The development team of Cardano, led by Co-founder Charles Hoskinson, has been working on the Hydra and Mithril projects to effectively compete with other layer-one chains like Ethereum and Solana.
The significant development of the Cardano network has led to exponential growth in its Total Value Locked (TVL), making the bullish outlook for ADA more inevitable even amidst the ongoing market correction.
Cardano is a well-established proof-of-stake (POS) layer one blockchain with over $342 million in TVL. It has been continuously improving its underlying technology to accommodate more developers and investors in its web3 ecosystem.
The Cardano network has gained global recognition as a major competitor to Ethereum. It has deep liquidity backed by reputable crypto venture capitals. Moreover, its high scalability and reputable security have enabled the tokenization of real-world assets (RWA).
The core development team of Cardano has made promises to deliver several important projects aimed at making the layer one blockchain more scalable and usable for the web3 industry, thereby increasing its competitiveness.
In recent months, the Cardano network has been focusing on developing the necessary layer two (L2) infrastructure to ensure scaling solutions are in place before the next macro bull cycle. The core development team is adding BLS support to Plutus V3, alongside the Hydra and Mithril scaling projects, to ensure the future competitiveness of ADA-focused decentralized applications (Dapps).
Charles Hoskinson, co-founder of Cardano, commended the core development team for their efforts in evolving the network to meet business and technical requirements. The Cardano network competes in the global market alongside other top-tier blockchains like Ethereum, BSC, Tron, and Solana.
In the latest weekly development update, the Hydra team made several changes, including eliminating the JSON encoding of transactions, implementing off-chain logic for incremental decommits, and introducing a Hydra explorer backend. Similarly, the Mithril team implemented changes such as a new data type for certifying Cardano transactions within the Mithril networks.
In terms of price action, Cardano has been gradually recovering since January 2023 and is currently attempting to enter the second phase of the initial bull rally. After facing resistance around 69 cents, which coincided with the 200 weekly Moving Average (MA), the ADA price entered a correction phase.
However, the ADA price found strong support around the 1.618 Auto Fib Extension on the weekly time frame. A successful rebound from this support level could lead to a comfortable rise above 80 cents in the coming months, coinciding with the 3.618 Auto Fib Extension.
According to the Elliott Wave Principle on the weekly time frame, ADA price has more upside potential in the near term. After completing wave 1 and wave 2, there is room for wave three, a correction, and wave five.
In the past seven days, ADA price has gained about 2.6 percent, trading at [current price].
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