IOHK Announcement Sends Cardano (ADA) Soaring Towards $0.0700
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In recent times, reports show that Cardano has given Ethereum a run for its money as it continues to outperform top blockchain ecosystems based on the number of GitHub commits recorded every month. This metric highlights the amount of development activity on a blockchain network.
Boasting 1,003 projects on its network, ADA will undoubtedly emerge as the token of choice for developers and the crypto community. Reports show that 40.4%—the majority—of projects on the network are NFTs, followed by social and community protocols and metaverse and gaming projects.
Meanwhile, the Cardano team is adding finishing touches to its highly-anticipated Vasil hard fork scheduled for later this month. Vasil is expected to enhance the Plutus smart contract platform, which would allow developers to interact with the blockchain better.
The Vasil hard fork is slated for launch on June 29, as IOHK works to resolve any issues discovered in the final testing phase. The market has begun pricing in a favorable reaction to the hard fork as ADA jumped above $0.630.
Key Cardano Levels to Watch — June 8
Cardano is on a charge towards $0.700 on Wednesday as bullish sentiments ripple through the market ahead of the Vasil hard fork and recent IOHK announcement. Interestingly, the $0.700 barrier is where my long-lasting channel top resides, making this level a critical near-term barrier for ADA.
However, a sustained push beyond that resistance zone appears unlikely, given the overall bias in the broader market. I expect a rejection from the $0.700 axis in the coming days. After this proposed rejection, we should see a resumption in sideways momentum around the $0.600 line.
Meanwhile, our resistance levels are $0.700, $0.800, and $0.900, and our support levels are $0.600, $0.500, and $0.400.
Total Market Capitalization: $1.25 trillion
Cardano Market Capitalization: $22.1 billion
Cardano Dominance: 1.77%
Market Rank: #6
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