- Cardano, Ethereum’s largest competitor, is on track to begin its recovery with 457.99 million social engagements in the last seven days.
- Cardano network released its node v.8.0.0 earlier this week, fueling a bullish thesis for the altcoin.
- ADA price is geared for recovery as the altcoin prepares to make a comeback after a recent price correction.
Cardano, one of the largest cryptocurrencies by market capitalization, is eyeing a recovery with the spike in social engagement and release of its node v.8.0.0. The altcoin yielded nearly 4% losses for holders over the past week.
Cardano sees spike in social engagement
Data from crypto tracker TapTool revealed 457.99 million social engagements in Cardano over the past week. The smart contract network gained relevance among traders on social media platforms, and the volume of social engagements climbed.
#Cardano has had over 457.99m social engagements in the last 7d.— TapTools (@TapTools) May 13, 2023
Cardano released its scaling solution Hydra and node v.8.0.0 over the past week, bringing governance action that facilitates the ADA blockchain. The releases and developments have acted as a bullish catalyst for Cardano, driving its social engagement and fueling a bullish thesis for ADA.
Where is ADA price headed next?
Cardano price is currently in an uptrend that started at the beginning of 2023. The altcoin trades below its three Exponential Moving Averages (EMAs) at 10, 50 and 200-day. The three long-term EMAs act as immediate resistances for the altcoin at $0.3720, $0.3835, and $0.3956.
The resistance at $0.4050 is a key resistance level for Cardano that has acted as resistance for nearly four months.
ADA/USD 1D price chart
If Cardano price sees a definitive close below the trendline, it could invalidate the bullish thesis for ADA. ADA is likely to find support at $0.3452, a level that acted as support throughout 2023.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.