A protracted fall in ADA occurred in the last ten days of May.
The price of the token spiked to $0.487 on June 8th, however the upswing was short-lived.
Recent price patterns indicate that ADA bulls are aiming for a big breakout, as the price of Cardano (ADA) pushed over the $0.46 barrier on Thursday, June 6, increasing by 6% during the weekly period.
Due to the unfavorable effects on the competing Proof-of-Stake network caused by the initial approval of Ethereum ETF in May 2024, Cardano price failed to gain pace. A protracted fall in ADA occurred in the last ten days of May.
Bulls Striving Hard
Even if ADA is moving at a snail’s pace, a number of cryptocurrency experts have expressed optimism about the token, saying it has what it takes to reach new heights in the near future. With it, Input Output Global published its weekly development report recently, which detailed the progress made by several Cardano teams.
Moreover, the most recent Cardano blockchain data were also highlighted in the report. Cardano has more than 10 million native tokens and more than 91 million total transactions. More than 171 blockchain-based projects have also been launched so far.
On the other hand, optimism about the Cardano network has been on the rise from the beginning of June 2024. Based on current month’s statistics, it seems that smart investors were interested in buying the dip when the ADA price dropped in the latter week of May.
The price of the token spiked to $0.487 on June 8th, however the upswing was short-lived. The bears quickly gained control and drove the token’s price down. At the time of writing, ADA is trading at $0.44, up 1.24% in the last 24 hours as per data from CMC.
