Cardano Leads In Developer Activity — ADA Price Recovers 10% Over The Weekend
Cardano developer activity the highest, but the ADA price looks bearish.
Key Takeaways
- Cardano surpasses Ethereum in GitHub developer activity.
- ADA price shows resilience with a recent 10% rise.
- Cardano’s innovation attracts high developer engagement.
Cardano (ADA) has overtaken Ethereum (ETH) and other key blockchain platforms in developer activity, becoming the most active project on GitHub. This activity is measured in commits, which are updates or changes to a project’s codebase, indicating Cardano’s strong focus on innovation and growth.
Meanwhile, the price of ADA rose by 10% from Friday, coming from a low of $0.60 to today’s high of $0.65. Will the rise continue?
Cardano Outperforms Ethereum In Developer Activity
Recently, Cardano led development activity, with IntoTheBlock reporting it as the cryptocurrency with the highest weekly GitHub engagements. It achieved a remarkable 978,780 commits in a week (March 11-17), significantly outperforming Ethereum’s 407,170 commits in the same timeframe.
This highlights Cardano‘s commitment to evolving its platform and its attractiveness to developers. Commits can range from feature additions and bug fixes to performance enhancements, each accompanied by a descriptive message to facilitate collaboration and track progress.
ADA Price Analysis
The last major uptrend for Cardano’s price started on October 19, moving from baseline support of $0.23 to nearly $0.70 by December 13 of the preceding year. After reaching this peak, the price began a downward correction, returning to a level it had previously exceeded. By January 22, Cardano’s value had decreased to $0.45, coinciding with its high from April 14, 2023.
This January low signaled the start of a new bullish trend, leading to a new peak that exceeded the high of December, coming to $0.81 on March 14. The increase that commenced on October 19 is considered part of a larger five-wave upward pattern, with the ongoing rally representing the third segment of this pattern.
However, from March 14, a downturn was seen, with ADA breaking out from its ascending channel support and coming to a low of $0.57 on March 20. We have projected two potential scenarios prior, with a bearish one now looking to be a primary one.
But with the price now retesting the broken support for resistance, signs of confirmation will come shortly. If the price continues to rise and pulls back above the ascending support, a near-term upward advancement is still possible. It is more likely to get rejected, sending it into a stronger downturn, in which case ADA could return to the $0.40 area.
In conclusion, what now happens at the interaction with the ascending channel’s support will dictate the future outlook, but at the time being, a bearish scenario looks more likely.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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