Cardano (ADA) Expansion Continues Unabated While Price Faces Resistance at $0.45
The recent developments on the Cardano blockchain have raised questions about ADA’s performance, especially given its current stall in price growth. However, the continuous deployment and increased development activity on the network suggest that ADA’s performance may soon experience an uptick.
The Development Activity on Cardano
In April, InputOutput, the research and engineering arm of Cardano, announced the launch of five new projects on the ADA blockchain. These projects were focused on deploying new scripts, developing new tokens, and releasing new versions to improve transactions on the network. While the specifics of these projects vary, they all share a commitment to advancing the capabilities of the Cardano ecosystem.
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In addition to these five projects, InputOutput has reported that eight more projects are in development and set to launch on the Cardano network in the coming weeks. These projects are expected to further enhance the network’s functionality and capabilities, and may have a significant impact on ADA’s future performance.
Future Projection and ADA’s Performance
Despite the ongoing development activity on the Cardano network, ADA’s price has yet to experience a significant increase. However, if the current trend of deployment and development continues, ADA’s price action could improve, which, in turn, could have a positive impact on other parts of the Cardano ecosystem.
ADA Supply in Profit
One such aspect of the Cardano ecosystem that could benefit from ADA’s potential price increase is the total supply in profit. Currently, out of the 38.84 billion tokens in circulation, 18.88 billion are in profits. If ADA’s price revisits $0.50, this number could exceed 20 billion, which would represent an impressive increase.
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Conclusion
In conclusion, while ADA’s price has not yet seen significant growth despite the ongoing development activity on the Cardano network, this activity suggests that a change may be on the horizon. If the upcoming projects continue to progress, ADA’s performance could improve, and the total supply in profit could increase. These developments would help ensure Cardano’s continued success and position in the top 10 of market cap.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
