Cardano (ADA) Hits Historic Milestone of 10 Million Tokens
The Cardano network has achieved a significant milestone by surpassing 10 million native tokens, demonstrating its growing adoption in the blockchain and cryptocurrency industry. The native tokens on Cardano allow the trading of various assets, enabling users to transact using ADA as well as an unlimited number of custom tokens without the need for smart contracts, which simplifies the process and minimizes the risk of errors. According to the most recent IOG weekly report, there are now 10 million native tokens with 120,576 token policies, and the network has processed 90.8 million transactions while also featuring 46,698 Plutus scripts.
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Looking forward, the Cardano network is set for further growth and expansion, driven by the ongoing development of its smart contract capabilities and upcoming upgrades such as the Chang network upgrade. In terms of ADA’s price action, the recent price surge seems to have stalled under the pressure of its daily moving averages. ADA peaked at $0.51 on May 21 before encountering resistance, and despite a subsequent decline over four consecutive days, it has since experienced an upward trend.
ADA Price Trend
The selling pressure has persisted, with ADA currently down 0.33% to $0.4611 at the time of writing over the last 24 hours. The 50-day and 200-day simple moving averages (SMA) have posed significant obstacles to ADA’s upward trend since early April. Additionally, a recent death cross has sparked speculation about ADA’s short-term price trajectory, with the 50-day EMA serving as an immediate resistance level that ADA must overcome to indicate a potential rally.
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Following the approval of Ethereum ETFs, traders and analysts will closely monitor indicators and market signals, ready to adjust their strategies in response to ADA’s next significant move. The upcoming days and weeks will be crucial in determining the direction of ADA’s price.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
