Cardano (ADA) is on the verge of a major breakout as it continues to flirt with a key resistance level. After under performing in the first half of the year, the cryptocurrency has started showing signs of trading higher. Supporting further movements on the upside is a string of positive project developments and increased adoption.
Amidst the talk of a possible move on the upside, there is no disputing the long-term downtrend. Just like other cryptocurrencies, Cardano has come under immense selling pressure this year. A poor performance at one point did threaten to push the coin off the list of the top digital currencies.
However, the coin did hold steady and now needs to spike higher to affirm its position. With a market cap of about $2.2B USD, Cardano is among the top 10 largest digital currencies, currently at 9th. With a trading volume of $58M USD over the past 24 hours and a 5.47% increase, could ADA be ready to rocket?
Recently subdued price action activity has not in any way affected the development of the blockchain project. Cardano continues to experience a lot of developments that investors remain confident will help shore up the altcoin price. If this happens, we could see it push Tether (USDT) for 8th place overall in MCAP.
Increasing ADA Adoption
The team is currently exploring ways that will help increase the adoption of the coin. Focus has in the recent past shifted from developing the platform. Instead, the team is working on increasing awareness that it says will help draw in more users.
The efforts are already paying off as ADA is one of the most popular digital currencies. Increased adoption should thus go a long way in serving as a catalyst that would help shore up the value of the coin.
Cardano Targeting Developers
The team has already opened up the platform for the development of decentralized applications (DApps). Third-party developers will now be able to develop DApps for performing various functions. This is part of the team’s effort to increase the coin’s presence in the market.
The Cardano team has already announced Rust SDK, which is a Mozilla product designed to provide a variety of tools for developers. Recently released, Rust SDK will provide developers the ability to use Rust programming language to build upon the Cardano platform. Especially, these apps can be built for mobile device usage.
In August, the Cardano team also launched a new wallet as part of its latest push to target smartphone users. Yoroi is the wallet that the team is using to target new users in Asia, where smartphone adoption is still on the rise. The wallet is fast and easy to download and will function as a normal Chrome extension.
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