Cardano

2024

Bitcoin

April

when

<div class="finbold">
 <p class="paragraph">Cardano (ADA), currently the eleventh-largest cryptocurrency by market capitalization, is experiencing significant growth in its Plutus V2 <a rel="noopener noreferrer nofollow" title="smart" href="https://thebittimes.com/tag/smart.html">smart</a> <a rel="noopener noreferrer nofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a>. The surge in the number of <a rel="noopener noreferrer nofollow" title="smart" href="https://thebittimes.com/tag/smart.html">smart</a> <a rel="noopener noreferrer nofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a> comes at a time when the broader cryptocurrency market is stabilizing.</p>
 <p class="paragraph">Smart <a rel="noopener noreferrer nofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a> play a crucial role in enabling decentralized applications (dApps) and facilitating automated transactions on the blockchain.&nbsp;</p>
 <p class="paragraph">Because of this, Cardano’s focus on enhancing its <a rel="noopener noreferrer nofollow" title="smart" href="https://thebittimes.com/tag/smart.html">smart</a> <a rel="noopener noreferrer nofollow" title="contract" href="https://thebittimes.com/tag/contract.html">contract</a> functionality positions it as a contender in the competitive environment among blockchain platforms.</p>
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 <p class="paragraph">As of April 14, the total number of Plutus scripts on the Cardano network, including both Plutus V1 and Plutus V2, has reached an impressive figure of 41,743, marking a nearly 3% increase from April 1, according to data retrieved by Finbold on April 15.&nbsp;&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="728" src="https://cdn.thebittimes.com/images/2024/04/15/c7e92e23ed4655205fbead195f74c0e7.webp" alt class="wp-image-169055" srcset="https://cdn.thebittimes.com/images/2024/04/15/c7e92e23ed4655205fbead195f74c0e7.webp 1024w, https://cdn.thebittimes.com/images/2024/04/15/c7e92e23ed4655205fbead195f74c0e7.webp 300w, https://cdn.thebittimes.com/images/2024/04/15/c7e92e23ed4655205fbead195f74c0e7.webp 768w, https://cdn.thebittimes.com/images/2024/04/15/c7e92e23ed4655205fbead195f74c0e7.webp 1280w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   ADA smart contracts growth. Source: <em>Cardano Blockchain Insights</em>
  </figcaption>
 </figure>
 <p class="paragraph">Specifically, these figures account for Plutus V1 scripts currently amounting to 6,470, representing an increase of 0.15% from the 6,460 on April 1.&nbsp;</p>
 <p class="paragraph">Additionally, the number of Plutus V2 scripts is standing at 35,273, with an increase of 3.52% from the 34,072.&nbsp;</p>
 <p class="paragraph">This translates to a noteworthy addition of 1,211 new Plutus <a rel="noopener noreferrer nofollow" title="contracts" href="https://thebittimes.com/tag/contracts.html">contracts</a> deployed in April alone.</p>
 <h2 class="wp-block-heading" id="h-cardano-price-analysis">Cardano price analysis</h2>
 <p class="paragraph">In a recent pullback, ADA has seen its price dip following a hurdle at the $0.86 resistance level, which aligns with the golden ratio.&nbsp;</p>
 <p class="paragraph">This corrective phase began last month and shows no signs of immediate reversal so far in April.&nbsp;</p>
 <p class="paragraph">This pullback reflects the broader weakness in the altcoin market, which has seen a roughly 30% drop from its 2024 peak of $788.85 billion to a low of $563.85 billion.</p>
 <p class="paragraph">As a consequence, Cardano’s price has fallen nearly 32% over the past month and a further -20.08% over the last week. The monthly chart paints a bearish picture, indicating a short-term downtrend for ADA, with the current value standing at $0.487 at press time.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="660" height="537" src="https://cdn.thebittimes.com/images/2024/04/15/1d36fbf189c35dfd12e66234b00f2104.webp" alt class="wp-image-169056" srcset="https://cdn.thebittimes.com/images/2024/04/15/1d36fbf189c35dfd12e66234b00f2104.webp 660w, https://cdn.thebittimes.com/images/2024/04/15/1d36fbf189c35dfd12e66234b00f2104.webp 300w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Cardano 30-day price chart. Source: <em>Finbold</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-cardano-outlook">Cardano outlook</h2>
 <p class="paragraph">Looking at the weekly chart, there are signs of potential bullishness for Cardano. The 50-day moving average (MA) is currently on an upward gradient and sits below the current price.&nbsp;</p>
 <p class="paragraph">This positioning suggests the 50-day MA could act as a crucial support level if ADA’s price dips in the coming weeks.&nbsp;</p>
 <p class="paragraph">Furthermore, the long-term trend for ADA strengthens when considering the 200-day moving average, which has been steadily rising since September 2023.&nbsp;</p>
 <p class="paragraph">However, the price of Cardano currently sits below the 200-week moving average. If the price were to revisit the 200-week MA, it could act as a resistance level, potentially delaying further upward momentum.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cardano-smart-contracts-soar-with-over-1-000-added-in-april-tbt85388.html">https://thebittimes.com/cardano-smart-contracts-soar-with-over-1-000-added-in-april-tbt85388.html</a></p>

Cardano smart contracts soar with over 1,000 added in April

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