.
