Cardano likely to slow down and pull back to the $0.516 support level after a 55% rally. A bounce around the aforementioned level could trigger another 52% uptrend. A four-hour candlestick close below $0.471 will invalidate the bullish thesis for $ADA
Supporting this bullish outlook are the recent developments from both a fundamental and an on-chain scenario. Perhaps the most significant one is the recent uptick in the development activity for the ADA blockchain.
The new upgrade should, in theory, boost the smart contract capabilities of Cardano and its smart contract platform known as Plutus.Adding to this spike in backend activity for the Cardano blockchain is the recent uptick in the 24-hour transaction volume. This number is currently hovering around $14.24 billion under Bitcoin’s at $18.60 billion.
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