Cardano’s ecosystem is in full bloom with recent updates, developments, and partnerships. According to Input Output’s report, the network now has dynamic P2P networking available on its mainnet, while work continues on its scalability solution, Hydra, and Marlowe blockchain-agnostic is improved with new features.
Additionally, Cardano’s transaction volume of 63.5 million ADA coins over the last week showcases increasing adoption of smart contract capabilities and upcoming launches.
Upcoming Cardano Network Upgrades
Cardano has multiple upgrades on the horizon, including the Mithril team running the last milestones to make the Mithril beta version available on mainnet. The Daedalus team has improved the starting screen for its wallet, and work continues on Lace desktop development. Furthermore, Emurgo, Cardano’s commercial arm, has partnered with Thailand’s “biggest cryptocurrency exchange,” Bitkub, further boosting ADA’s adoption.
ADA’s recent whale action has caused its price to dip to $0.34, but its ongoing development and increasing adoption of smart contract capabilities are promising for its future growth. However, ADA remains at an 88.88% dip from its all-time high of $3.09, recorded on September 2nd, 2021. Nonetheless, Cardano recently claimed the #7 rank by market capitalization, according to CoinMarketCap.
Cardano technical analysis shows ADA is trading inside a triangle pattern, with price likely to break out of it soon as the market sentiment continues to grow. The overall cryptocurrency market is trading within a consolidation period and ADA is anticipated to follow the market trend.
If its price breaks out of the triangle upon bullish sentiment, it could reach up to $0.48 in the short-term. However, if bears take control, ADA may dip back down towards $0.26 support level.
The technical indicators on all the timeframes shows a neutral sentiment, although the MACD is showing a bullish crossover on the 4-hour timeframe. The RSI is trading near the 50 level, which indicates no overbought or oversold levels.
IO and Cardano founder Charles Hoskinson has asked the community to volunteer and weigh in on the CIP of governance security on the network. Hoskinson emphasizes the importance of this workstream as the network moves toward the Age of Voltaire.
In conclusion, despite recent whale action causing ADA’s price to dip, Cardano’s ongoing development for the Age of Voltaire displays promising growth. The network’s increasing adoption of smart contract capabilities and upcoming launches, coupled with its multiple upgrades and partnerships, bode well for its future growth.
