The price of Cardano‘s native token, $ADA, has declined by 19.2% in the past month due to the broader cryptocurrency market downturn. Some believe that this drop places $ADA “in the right position” for an upcoming price surge.
Last month on microblogging platform X, which was previously called Twitter, well-known cryptocurrency expert Ali Martinez shared an observation. He mentioned that Cardano‘s price trend bears a resemblance to the one seen from 2018 to 2021. If this pattern persists, according to Martinez, the price of ADA may continue to hover around $0.55 and $0.80 for some time.
At present, the value of a cryptocurrency token is priced at $0.58 during this write-up. Martinez predicted that this phase of stability might persist for several weeks. Subsequently, a significant spike up to $1.7 is anticipated, followed by another duration of stabilization. This second consolidation aims to prepare the ground for an eventual breakthrough towards $5.
Recently, Martinez commented in a post that “Cardano’s situation hasn’t significantly shifted” with ADA remaining “rightly positioned,” preparing for a leap towards $1.7.
The situation for Cardano (#Cardano) remains unaltered. The price of $ADA hovers between $0.55 and $0.80, gearing up for an anticipated surge towards $1.70.— Ali (@ali_charts) April 9, 2024
According to recent reports, there has been a significant surge in the development of smart contracts on the Cardano blockchain. Evidence from Cardano Blockchain Insights reveals an impressive growth of more than 170% in the use of Plutus scripts, which is the language employed by Cardano for creating smart contracts, since the beginning of the year.
Plutus prioritizes security and dependability in its design, utilizing concepts from functional programming. In contrast, Plutus V2 provides extra advantages for developers such as smaller and less costly transactions, plus a more adaptable and expansive infrastructure for creating apps.
Over the past month, the usage of the Cardano network has expanded past just smart contracts, as indicated by a substantial increase in user engagement. This growth is reflected in the record-breaking number of over 600,000 active wallet addresses, which represents a nearly 40% surge since the same time last year.
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2024-04-11 07:09