The Cardano (ADA) network has been diligently developing essential infrastructure to facilitate the mainstream adoption of its smart contracts and Dapp ecosystem. According to the latest market aggregate data from Defillama, the Cardano network has seen a substantial increase in total value locked (TVL), with approximately 595 million ADA, despite the declining dollar value—a trend that has persisted throughout the year.
In an effort to enhance the staking reward system, Input Output Global (IOG) recently unveiled Lace 1.5, which allows ADA holders to delegate their assets to multiple pools simultaneously. Additionally, IOG has announced the impending launch of Midnight, a blockchain platform dedicated to data protection, safeguarding sensitive commercial and personal information through Zero-Knowledge Proofs (ZKPs).
Cardano Price Analysis
Cheeky Crypto analyst Nick, in a recent YouTube video, offered insights into Cardano’s price action. He anticipates that Cardano’s price will experience upward momentum within the 1-hour timeframe but is unlikely to surge past the 26-cent mark.
Nevertheless, Nick advised ADA traders to brace themselves for more substantial price fluctuations in the coming days, as the digital asset seeks to establish a firm support level. In this context, the analyst foresees ADA’s price potentially dipping below 20 cents, oscillating between $0.07 and $0.19 over the next few weeks.
Looking ahead to the long term, Nick maintains a bullish outlook for the Cardano ecosystem. He is optimistic that ADA will experience a rally towards $26 during the forthcoming crypto bull market, which is expected to be triggered by the Bitcoin halving scheduled for next year.
Credit: Source link