A video analysis by crypto expert Luckside Crypto shows Cardano (ADA) has stayed strong in face of market difficulties. The analyst notes certain important changes in the Cardano ecosystem that point to a possible ADA price reversal.
Growth in Cardano’s Ecosystem
Despite broader market stagnation, the Cardano network has seen notable growth. The number of Plutus scripts, which are smart contracts on the network, increased by 75%, reaching 74,729.
Additionally, the ecosystem now hosts 10.3 million native tokens, reflecting an 85% growth. With over 1,373 active projects and more than 110k tokens minted recently, the speaker highlights the steady development of Cardano, positioning it as a strong competitor to other blockchains.
These figures demonstrate that while the market has been slow, Cardano’s network activity and development have remained robust, offering a positive outlook for ADA holders.
Technical Analysis and Cardano’s Position
Luckside Crypto also points to technical indicators on the ADA/BTC chart, specifically a bullish divergence pattern. This signal, last seen in 2020, led to a 1,000% surge in ADA’s price versus Bitcoin. The analyst suggests a similar pattern may be emerging, with ADA poised to outperform BTC during an anticipated “altcoin season.”
The speaker also discusses potential macroeconomic catalysts. As global markets regain confidence, capital that is currently sitting on the sidelines may flow back into cryptocurrencies, leading to a price rally for ADA. Economic events such as interest rate cuts could spur market activity and drive higher prices for ADA and other altcoins.
Cardano’s technical setup, particularly the confirmation of a “double bottom” or “W” formation, is another reason for optimism. This pattern is typically viewed as bullish, with the next key challenge being ADA’s ability to break through the $0.40 resistance level.
If Bitcoin manages to surpass critical resistance levels, ADA could follow suit, benefiting from correlated price movements.
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Ecosystem Developments and Potential Growth
Recent developments on Cardano, such as the launch of the Snake.fun decentralized application (Dapp), further contribute to the network’s growth. Similar innovations helped Solana experience a price surge earlier this year.
The analyst expects a great future for ADA’s usefulness and price potential given an active community and rising acceptance of new Dapps. Although the larger market is facing difficulties, Cardano’s expanding ecosystem, positive technical signs, and fresh developments point that ADA maybe about to have a price turnaround.
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The post 3 Reasons Cardano’s ADA Price Could See ‘Massive Reversal’ Forming appeared first on CaptainAltcoin.
