Cardano price turns bullish as ADA blockchain activity surpasses Ethereum development
- Cardano price started its recovery from the recent pullback to $0.35.
- Cardano developmental activity has ranked higher than Ethereum over the past 30 days.
- IOG announced the launch of a new language designed for smart contracts on the ADA network.
Cardano price has started its recovery from the drop to $0.35 last Friday. The Ethereum-killer project is competing with the largest altcoin for dominance in market share. Both Cardano and Ethereum, however, have yielded losses for holders in the last 24 hours.
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These bullish catalysts could drive Cardano price recovery
Cardano is the fourth largest altcoin by market capitalization, after Ethereum, BNB and XRP. ADA blockchain is considered an Ethereum-alternative, and Cardano competes with Ethereum for market share in the smart-contract space.
Based on data from crypto intelligence tracker, the development activity on Cardano has recently surpassed that of Ethereum and other altcoin competitors like Cosmos, Chainlink and Decentraland.
Blockchain development activity
Higher development activity is typically associated with a bullish thesis for the asset. The rising development activity on the Cardano blockchain could, therefore, fuel a recovery in the altcoin’s price.
ADA price has climbed to $0.3745 (at press time) from $0.35 on Friday. The altcoin is on a path to recouping its losses from the past week.
Moreover, the launch of Marlowe, a new programming language for smart contracts was launched on the Cardano blockchain on Tuesday. The developers behind the Cardano blockchain, Input Output Global (IOG), believe that the rollout of Marlowe will offer an additional layer of security and confidence to smart contracts developed on the ADA network.
1/ Exciting news! #Marlowe is now available on mainnet for early adopters to start testing and providing feedback. It's a safe and intuitive way to create and deploy smart contracts on #Cardano. Let's dive into what makes Marlowe special. pic.twitter.com/lp8AIRCEPr
— Marlowe (@marlowe_io) May 30, 2023
Cardano price recovery is fueled by the two developmental updates.
What to expect from Cardano price?
Cardano price started an upward trend in the beginning of 2023. The altcoin hit a peak of $0.4625 in April, and
ADA/USD one-day price chart
Cardano price is tackling resistance at the 38.2% Fibonacci level of ADA’s rise from 2023 lows to its April peak of $0.4625. ADA could face immediate resistance at $0.3985 and $0.4168, two key levels that have acted as resistance since Cardano’s pullback from the April peak.
A drop to support at $0.3579 is likely to invalidate the bullish thesis for Cardano.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
