Today, we will examine the latest developments in the Cardano ecosystem and the expected levels in the ADA price.
Cardano Sidechain Toolkit Released
A new feature was announced with an announcement made by the Cardano team in the past weeks. After weeks of promotion, the Sidechain Toolkit has finally been released. Input Output Global, the team behind the Cardano project, stated that this new feature will make many things easier. The team explained that key benefits the new sidechain will bring will include enhanced revenue streams for Stake Pool Operators and validators, as well as more innovation and custom-built solutions. These solutions include the ability for anyone to deploy decentralized applications, create smart contracts, and start moving tokens between different test chains. With this step, Cardano has gained a similar capability to Polkadot’s parachain feature. In this way, developers will be able to run their smart contracts much more efficiently by creating subnets.
Innovations on the Way for Cardano Payments
Cardano ecosystem contributor and developer Adam Dean recently announced the details of the work on the CIP-30. This improvement proposal is deemed necessary to bring web page interaction functionality to Cardano-based hot wallets and to bridge the gap between crypto-asset storage and decentralized applications. This wallet is Cardano Mercury, a direct payment gateway between consumer and seller for WooCommerce, the largest e-commerce web platform.
As developer Adam Dean mentioned, big things are on the way in the payments space, and perhaps soon CIP-30 will be enabled and wallet users that support the optimization will be able to pay with ADA for goods and services offered in WooCommerce.
ADA Price Analysis
Rising to 37 cents with an increase of 1.07% this morning, ADA had a mixed start to the day. ADA needs to avoid dips below 37 cents to test the 38 cent zone, which is the first level of resistance and also Monday’s high. A move to the 38 cent zone may indicate a bullish session. However, Cardano updates are expected to support bullish momentum.
While the second resistance level of ADA is in the 39 cents region, a break from there may push the asset above the 40 cent region. A decrease from the 37 cent support may push ADA up to the 34 cent region.