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Cardano Development Activity Sparks Light of Hope, Can ADA Breach $1?

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VOC, Voice of Crypto, Cardano

Key Insights

  • Out of the top cryptocurrencies on the market in terms of price action, ADA is arguably one of the worst hit.
  • Falling 89.9% from a high of $3.10, Cardano now trades at $0.314 at the time of writing.
  • This time, Cardano has now beaten all other crypto networks in terms of development.

 

Cardano had a very rough 2022. Out of the top cryptocurrencies on the market in terms of price action, ADA is arguably one of the worst hits.

Falling 89.9% from a high of $3.10, Cardano now trades at $0.314 at the time of writing.

However, one thing special about the Cardano network may not be the price of its native cryptocurrency, as 2022 has repeatedly shown; it is the rate of development activity of the network regularly.

Cardano, throughout 2022 has beaten most of the other blockchains and networks in the crypto space in terms of development activity, and active GitHub commits.

This shows that despite the price of the cryptocurrency, the developers in charge of maintaining and improving the network are committed to pushing Cardano, as a network, up the ladder.

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In recent news, the Cardano developers have done it again. This time, Cardano has now beaten all other crypto networks on the market, as reported by Santiment.

Cardano Now “Head And Shoulders” Above Others

According to a tweet from Santiment, the on-chain data aggregation platform, Cardano is now “head and shoulders” above all the other networks providing crypto assets in terms of development activity.

In the tweet, Santiment cites their GitHub data tracking metric and how it filters out routine updates like Slack.

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In an attached article, the data aggregation platform added a few insights. One of these mentioned that when examining ICOs and cryptocurrency projects, GitHub activity is a useful metric.

This is because developers’ time is an expensive resource. This means that if many developers are contributing their time and expertise to a project, it could indicate that these people believe in the project. The project is shipping more features, and there is less probability of the project being a scam.

While Cardano was in the lead in development activity, Polkadot came second, followed by Cosmos, Kusama, and Ethereum.

Cardano (ADA) Price Analysis

Cardano has been slightly in the red over the last 24 hours and has declined by 0.36%. On the charts, Cardano has reversed after a failed attempt to break through the $0.32 zone and now trades at $0.314.

However, after hitting the bottom of its longer-term descending channel (illustrated with blue trendlines) at the $0.298 zone when the FTX scandal happened, Cardano has been bullish from a short-term perspective. The cryptocurrency has been in an ascending triangle over the last three weeks and is now due for a breakout.

Chart showing the price action of Cardano, voc, voice of crypto

Chart showing the price action of Cardano | Source: TradingView

The top of this formation is around the $0.322 zone, and a breakout above it may cause a rally to the $0.37 zone, depending on how hard the bulls can push against the bears.

It is important to keep in mind that the overall direction of Cardano is bearish. However, a breakout above this formation would be the rally the cryptocurrency needs to hit the upper resistance of the descending channel on its longer timeframe.

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Conversely, suppose the bears cause a breakout to the bottom of this ascending triangle formation. In that case, the cryptocurrency’s price may rally to the bottom of the descending channel and hit the $0.28 zone before another attempt at a rally to the upside.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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