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Bitcoin’s price started December 17 with a slight decline, and feeble selling is also felt in altcoins. But what’s the current situation on the Cardano (ADA) front? Cardano, one of the largest smart contract networks, had started its 2023 rally, albeit delayed. Recent data may be promising for the price.
Cardano (ADA)
Cardano published its weekly development report for the year 2023. According to the report, developer activity continued to increase. However, as it has not yet seen the expected level of popular applications, this increase in activity has not produced significant results in the price for years.
The report states that core developers continue their work in preparation for version 9.0. The Plutus team, working in the smart contract segment, has made significant improvements in the costs and sizes of most scripts.
While the Plutus team is working on smart contracts, the scaling team released version 0.14.0 of the Hydra network, which makes it more resilient. Despite more than two years passing, we do not see a Cardano swarming with developers, fully grasping smart contract capabilities.
Currently, around 1,300 projects are being developed on the Cardano network, and 153 of them have been operationalized. While Cardano boasts high development activity, the total value locked (TVL) on the network remains below $600 million. Solana had maintained this level as a critical threshold even during the major FTX collapse, and now it is reaching a TVL size of 1 billion dollars.
ADA Coin Comments
Bitcoin’s price experienced a correction, and the subsequent test of $43,000 dampened spirits a bit. Unsustainable rises had triggered rapid increases in price during similar periods in the past. However, it is hard to predict what will happen now, and profit sales are becoming dominant. At the time of writing, BTC is finding buyers below $42,000.
Altcoins have turned red with losses between 1-5 percent. Unfortunate timing for ADA Coin, if the BTC rise stops, the long-awaited breakout could also be in vain. ADA Coin is at $0.61, having bounced back from the $0.58 support yesterday.
Closures above the previous week’s selling zone of $0.61 are positive, and the same price area had also served as a tough resistance in mid-2022. If BTC allows, ADA Coin price could reach $0.75 and $0.90 with closures above $0.684. However, in the reverse scenario, closures below $0.60 could trigger sales down to $0.53 with significant force.
