Cardano Holds Steady Around $0.85
Even though the U.S. is adding a 50% customs duty on the European Union starting June 1, Cardano’s price has stayed strong around $0.85. This tax was ordered by Donald Trump, and while it has worried some investors, Cardano (ADA) holders have stayed calm. According to Messari's latest report, the Cardano ecosystem is showing strong performance even during market uncertainty.
ADA Price Analysis: Getting Closer to $1
In April, Cardano’s price dropped below $0.50, but it later bounced back and reached the top of its upward channel at $0.85. Now, because of the trade tension between the U.S. and EU, there’s resistance at that level.
Experts believe Cardano will move sideways between $0.72 and $0.85 for a while. But over the long term, some signs point to a possible price jump.
Crypto analyst Dan Gambardello says ADA is not following the same pattern as past bull runs. Right now, it's moving sideways and building strong support, which could help it test the important $1 level soon.
He also said that if Ethereum (ETH), currently at $2,487, breaks above its major trendline, the whole altcoin market could become more active—including ADA.
What’s in the Messari Report About Cardano?
Cardano’s Q1 2024 report shows good progress in its network, even though the dollar value of ADA dropped.
Here are some key points:
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Stablecoin growth: Cardano’s stablecoin market grew 30%, now worth $30.1 million. Projects like USDM, IUSD, and USDA helped a lot.
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Cardano Treasury: The treasury grew 5% in ADA terms and now holds 1.7 billion ADA.
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Staking: The total amount of staked ADA only dropped 1%, with 21.6 billion coins still staked.
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Plomin Hard Fork: This upgrade is helping Cardano become more decentralized, supporting the long-term vision of the community.
While the market value of ADA in U.S. dollars went down 19% to $1.1 billion, the network itself is growing in strength.
Conclusion
Cardano is holding up well even with rising trade tensions. Its strong support levels, ecosystem growth, and focus on decentralization could help push ADA toward the $1 mark in the near future.
Disclaimer: This article is for information only and not financial advice.
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