Cardano (ADA) faced a net turn in its price action. After initially displayed a strong positive dynamic, Ada changed CAP, reflecting benefits on the wider market.
After climbing for four days in a row to a summit of $ 0.746 on April 24, the ADA price began to decrease. Cardano scored two consecutive days in losses and is on the right track to mark the third if the price ends today.
Despite the decline, Cardano managed to hold the psychological level of $ 0.70 firmly. ADA holding stable at this level could point out that buyers always defend it, preventing a deeper correction, at least for the moment.
The level of $ 0.70 is located between the Daily SMA 50 and 200 to 0.674 $ and $ 0.764, respectively, which makes it a natural battlefield for bulls and bear. Until now, the Bulls have managed to keep ADA afloat, indicating that the fundamental force remains despite the volatility of the market.
If ADA can stay above $ 0.70 and find an upward dynamic, this can take another immediate obstacle race at the Daily SMA 200 of $ 0.764. A significant increase above would then target the level of $ 1.
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On the other hand, non-compliance with $ 0.70 could expose Cardano to additional decreases, the next level of potential support at the Daily SMA 50 to 0.674 $ then $ 0.60.
For the moment, Ada's ability to hold the line keeps the door open for a new rebound, but the feeling of the market in the coming days could be essential to decide on its next major movement.
Cardano network update
According to the most recent global global update (IOG), there are now 1,993 projects built on the network.
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The activity of the tokens remains high, with 10.77 million native tokens and 212,489 token policies issued. The adoption of intelligent contracts increases, with 131,015 plotus scripts and 6,492 AIKEN scripts currently deployed. The network has treated a total of 108.73 million transactions.
On the governance side, 1,261 DREP are recorded, 935 actively engaged, indicating a growth of 0.49% of the decentralized representation since last week.
