Cardano price to pop 15% in delayed price action after peak in development activity
- Cardano price is primed for 15% bullish breakout and break above $0.42.
- ADA logs have been pointing to a peak in development activity in the recent month.
- Although price action has not moved, a delayed effect could trigger a quick spike.
Cardano (ADA) price might be a cheap bargain here after on-chain data provider Santiment published numbers around Cardano that reveal a significant surge in development activity. A peak in development activity means that the technology infrastructure is being tweaked and enhanced to be more beneficial and competitive. This would only bring more positive support and could see ADA jumping toward $0.48.
Cardano price to enjoy its improved competitiveness
Cardano price is reporting some positive numbers in terms of its network and infrastructure. Santiment indicated that over 30 days time, there has been a substantial peak in developments that have the purpose of enhancing its competitiveness. Price action does not look to have reacted yet on this, which means that it is still due to be priced in.
To translate this news into ADA means that first a pop above $0.42 would be the starting point of pricing in these developments. A test then at $0.46, which is the peak of mid-April, looks inevitable. Should more tailwinds be added and create an additional force upwards, $0.48 could be up for grabs near the monthly R2 with a 15% profit to book.
ADA/USD 4H-chart
These enhancements do not always pay off and could be covering up a possible security issue or a bottleneck issue. So the peak in development could have had another motivation, which is not officially communicated by Cardano. Should that leak or hit the news wires, ADA would tank quite quickly back to $0.37 with a 10% devaluation.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
