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ADA Price Prediction: IOHK Updates and EMURGO Silence to Test $0.320

Cory Russell

Mar 06, 2023 16:54

ADA dropped on Saturday by 1.75%. Friday saw a drop of 2.28%, and ADA closed the day at $0.337. Despite the negative afternoon, ADA managed to stay above $0.330.

After a positive opening to the day, ADA increased to a peak of $0.347 before going back down. ADA declined to a late low of $0.331, falling shy of the First Significant Resistance Line (R1) at $0.356.

However, ADA found late support to finish the day at $0.337 while avoiding the First Significant Support Line (S1) at $0.326.

Input Output HK (IOHK) published its weekly development report on Friday. The report disappoints as the outlook worsens. The lack of new projects starting on the Cardano network in the previous week disappointed investors who were looking for project influx in the figures. It's possible that increased governmental and legislative monitoring is causing companies to postpone project openings. A clearer image will emerge from the project's financial data in the following weeks.

117 initiatives were started on the Cardano network, which is unaltered from February 24 according to the Weekly Progress update for March 3.

The overall number of Cardano network projects increased by four from the prior update to 1,209.

There were 5,953 Plutus screenplays in total, of which 797 were Plutus V2 scripts. There were 5,857 Plutus programs as of February 24.

Before the Vasil hard split, 98 projects had been released on Cardano, and 1,100 projects were developing on the Cardano network.

In addition, there were 7 million native tokens (7.83 million in the prior report), 62.2 million trades (61.8 million in the prior report), and 70,258 token policies (PR: 70,039).

Concerns about the SEC's emphasis on stablecoins will arise for EMURGO and the upcoming rollout of the USDA algorithmic stablecoin. The debut of EMURGO's Agricultural stablecoins on the Cardano network is planned for Q1 2023. As the first quarter draws to a close, a dearth of information would put customer interest to the test.