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The cryptocurrency market is generally trading in the red in the early Thursday session, as investors take profits amid macroeconomic uncertainties.
In the last 24 hours, ADA recorded nearly $731 million in trading volume, according to CoinMarketCap data, indicating market activity.
Cardano fell from a high of $0.655 on Monday, reflecting a negative sentiment in which bears are selling on relief rallies.
Amid the current drop, bulls are attempting to defend the $0.60 level. At press time, ADA was down 1.52% in the last 24 hours to $0.593, having earlier reached an intraday high of $0.61. If today ends in red, Cardano would mark its third day of losses since June 16.
If selling pressure remains, ADA may fall to the support at $0.50. Buyers may try to halt the decline at $0.50, but if they fail, ADA might drop to $0.40.
If buyers wish to avoid the downside, they must quickly push the price above the 50-day SMA of $0.71. If they do, ADA might rise above the daily SMA 200 of $0.81, where the bears may pose a significant challenge.
Cardano upcoming advancements
High transaction volume sometimes causes congestion on the Cardano mainnet. Block utilization occasionally peaks, and new use cases necessitate even higher throughput capabilities.
Leios aims to significantly increase transaction throughput on the Cardano mainnet, benefiting an expanding ecosystem and increasingly demanding applications.
Another development, Mithril, advances work on secure, decentralized access to blockchain data without the need to sync a full node.
Mithril leads to faster bootstrapping and sync times for full-node apps. It secures and optimizes access for light clients (wallets, mobile apps) and improves layer-2 protocols, supporting scaling solutions.
Vladislav Sopov
U.Today Editorial Team