|

Cardano ranks first in development activity, suggesting incoming ADA price breakout

  • 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.

Author

Sarah Tran

Sarah Tran

Independent Analyst

Sarah has closely followed the growth of blockchain technology and its adoption since 2016.

More from Sarah Tran
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.