Cardano Rejected by Resistance – Can the Bulls Stop Better Now?

Cardano Rejected by Resistance - Can the Bulls Stop Better Now?

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Cardano (ADA) faces a major challenge despite its recent bullish momentum: the price of the cryptocurrency is stuck at the local resistance level at $0.385, which proved to be a significant obstacle to the rally.

ADA has retreated 3.5% in the last 24 hours, currently trading at $0.3704. The key resistance level of $0.385 is the next target as strong buying pressure is preventing the price from sliding to the nearest support at $0.3254 for now.

Can Cardano keep up the momentum?

According to Sebastien Guillemot, CTO and co-founder of DcSpark, a product-based blockchain company that develops products and solutions for crypto projects, Cardano will be one of the first “Ethereum Virtual Machine” (EVM) blockchains next month, bringing the ADA . Raise price and let the cryptocurrency reach new highs for the year.

Guillemot claims: This is due to the launch of Milkomeda – Cardano’s EVM layer. This allows any Cardano user to run EVM contracts directly from any wallet – all in ADA. This could be a significant development for Cardano as it will immediately become one of the largest EVM blockchains in terms of user count.

By integrating the EVM with the Cardano infrastructure, developers can build and deploy their Ethereum-based decentralized applications (dApps) and smart contracts on the network.

Cardano users can also access a wider range of decentralized applications and smart contracts, increasing the usefulness and “attraction” of the platform. Additionally, using EVM contracts directly from any Cardano wallet will simplify the user experience and make it easier for users to interact with the Cardano network.

In addition, according to Guillemot, Milkomeda will allow all EVM users, including smart contract developers, to earn rewards for placing their tokens on the network.

How high can Cardano go?

One factor that could contribute to a potential price increase is Cardano’s expanded utility. By integrating the EVM, Cardano increases the range of use cases of its platform, making it more attractive to developers and users. This increased utility could lead to greater adoption of Cardano, increased demand for ADA and could drive the price up.

Another factor that could contribute to a potential price increase is the incentive to participate through promised rewards. This development could encourage users to keep and use ADA on the Cardano network, which could add to its upside momentum.

The launch of Milkomeda and the integration of the EVM into the Cardano infrastructure is a major milestone for the platform and the broader blockchain ecosystem. It is hoped that this development will increase confidence in the project among its users and investors and may contribute to improving the momentum of the ADA price.

Cardano – separated from BTC and Co.

Additionally, Cardano has shown signs of a “slight decoupling” from the broader cryptocurrency market, according to a recent Twitter post from crypto analytics platform Santiment Feed this week. This means that its price action does not necessarily follow the pattern of the largest cryptocurrencies on the market.

Over the past few days, the price of Cardano has increased by more than 8% – a significant gain in a relatively short period of time. This can be attributed to positive market sentiment and increased demand for the token.

Another notable trend in the Cardano ecosystem, according to Santiment, is the accumulation of ADA by addresses with 10,000 or more coins. In the last five months, these addresses have accumulated 1 billion ADA, which is 3.3% more coins.

This suggests that large investors are bullish on Cardano’s prospects and are accumulating ADA in anticipation of future price increases.

Should you buy Cardano now?

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Text credit: Newsbtc

Last updated on March 31, 2023

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