Ah, the weekend has arrived, and with it, the cryptocurrencies have decided to don their most fashionable shade of red. Among them, Cardano (ADA), the tenth-largest cryptocurrency by market capitalization, has taken a rather significant tumble, as if it tripped over its own digital shoelaces.
As of this very moment, ADA has plummeted by 4.08% in the last 24 hours, landing at a rather unfortunate $0.677 after a dramatic drop to $0.666—yes, you read that right, the number of the beast! Intraday lows have even flirted with $0.6567, which is just a hair’s breadth away from a full-blown panic.
Since May 26, Cardano has been on a downward spiral, and if today ends in the red, it will mark the fifth day of losses. It seems our dear ADA has slipped below the 50-day SMA at $0.714, a crucial threshold that will determine whether it consolidates or takes a nosedive into the abyss.
If ADA continues to linger below the 50-day SMA, it might just be a sign that the bulls are racing for the exit, possibly leaving behind a trail of digital dust. Should it fall to $0.60, we might see some buyers swoop in like seagulls at a picnic. A bounce off $0.60 could indicate a potential range trading scenario, or at least a brief respite from the chaos.
To show some semblance of strength, the bulls will need to muster their courage and push ADA above $0.74. If they succeed, ADA could rise to the overhead resistance of $0.826, which just so happens to coincide with the 200-day SMA—a level that’s as crucial as remembering your anniversary. A break and close over $0.826 and then $0.86 could catapult ADA to the lofty heights of $1.01, where dreams are made and wallets are filled.
Cardano Hits Fresh Milestones
In a twist of fate, Cardano has reached a rather significant milestone, now supporting a total of 2,002 projects building on its network. Yes, you heard that right—2,002! Bitcoin Ordinals have even been bridged to Cardano for the first time using BitVMX, marking a new interoperability milestone. Who knew bridging could be so exciting?
According to the latest development report by Input Output, the number of delegated wallets has held steady at 1.33 million, reflecting a slight weekly increase of 0.02%. It seems users are still engaged, perhaps hoping for a miracle or at least a decent cup of coffee.
On the asset side, a staggering 10.81 million native tokens have been issued through 215,713 token policies. Development activity is on the rise, with 134,286 Plutus scripts and 6,817 Aiken scripts deployed. Governance engagement has also seen a boost, with 1,331 delegated representatives (DReps), including 963 active DReps—a 1.14% rise from the previous week. Developer contributions remain significant, with 305 GitHub commits, representing a 23.73% increase in weekly activity. It’s almost as if they’re trying to win a gold star!
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2025-05-31 17:53