Cardano Price increased for the second consecutive day on Thursday, July 3, since most cryptocurrencies recovered.
Cardano (Ada) They jumped to a maximum of $ 0.60, winning more than 17% of its June minimums and reaching its highest level since June 18. The movement pushed cardan market capitalization above $ 21 billion.
The rally followed a key development of fluid tokens, which made the first chain transaction demonstrated by Bitcoin (BTC) State in Cardano. In their announcement, developers noticed that this marked the beginning of a cardan bridge -bitcoin.
Charles Hoskinson and the Cardano team have been working for a long time to incorporate Bitcoin into the cardan block chain, a movement that they believe could eventually allow billions of dollars to value through the network.
In line with this objective, Lace, a wallet product built by the Cardano team, completed its first Bitcoin deposit and launched a new feature to simplify the estimation of rates.
A potential benefit to integrate Bitcoin is that it would allow BTC holders to generate a secure performance within the Cardano ecosystem. However, critics argue that this capacity already exists on other platforms, such as the Solv and Babylon Protocol.
Despite the upward narrative, Cardano still faces considerable challenges. It is often labeled as a “ghost chain” due to its relatively inactive ecosystem. For example, it is Total Defi Blocked Value It remains at less than $ 318 million, and its Stablecoin supply has been around $ 31 million for months. These metrics suggest that Cardano is being overcome by newer networks such as Unichain and Sui.
Cardano Price Technical Analysis
The daily table shows that Cardano Price fell and played with a fund in $ 0.519 in June of this year. This was a remarkable level since it coincided with its lowest point in April.
The currency has formed a rounded upper part with a limit greater than $ 0.863. More recently, Ada has developed a horizontal channel. Together, this price action suggests the formation of a reverse cup and handling pattern, with a depth of approximately $ 0.344.
Currently, Cardano remains below his mobile averages of 50 days and 100 days, pointing out continuous bearish control.
As such, a bearish break seems more likely in the short term. If the breakdown occurs, the initial objective will be $ 0.519, the lower edge of the cup pattern. A movement below that level could open the door to decrease even more around $ 0.50 and below.
