Cardano (ADA), one of the leading layer 1 blockchain networks, continues to be associated with incredible technical advancements, although it may not take significant steps in terms of price. The latest update by the Cardano team highlights the Marlowe smart contract environment.
A New Step for the Cardano Network
According to the information provided by Input Output Hong Kong (IOHK), the team has accelerated its work on Marlowe and has taken action to enhance the functions that can be added to this smart contract environment.
It is stated that the Marlowe team is currently focusing on three fundamental layers: Marlowe Runtime, Marlowe Playground, and Marlowe Explorer. The post also explains the high level of security provided by Marlowe, which is an unprecedented security feature in any layer 1 blockchain network.
Target Price for ADA: $0.40
With Marlowe, a significant increase in scalability is expected, which will help achieve a level of 1,000,000 transactions per second. The rise of ADA to $0.40 is actually achievable through this. Although no specific date has been given for Marlowe, it was stated that a major update will be made in September. This is a critical development for ADA, which is currently priced at $0.26.
If ADA can surpass the $0.28 resistance level, the next levels will be $0.36 and $0.40. Currently, significant volume and momentum are needed for ADA to reach these levels. The Marlowe news can potentially create the necessary momentum and volume. Marlowe will work in conjunction with Hydra and will also bring significant advancements in ADA-focused transfers.
ADA was affected by the recent downturn and experienced a 6% drop in the last 7 days. In this regard, ADA managed to be one of the least affected. Bitcoin, on the other hand, experienced a 10% drop in the last 7 days, and ETH, ADA’s competitor, showed a comparable 9.8% drop in the same period. In this comparison, ADA appears to be more resilient to the recent downturn.
