The cryptocurrency market is experiencing a decline at the beginning of Thursday's session, as investors are looking to take profits amid macroeconomic uncertainty.
Over the past twenty-four hours, $ADA has recorded
Trading volume of approximately $731 million, according to Coin Market Cap data, indicating market activity.
Cardano has fallen from its high of $0.655 on Monday, reflecting a state of uncertainty that is driving pessimists to sell at price highs.
Amid the current decline, optimists are trying to defend the $0.60 level. As of the time of this report, $ADA has dropped by 1.52% over the past twenty-four hours to $0.593, after previously reaching a high of $0.61 during the day. If today ends lower, it will be Cardano's third day of losses since June 16.
If selling pressure continues, $ADA may drop to the support level at $0.50. Buyers may try to halt the decline at $0.50, but if they fail, the price of #ADA may drop to $0.40.
If buyers wish to avoid a downturn, they must quickly push the price above the 50-day simple moving average of $0.71. If they do, the price of ADA may rise above the 200-day simple moving average of $0.81, where the downturn could pose a significant challenge.
Upcoming Cardano developments
An increase in transaction volume sometimes leads to congestion on the Cardano mainnet. Block utilization occasionally peaks, and new use cases require higher throughput capabilities.
Leios aims to significantly increase transaction productivity on the Cardano mainnet, benefiting the expanding ecosystem and applications that require increasing demands.
Another development, Mit,hril, contributes to the work on secure and decentralized access to blockchain data without the need to synchronize a full node.
Mit,hril accelerates boot and synchronization times for full node applications. It secures and improves access for light clients (wallets, mobile applications) and enhances layer 2 protocols, supporting scalability solutions.