Cardano price gears up for recovery after massive spike in social engagements

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. 

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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 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.