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ADA Price Prediction: Bulls Eye $0.375 on US Debt Ceiling News
ADA was in the red this morning since there were no new projects on the network according to the IOHK weekly report. News about the US debt limit continues to dominate.
On Friday, ADA increased by 1.40%. ADA finished the day at $0.363, somewhat correcting a 1.65% loss from the previous day. ADA missed the $0.370 mark for the second straight session despite the bullish day.
ADA has a negative start to the day, dropping to an early morning low of $0.354 before moving. ADA increased to a high of $0.367 in the early evening after finding support at the First Major Support Level (S1) at $0.354. Before easing back to close the day at $0.363, ADA briefly broke past the First Major Resistance Level (R1) at $0.364.
News on US debt and IOHK updates The Weekly Development Report was provided by Delivered Support Input Output HK (IOHK) on Friday. However, the increase in projects was very slight for another week.
127 projects were created on the Cardano network on May 26, the same number as on May 19.
The overall number of Cardano network projects increased by two from the previous report to 1,244.
2,543 Plutus V2 scripts were tallied. Plutus V2 scripts has 2,501 as of May 19.
Before the Vasil hard fork, 98 projects had been launched on Cardano, and 1,100 projects were developing on the Cardano network.
In addition, there were 74,255 token policies (up from 73,880 in the previous report), 8.33 million native tokens (up from 8.28 million in the previous report), and 67.2 million transactions.
The IOHK weekly updates grabbed attention, but the positive session was bolstered by news of advancements in increasing the US debt limit. The optimism curbed the likelihood that the Fed will raise interest rates in June as a result of an uptick in inflationary pressure.
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