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Despite the initial optimism for Cardano to surpass the $0.50 mark and continue its upward trend, the bullish momentum for this prominent altcoin was short-lived.
In contrast, Ethereum, XRP, and several other top altcoins have performed better, eroding investor confidence in $ADA.
However, the recent release of the Hydra upgrade a few weeks ago and the launch of Marlowe for smart contracts have shifted the sentiment once again.
Industry experts say that the peer-reviewed protocol surpasses expectations, enhancing Cardano’s scalability and adaptability.
Is it possible for $ADA to retrace its steps and overcome resistance to achieve new price levels?
In the meantime, investors are turning their attention to early-stage crypto projects, including $WSM, to diversify their investments.
The recently launched project has garnered over $1.8 million in presale funding within a week.
ADA Struggles Amid Market Downtrend
Due to Cardano’s inability to match the development pace of its competitors, there is a potential gradual decline in its relevance, which could significantly impact the $ADA price in a bearish manner.
However, this does not take out the fact that it holds a lot of promise as a base layer smart contract network for the continued development of decentralized financial services.
At press time, the Cardano token is trading at $0.37, with a trading volume of $216 million, indicating a downtrend of 1.61% in the last 24 hours.
The asset’s price movement has been fluctuating, and while it gained 1.30% a week ago, there has been a slump of 5.18% in the last month.
The year-to-date (YTD) performance is positive, with a 51.95% increase in this period.
The price fluctuations have caused a halt in the movement of $ADA, as the technical charts indicate a neutral form.
The Cardano’s coin price is on par with its 50-day simple moving average (SMA) of $0.37 for the short term. However, its 200-day SMA value of $0.35 trails below the asset’s current price.
If $ADA gets to retrace and get a bullish run, investors can expect the price to fluctuate between its short-term value and its long-term value.
Based on technical analysis, $ADA met resistance at the 50% Fibonacci retracement level of $0.38 but quickly fell as it failed to breach it.
The asset is now trading just below the 50% FIB level, in line with its 50-day SMA.
However, If $ADA fails to regain lost ground, the asset value might keep spiraling downwards unless it finds support at the 38.2% Fibonacci retracement level of $0.35.
The relative strength index (RSI) reading of 51.21 indicates that $ADA is currently underbought, reflecting weak buying pressure on the decentralized peer-reviewed asset.
Unsurprisingly, the moving average convergence divergence (MACD) indicator reflects a weak buy signal that is gradually solidifying its place in line with broader market sentiment.
Cardano’s DeFi ecosystem may struggle to keep up with competitors, but if the crypto market stays bullish, the $ADA price should still see some modest long-term growth.
Cardano Kicks Off New Era for Smart Contracts With Marlowe
Marlowe, a specialized programming language developed specifically for the Cardano ($ADA) blockchain, is poised to revolutionize the process of creating and executing smart contracts.
In a recent announcement, Input Output Global (IOG), the development hotbed for the Cardano network, revealed the launch of Marlowe on its mainnet.
1/ ? Exciting news! #Marlowe is now available on mainnet for early adopters to start testing and providing feedback. It’s a safe and intuitive way to create and deploy smart contracts on #Cardano. Let’s dive into what makes Marlowe special.? pic.twitter.com/lp8AIRCEPr
— Marlowe (@marlowe_io) May 30, 2023
This launch marks a major step towards secure and user-friendly smart contract development.
Early adopters can now test the language and offer feedback, as Marlowe aims to make financial contracts accessible to all, regardless of programming expertise.
The introduction of Marlowe to the Cardano mainnet represents a significant advancement in the evolution of smart contracts.
Marlowe provides tools for building, deploying, and monetizing smart contracts as part of Cardano’s range of tools.
This versatility makes it an excellent choice for the Web3 community and newcomers to the blockchain space.
Wall Street Meme: A Value-Driven Alternative to $ADA
Investors looking for an alternative to $XRP may be interested in the Wall Street Memes token, $WSM, an innovative meme coin with strong community support and high-margin return potential.
Wall Street memes emerged in 2021 as a movement challenging Wall Street, with small investors banding together.
This movement led to the creation of the $WSM token, representing the internet’s triumph against unregulated capitalism.
Introducing $WSM – yep, we’ve gone and done it.
The community token that’s flipping the Wall Street Memes game upside down! ?We have 50% of the #Token supply up for grabs in the #Presale and 30% set aside for rewarding our community.?
Let’s make some serious waves together,… pic.twitter.com/fH2TMGmglZ
— Wall Street Memes (@wallstmemes) May 27, 2023
The $WSM token’s presale began a few days ago and has already raised over $1.8 million, indicating strong interest from early investors.
Currently priced at $0.0259, investors can expect a 2.0% increase to $0.0262 when the presale enters the fourth stage.
While the token may not have practical utility, its dedicated community of over one million followers sets it apart from other meme coins.
Additionally, analysts predict that the $WSM token will likely be listed on prominent cryptocurrency exchanges due to the sizable Wall Street Memes community.
This presents an opportunity for investors to acquire a token poised to dominate the realm of meme coins.
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