Cardano Foundation Participated in First Project Catalyst Voting, ADA Price Rebounds

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As a seasoned researcher with a background in blockchain technology and digital currencies, I have closely observed the evolution of Cardano (ADA) over the past few years. With a solid understanding of the crypto market dynamics and trends, I can’t help but be intrigued by this top-tier layer one blockchain that has managed to establish itself as a strong competitor in the smart contract-oriented space, alongside Ethereum (ETH).

As a researcher studying the blockchain landscape, I can tell you that Cardano (ADA), a leading layer one (L1) blockchain platform, has been steadily advancing to challenge Ethereum (ETH) and other prominent smart contract chains. With a fully dilated market capitalization of approximately $20 billion and an average daily trading volume of around $428 million, Cardano boasts over $247 million in value locked within its Web 3.0 projects.

As a researcher, I’ve come across the dynamic and worldwide network of Cardano, which is home to an engaged community of developers and financiers. This thriving community is spearheaded by none other than its co-founder, Charles Hoskinson.

Cardano Network Supports Web 3.0 Development

The Cardano network has previously aided Web 3.0 developers through the initiative called Project Catalyst. According to current records, a total of 892 project proposals had received funding amounting to approximately $69 million as of this publication. Out of the 1,204 proposals put forth in Project Catalyst’s Fund12, merely 258 were granted approval for financing.

To strengthen the governance of the Cardano system, the Cardano Foundation revealed that they took part in the voting process for Fund12 of Project Catalyst.

For the initial time, the Cardano Foundation took part in the balloting procedure of Project Catalyst to make sure that the proposed plans aligned with its strategic objectives. Furthermore, during the voting process, the Cardano Foundation paid particular attention to three significant areas.

Among the priority initiatives, the Cardano Foundation advocated for concepts that strengthened the network’s operational robustness. Additionally, they showed great interest in proposals geared towards creating educational materials for the Cardano community as digital assets and web3 projects gain popularity. Furthermore, the Foundation backed ideas aimed at facilitating widespread ADA usage by lowering operational expenses and supplying essential resources.

The Cardano Foundation’s involvement signifies a crucial turning point in influencing the direction of Cardano’s future development.

ADA Price Ready for Liftoff

The price of Cardano has predominantly decreased since the beginning of February, according to some reports. Some market observers have referred to it as a “zombie coin,” while others see it as a “sleeping giant” waiting to be awakened.

As a researcher studying the technical analysis of ADA‘s price action, I’ve observed that the weekly chart exhibits a bullish megaphone pattern. However, for a sustainable bullish trend to develop, it is crucial that ADA recaptures its 50-week moving average as a support level. Furthermore, regaining the 50% threshold on the weekly relative strength index (RSI) would help prevent any potential further price downturns.

$ADA Train has left the Station..🔥🚅
Expecting 2x Bullish Rally in the Midterm so don’t miss the Ride..#Crypto #ADA #Cardano
— Captain Faibik (@CryptoFaibik) July 17, 2024

Based on the analysis of well-known cryptocurrency expert Captain Faibik on the X platform, the value of ADA is currently initiating a bullish surge aimed at reaching its maximum historical price. In the intermediate term, this crypto prognosticator projects a minimum target price for ADA of 80 cents, which signifies an increase exceeding 100%.

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2024-07-17 16:52