Cardano (ADA) Eyes $1: Why Reaching Milestone Still Delayed
Main Idea
Cardano (ADA) has faced delays in reaching the $1 price milestone due to market cooldown and profit-taking, despite strong fundamentals and ecosystem growth.
Key Points
1. Cardano's ADA price is currently trading at $0.78, down 3.09% in the last 24 hours and 10.25% weekly, after nearly reaching $0.935 on July 21.
2. Profit-taking by traders and the $1 psychological resistance level have hindered ADA's upward momentum.
3. Cardano's ecosystem shows strong fundamentals with 2,007 projects building on the network, 1.34 million delegated wallets, and 10.85 million native tokens.
4. Smart contract activity is robust with 139,919 Plutus scripts and 8,512 Aiken scripts, and developer activity has increased by 31% weekly.
5. A convincing break above $0.86 could pave the way for ADA to test the $0.90-$0.95 range before potentially revisiting the $1 level.
Description
Cardano's attempt at $1 stalls, but bulls remain in picture
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