- Cardano occupies the top spot in terms of GitHub development activity, according to Santiment.
- Over the past 24 hours, ADA saw its price drop by more than 3%, which left it trading hands at $0.261.
- The Ethereum-killer’s price was resting on the crucial $0.2585 support level at press time.
Cardano (ADA) has outperformed some of the top cryptocurrency projects in terms of GitHub development activity, according to a post shared by the market intelligence platform, Santiment. Throughout 2023, Polkadot and Kusama were the projects with the most Github development activity, but Cardano recently became the new frontrunner.
The allocation of developers’ time is a valuable and costly asset. According to Web3 investor, Valentin Mihov, in cases where a project involves a substantial number of developers actively contributing their expertise, it signifies several notable aspects.
Firstly, this collective commitment suggests a shared belief among the team that the project holds promising potential for success. Additionally, the project’s capacity to attract and engage numerous developers implies an inclination toward delivering a richer set of features. According to Mihov, there is also less probability that the project is an exit scam.
With regards to ADA’s price performance, things are not looking too great. The market is still bruised after the market crash, some cryptocurrencies have shown some signs of recovery. However, the same can not yet be said for ADA as its price dropped by more than 3% over the past 24 hours of trading, according to CoinMarketCap.
As a result, ADA was worth about $0.261 at press time. This price decrease also caused ADA to lose ground against the dominant player in the market, Bitcoin (BTC), with a decline of about 3.38% against the largest cryptocurrency. Moreover, the Ethereum-killer’s performance throughout the week remains lackluster, with a decrease of 9.75%.
The Ethereum-killer’s price was resting on the crucial $0.2585 support level at press time. Should ADA’s price drop below this level during today’s trading session, it will be at risk of dropping to the next major support level at $0.2370 in the following few days. A confirmation of this bearish thesis will be if ADA closes today’s candle below $0.2585.
However, if ADA closes the next 2 daily candles above $0.2585, then the bearish thesis may be invalidated. In this scenario, the altcoin may look to overcome the major resistance level at $0.2760. A break above this level will then open up a path for ADA to climb to $0.2995.
Traders and investors will want to take note of the fact that the 9-day EMA line was positioned below the 20-day EMA line at press time. This signaled that short-term momentum was in favor of sellers and suggested that ADA’s price could drop in the upcoming couple of days.
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