ADA Slides 50% In One Week But Is It The Perfect Opportunity?

ADA slides 50% in one week but it did have an impressive run since 2020 with the native token soaring beyond two major price marks of $1 and $2 as we can see more in our latest Cardano ADA news.

Bitcoin’s recent retracement was one of the reasons for the rest of the coins crashing so investors could have another shot by purchasing ADA before another milestone is deployed. ADA trades at $1.48 with smaller losses on the daily charts and a 22% correction in the past week as ADA slides 50% in one week. On the monthly charts, Cardano’s native token records a 22.1% profit. As a part of the Goguen era, Cardano deployed a few updates with 2 Hard Fork Combinator events “Allegra” and “Mary”. however now, Input-output Global has been conducting a stress test for the Alonzo components and the smart contract platform’s implementation with the event Plutus.

According to the IOG latest update, the Plutus team was working on improving the elements of the platform to allow the constant space contract instances so Pluto’s smart contract will have reduced “redundant events” that are captured and stored on the platform. The Marlowe team, the programming language that aims to simplify a process of using smart contracts on Cardano, was focused on the integration with the Plutus application blackened, and in the same time, they worked on the website design and the developers’ documentation.

One of the main reasons Cardano could experience a rally is because of the expectations of Plutus and the smart contract capabilities. Defi had a massive boom during the summer of 2020 and more competitors like Binance Smart Chain and Polkadot emerged and received a very good response from the users. Cardano could become a more decentralized and secure transaction as its inventor and Charles Hoskinson confirmed that the IOG will launch a Pioneer Testnet soon.

The new phase will extend for two months and Plutus will undergo a feature freeze in June and will be a final step before the implementation. As per Hoskinson, the developers are working already on the dapps:

“It will be about four to six weeks to actually do the hard fork and turn on smart contracts for the mainnet. We have also started the Plutus Pioneer Program where we are training over 1,000 developers who expressed interest in writing decentralized applications (dApps) on Cardano.”