Today, IOHK CEO Charles Hoskinson mention There are more than 175 projects under construction on Cardano ADA and more than 12 projects will start by the end of the first quarter of 2022. Accordingly, ADA price could rally significantly amid increasingly stronger fundamentals.

In order to counteract the misinformation that is circulating on Reddit, the Cardano founder has published a picture in addition to a recently published tweet in which the developments in the network are explained. Currently, Cardano has 178 projects created on its website from January 1st to date, of which 13 started this quarter and 3 are scheduled to start in the fourth quarter. In 2022, 11 projects are prepared for the start in the first quarter of next year.

Source: Twitter

The goal of the Cardano inventor was to regulate the DeFi sector and at the same time to point out the pitfalls of decentralized financing in a YouTube livestream. Hoskinson says Cardano should be able to overcome these pitfalls by creating a set of specific standards for DeFi to weed out shoddy apps.

“Ouroroboros’ consensus protocols will ensure Cardano lasts longer.”

2021 was a notable year in terms of partnerships with the Cardano Foundation, which launched 13 notable partnerships including the NGO Eco-Age and Save the Children.

ADA price promotion

ADA has been bullish since mid-December, hitting a high of $ 1,594 in the previous session. The prices continued to rise and traded in the green for 6 consecutive days. After that, however, there could be a period of consolidation and a slight decline. However, ADA is likely to continue its upward trend in the following sessions.

ADA / USD Chart | The source: TradingView

At the time of writing, ADA is trading at $ 1.51 and could be prepared for an explosive rally above the moving average (50MA) towards the nearest resistance at $ 1.8. Breakout will break the barrier of the descending trendline above the psychological $ 1.50. The price continued its 7-day uptrend over the past 24 hours above 15%, hitting the current daily low at $ 1,432.

On the daily chart, the Relative Strength Index (RSI) is rising above the mid 50 line in positive territory, showing that the bulls are still in control and another uptrend is likely. ADA currently has a market capitalization of $ 48 billion and is currently number 6. There are also 32 billion ADA coins in circulation, with a maximum supply of 45 billion coins.

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