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Information about Cardano (ADA)
Cardano is a proof-of-stake blockchain platform whose goal is to enable “changers, innovators, and visionaries” to bring about positive change globally. This open-source project also aims to “re-allocate power from accountability structures to the edge to individuals”—helping to create a safer, more transparent, and just society.
Cardano was founded in 2017, and the ADA token is designed to ensure that holders can participate in the operation of the network. For this reason, cryptocurrency holders have the right to vote on any proposed software change. The team that created this layered blockchain says there are already several exciting use cases for their technology. The team’s purpose is to enable decentralized applications and smart contracts to grow modularly.
Agricultural companies use Cardano to track fresh produce from the field to the table, while other products built on top of this allow for educational credential storage to combat counterfeiters and retailers to prevent counterfeiting.
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Despite a negative market trend, ADA is currently priced around 0.80 USD, reflecting a 3% increase. Price targets include 1 USD in the short term and 10 USD by 2025, necessitating a rise in market cap to above 350 billion USD.
The market sentiment remains mixed. Analysts assert that ADA needs to establish higher highs to sustain its momentum. Additionally, Grayscale’s anticipated ETF approval may be a pivotal factor in boosting ADA demand.
Cardano (ADA) has experienced an 11% increase this week, reaching around 0.77 USD after a period of stability. Investor enthusiasm is fueled by a partnership with technology firm Globant, which specializes in AI and blockchain solutions.
While ADA encounters a resistance level at 0.8282 USD, it also shows signs of bearish patterns. Significant price movements above this level could lead ADA toward 0.9889 USD, while a drop could bring it down to 0.6504 USD.
Cardano whales have recently accumulated over 170 million ADA, valued at approximately 136 million USD, signaling positive sentiment in the market. To sustain this momentum, ADA needs to solidify a support level at 0.85 USD and successfully break the resistance at 1.00 USD.
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