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Cardano's pursuit of $1 has been slowed by a recent market cooldown, with the ADA price currently trading below $0.80.
At press time, ADA was trading at $0.78, down 3.09% in the last 24 hours and 10.25% weekly. On July 21, Cardano came close to reclaiming the $1 milestone, reaching $0.935, but then lost steam. Despite bullish efforts to revive the upswing, ADA rose only to $0.856 on July 28 before retreating once more.
Several factors appear to be working against Cardano's attempt at a $1 breakout, including profit-taking. Traders locked in profits after a consistent rise in July, curbing upward momentum. The recent market slowdown might have also contributed. Technically, the $1 psychological barrier remains a formidable resistance level, with sellers stepping in as ADA approaches it.
Despite the recent pullback, bulls remain in the picture, with ADA sustaining above the daily SMA 50 and 200 at $0.674 and $0.739, respectively. Cardano’s continuous attempts to push higher imply that buyer interest remains strong. A convincing break above $0.86 might pave the way for another test of the $0.90-$0.95 range before a possible revisit of the $1 level.
Cardano fundamentals remain bullish
Cardano's ecosystem continues to grow at a steady rate. According to Input Output's recent report, 2,007 projects are building on the Cardano network, with 1.34 million delegated wallets. Transaction volume has risen to 111.86 million, indicating continued activity.
The Cardano ecosystem now supports 10.85 million native tokens under 218,533 token regulations. Smart contract activity is robust, with 139,919 Plutus scripts and 8,512 Aiken scripts. Governance engagement has also increased, with 1,403 DReps, including 976 active DReps. Developer activity is on the rise, as evidenced by 390 GitHub commits, representing a weekly 31% increase in development engagement.
Lace Wallet v.1.25 has been released, which introduces Bitcoin transaction metadata embedding for users to attach messages, links or context directly to Bitcoin transactions. This opens new possibilities for users to explore innovative applications on the Bitcoin blockchain.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team