The decentralized asset has gained 30% in the previous week, and it is presently trading at $1.51 per coin on Monday, January 17, with a total market capitalization of $50.5 billion. Notably, ADA may have bottomed out in terms of reaching a recent market low, speculates professional cryptocurrency trader Michaël van de Poppe. The Dutch analyst considers that the asset is now showing strength in the market as the sentiment has quickly switched from bearishness in the last month. Although ADA dipped below $1.20 and into the area of $1.05, it successfully bounced back up, Poppe highlighted:
ADA entry points
According to the prominent trading expert, those looking to make entries to buy Cardano who missed the initial opportunity should be looking at long entries around $1.30, although on the daily time frame, he suggested avoiding chasing the trade.
Development on Cardano networks sees record growth
As a result of the ongoing development on the Cardano network, the platform has seen unprecedented growth, with new smart contracts functionality continuing to draw in more developers. There were 72 new projects uploaded to the Plutus smart contracts platform between December 13, 2021, and January 13, 2022, increasing the total number of smart contracts on the platform from 897 to 969. The growing number of smart contracts on the Cardano blockchain lends credence to the notion that the network will likely emerge as a significant rival to Ethereum, which now dominates the cryptocurrency space. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
