• Cardano price could be awaiting a significant breakout this year following an abundance of development activity in 2021.
  • The Ethereum killer ranked first by development activity and active contributors count in the past year.
  • If ADA could slice above $1.50, a 32% surge toward $1.98 could be on the radar. 

Cardano price could be preparing for a massive breakout as a recent report suggests that the blockchain ranks first in development activity. Based on publicly available Github information, another statistic indicates that ADA could expect more upside potential as the blockchain project leads the pack in terms of average development activity contributors count in 2021.

Cardano development activity exploded in 2021

According to a recent Santiment report, the Cardano blockchain has ranked first in total development activity in 2021. 

While development activity may not have a direct impact on short-term market trends, it reveals the team’s month-to-month commitment to creating a working product and upgrading its features to fit its long-term roadmap. Kusama and Polkadot follow Cardano closely, two of the top three projects, while Ethereum ranked fourth. 

Cardano also led the pack in active contributors count in 2021, with an average of 53 daily contributors to their Github repo. 

ADAUSDT

According to Santiment, the aforementioned statistics shed light on the entire cryptocurrency ecosystem, and that large projects such as Cardano with active developer communities are “naturally going to dominate.”

Cardano price awaits 32% upswing

Cardano price has formed a symmetrical triangle pattern on the 12-hour chart, suggesting that ADA could continue to consolidate until a decisive break that points to the token’s next move. 

The Ethereum killer could be awaiting a 32% surge if the token manages to slice above the topside trend line of the prevailing chart pattern at $1.50.

Before the anticipated bullish test of the upper boundary, Cardano price will face resistance at the 21 twelve-hour Simple Moving Average (SMA), coinciding with the 38.2% Fibonacci retracement level at $1.40, then at the 50% retracement level at $1.45.

ADAUSDt

ADA/USDT 12-hour chart

An additional headwind may appear at the 100 twelve-hour SMA at $1.49 before ADA tags the upper boundary of the governing technical pattern. If Cardano price breaks above $1.50, a 32% upswing toward $1.98 could be on the radar.

However, if selling pressure increases, Cardano price will discover immediate support at the 50 twelve-hour SMA at $1.33, then at the 23.6% Fibonacci retracement level at $1.32. Additional lines of defense may emerge at the August 3 low at $1.26, then at the December 4 low at $1.18.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Binance Coin: This level stands between BNB price and $450

Binance Coin: This level stands between BNB price and $450

Binance Coin price faces a decision as it knocks on the doors of significantly stacked resistance barriers. Clearing these blockades is the only way BNB can trigger a swift run-up to important levels.

More Binance Coin News

Why MATIC price is setting the scene for a blowout

Why MATIC price is setting the scene for a blowout

Polygon (MATIC) price has had difficulty finding a supportive floor for bulls to get a foot in the door and price action moving higher. Now, however, a floor looks to have been identified at $0.62, with price action consolidating just above. 

More Polygon News

The last time this happened Shiba Inu price exploded

The last time this happened Shiba Inu price exploded

Shiba Inu price is stuck trading inside a range for nearly two weeks and shows signs of exploding soon. Interested investors can ride this wave, which is likely going to be volatile and quick.

More Shiba Inu News

Why renowned technical analysts believe Bitcoin price has bottomed out

Why renowned technical analysts believe Bitcoin price has bottomed out

Bitcoin price has been dominated by bearish sentiment recently, but the BTC trend might be nearing a turnaround. Several leading analysts in the crypto community are arguing that Bitcoin price action has developed in a more irregular manner over the years and diminishing “cycles” imply Bitcoin has bottomed out. 

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP