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Cardano [ADA] on the verge of more utility with this latest development: Decoding…

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  • The eventual implementation of the CIP-30 proposal could give ADA utility.
  • ADA’s price has been on an uptrend but could soon see a price correction

Cardano [ADA] has gotten back into its groove, which bodes well for its ongoing efforts to recover and return to profitability. The next ADA utility may have already been hinted at by one of its developers as CIP-30 prepares to ship. Will this new action cause a rise in the price of ADA?

Read Cardano’s [ADA] Price Prediction 2023-2024

Creating more utility through CIP-30 implementation

The “Cardano Improvement Proposal 30” (CIP-30) is a planned update to the Cardano blockchain that will add compact transactions. With the help of compact transactions, the network can handle more transactions simultaneously. These transactions are significantly lower than standard transactions. 

Bringing web page interaction functionality to Cardano-based hot wallets is essential in bridging the gap between crypto asset storage and decentralized applications. Bridging the gap hence necessitates the implementation of the Cardano upgrade proposal. This means that WooCommerce users with wallets that support CIP-30 will soon be able to accept ADA payments for their purchases. 

Similarly, a recent publication by Charles Hoskinson has bolstered expectations for ADA’s expanded usefulness. Hoskinson tweeted about opening a medical center, and ADA would be an acceptable form of payment at the hospital. If both ideas can be scaled, ADA could finally be put to good use.

Cardano contributors gather steam

As of this writing, the Santiment’s Development Activity metric revealed that developer participation in Cardano has been rising. The metric was at 79.76, up from the previous month’s reading. Cardano was also reportedly the second most active chain in terms of development, according to a post by Proof of Git Hub.

Cardano (ADA) dev activity

Source: Santiment

Further, the Daily Active Address metric study revealed a good quantity of ADA usage. The level was below the highs observed in November 2022, but still higher than in the earlier months.

Source: Santiment

Is your portfolio green? Check out the Cardano Profit Calculator

ADA ticks upward

The trend line on a daily timeframe chart of the asset showed that the price of ADA has been rising. ADA was trading at about $0.35 at the time of writing, and resistance appeared to be forming at that price level. 

Cardano (ADA) price

Source: Trading View

On a daily basis, the Relative Strength Index (RSI) analysis revealed that ADA was currently in a bullish trend. The RSI indicated both a bullish trend and the overbought state of ADA. It was significantly over 70 and just below 80. The position of the RSI suggested that a price correction was about to occur at press time.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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