Cryptocurrencies began the weekend in the red, with Cardano (ADA), the 10th-largest cryptocurrency by market capitalization, marking significant losses.
At the time of writing, ADA was down 4.08% in the last 24 hours to $0.677 following an earlier drop to $0.666, with intraday lows of $0.6567.
Cardano has declined since May 26 and will mark the fifth day of losses if today closes in the red. The drop caused ADA to drop below the 50-day SMA at $0.714, a key level that will determine whether ADA will extend its consolidation or fall further.
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If the ADA price remains below the 50-day SMA, it indicates that the bulls may be racing to the exit. ADA might fall to $0.60, where buyers are likely to come in. A bounce off $0.60 could indicate potential range trading in the short term.
To show strength, bulls might need to push and sustain the ADA price over $0.74. ADA could rise to the overhead resistance of $0.826, which coincides with the 200-day SMA and is a crucial level to monitor. A break and close over $0.826 and then $0.86 could send ADA to $1.01.
Cardano hits fresh milestones
Cardano has reached a significant milestone, now supporting a total of 2,002 projects building on its network. Bitcoin Ordinals have been bridged to Cardano for the first time using BitVMX, marking a new interoperability milestone.
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According to the most recent development report by Input Output, the number of delegated wallets held steady at 1.33 million, reflecting a slight weekly increase of 0.02% and indicating continued user engagement.
On the asset side, 10.81 million native tokens have been issued through 215,713 token policies. Development activity is increasing, with 134,286 Plutus scripts and 6,817 Aiken scripts deployed. Governance engagement has also increased, with 1,331 delegated representatives (DReps), including 963 active DReps, a 1.14% rise from the previous week. Developer contributions remain significant, with 305 GitHub commits, representing a 23.73% increase in weekly activity.
