According to U.Today, the Cardano network has achieved a significant milestone by surpassing 10 million native tokens. This accomplishment highlights the growing adoption of Cardano within the blockchain and cryptocurrency sector. Native tokens on Cardano facilitate the transaction of multi-assets. The platform uniquely allows users to transact with ADA and an unlimited number of user-defined tokens natively. This native support provides specific advantages for developers, eliminating the need to create smart contracts for custom tokens, thereby reducing complexity and the potential for manual errors.
The most recent IOG weekly report indicates that native tokens have reached 10 million, with 120,576 token policies. Network transactions have reached 90.8 million, while Plutus scripts stand at 46,698. The Cardano network is expected to continue its growth and expansion, with the ongoing development of its smart contract capabilities and upcoming upgrades such as the Chang network upgrade likely to attract more users.
Cardano's ADA has seen a recent price rise, although it appears to have stalled under the pressure of its daily moving averages. ADA began to rise gradually, reaching highs of $0.51 on May 21 before encountering resistance. Following this, ADA decreased for four consecutive days before rising again. The selling trend has continued, with ADA down 0.33% to $0.4611 at the time of writing. The 50-day and 200-day simple moving averages have posed significant barriers to ADA's rising trend since April. A recent crossing that indicated a death cross has further raised speculation over ADA's short-term price trajectory. The 50-day EMA serves as an immediate resistance level for ADA in the short term.
In the wake of the approval of Ethereum ETFs, traders and analysts will continue to monitor the indicators and market signals closely, ready to adjust their strategies in response to ADA's next significant move. The coming days and weeks will be crucial in determining the direction of ADA's price.