Cardano Network Continues to Evolve
As ADA price continues to rise, Cardano reigns as the most advanced blockchain network. According to data from data analytics company Santiment, Cardano has been the blockchain network with the strongest development activity in the past 30 days. According to data from GitHub, which offers a storage service for software development projects, Cardano surpassed Ethereum in the daily development event and took the first place. Behind Cardano are Everscale, Wrapped Everscale, Ethereum, Polkadot and others.
Cardano took first place in November with 572.67 GitHub development events. Thus, Cardano showed an 18% increase in development activities compared to its closest competitor. In November, Cardano research and development company Input Output Global announced plans to launch a new data protection-focused sidechain called Midnight with a token called DUST.
Cardano Announces New Projects
Input Output Global also announced Hydra for Payments, a fully open source developer that will simplify and introduce new use cases for its layer 2 scaling solution, Hydra Head Protocol.
Hydra for Payments will offer many services for developers, including cross-wallet transfers, pay-per-use, API services, NFT auctions, and microwallet payments. At the same time, Hydra is thought to reduce operating costs and increase the efficiency of the Cardano network.
According to Cardano’s announcement, Hydra will be available gradually. The payment interface underwent significant improvements in Q4 2022 and these improvements are still ongoing. For this reason, it seems that the platform will be released in 2023. A select group of people will gain access to the demo version in the coming days to test Hydra For Payments. These early testers will use the Head protocol to transfer assets with unmatched speed and cost.
Hoskinson Talks About Djed
Alongside all this is the algorithmic stablecoin Djed, which we expect Cardano to launch in 2023. Speaking recently about algorithmic stablecoins, Cardano CEO Charles Hoskinson thinks adoption of this technology, which he sees as a gold standard in the digital age, is inevitable. According to Hoskinson, unlike traditional centralized stablecoins, the balance between collateral volume and stablecoin supply cannot be controlled by the stablecoin issuer. Instead it depends on complex on-chain tools. This is an algorithmic concept of stablecoins that can remove nation-states’ control over the issuance and circulation of fiat currencies.
When we look at the development data, we see that Cardano is way ahead of other projects. Already, the announcements made by the Cardano team reveal that Cardano has made more development than other projects without even having to look at the data. So how do all these developments reflect on the Cardano price?
ADA Price Analysis
Despite the growing ecosystem developments day by day, ADA, the native crypto asset of the Cardano blockchain, is trading at $0.32, up over 2% in the last 24 hours. Cardano, which has lost 19% in the last month, has lost 75.8% since the beginning of last year. Of course, it is very important to consider the current crypto winter. So what levels will we see in Cardano price in the coming days?
With its recent recovery, Cardano can reverse the negative price movements it has been maintaining for a while. Over the past 16 days, Cardano has gained about 5% from the local low and reached its first short-term resistance level. In the case of a successful breakout, ADA will most likely start moving towards the next resistance level in the form of the 50-day moving average. The first level of resistance we need to watch for ADA is located at the $0.34 level. If ADA price rises above this level, the next resistance level is located in the 40 cent region. If the ADA rise cannot continue and there is a downside break, the support levels to follow are in the 30 cent and 27 cent regions.
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