Cardano: A Growing Platform With Smart Contract Enhancements 🚀
Cardano, the eleventh-largest cryptocurrency by market capitalization, is making strides in its Plutus V2 smart contracts. This growth in smart contracts comes at a time when the wider cryptocurrency market is seeing stability.
The Role of Smart Contracts in the Crypto World 🌐
Smart contracts are pivotal in allowing decentralized applications (dApps) to function smoothly and facilitating automated transactions on the blockchain.
- Cardano’s focus on improving its smart contract functionality positions it as a strong competitor among blockchain platforms.
The Surge in Plutus Contracts on Cardano Network 📈
As of April 14, the total number of Plutus scripts on the Cardano network, encompassing both Plutus V1 and Plutus V2, has reached an impressive figure of 41,743, showing nearly a 3% increase from April 1.
- The number of Plutus V1 scripts is currently 6,470, which is a 0.15% increase from the count on April 1.
- Plutus V2 scripts now stand at 35,273, marking a 3.52% rise from the previous count.
- April alone has seen a notable addition of 1,211 new Plutus contracts deployed.
Examining Cardano’s Price Trends 📉
Following a setback at the $0.86 resistance level, ADA has experienced a price dip, indicating a corrective phase since last month with no immediate reversal signs in April.
- The broader weakness in the altcoin market has contributed to ADA’s price falling by nearly 32% over the past month and an additional -20.08% in the last week.
- Cardano’s current value is at $0.487 at the time of writing, painting a bearish picture in the short term.
Future Perspectives for Cardano ⏳
Analysis of the weekly chart hints at potential bullish signs for Cardano, with the 50-day moving average showing an upward trend and positioned below the current price, acting as a crucial support level if ADA’s price declines.
- The long-term outlook for ADA strengthens with the 200-day moving average steadily rising since September 2023.
- However, Cardano’s price currently sits below the 200-week moving average, suggesting a possible resistance level that could impede further upward momentum.
Hot Take: Cardano Continues to Evolve 🌟
Cardano’s focus on smart contract enhancements positions it as a promising player in the blockchain space, with the platform’s growth and potential outlined through increased Plutus V2 contracts and price trends. While short-term challenges exist, Cardano’s long-term trajectory remains optimistic, showcasing the platform’s resilience and adaptability in the volatile cryptocurrency market.
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