Cardano’s Smart Contract Surge: Fueling Growth Amid Market Flux

• Cardano experiences significant growth in Plutus V2 smart contracts amid market stabilization.
• The total count of Plutus scripts on the Cardano network surpasses 41,000, with over 1,200 new contracts deployed in April.
• ADA faces a 32% decline in price over the past month, but potential bullish indicators emerge in the weekly chart analysis.

Cardano (ADA) is witnessing a notable surge in its Plutus V2 smart contracts, marking a significant development amid a period of stabilization in the broader cryptocurrency market.

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As of April 14, the aggregate count of Plutus scripts on the Cardano network, encompassing both Plutus V1 and Plutus V2, has reached an impressive tally of 41,743, reflecting a substantial uptick from the start of the month. Breakdown analysis reveals a steady increase in both Plutus V1 and Plutus V2 scripts. 

Notably, Plutus V1 scripts have experienced a marginal rise, while Plutus V2 scripts have shown a more substantial increase, highlighting a growing adoption of the upgraded smart contract platform. This surge translates into a noteworthy addition of 1,211 new Plutus contracts deployed within the span of April alone.

In terms of price dynamics, ADA encountered a setback as it encountered resistance at the $0.86 mark, signaling a corrective phase amid broader weakness in the altcoin market. The recent pullback reflects a decline of approximately 32% over the past month and an additional 20.08% over the last week, with ADA’s current value standing at $0.487.

Despite short-term bearish sentiment, Cardano presents potential bullish indicators upon closer examination of its weekly chart. The 50-day MA trending upwards suggests a possible support level in the event of price dips, while the long-term trend, reinforced by the ascending 200-day moving average since September 2023, offers optimism for sustained growth. However, challenges persist as ADA’s price currently remains below the 200-week moving average, potentially impeding further upward momentum.

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