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The Cardano price rose more than 1% over the past 24 hours to trade at $0.5792 at press time as investors and traders begin stocking up on ADA with the hopes that it will be a top-performing altcoin.
Cardano Tops GitHub Development Activity
Recent on-chain statistics reveal that over the past 30 days, Cardano has experienced an impressive average of 449 daily updates on GitHub. The level of developer activity serves as a vital indicator of a network’s commitment to progress, reflecting the focus, resources, and technical skill devoted to advancing a blockchain.
Significantly, the introduction of new features and the expansion of its functionalities, even during market slumps, enhances investor trust in the long-term viability of the project.
The Cardano Price Gearing Up for a Strong Move
4-hour chart for ADA/USDT (Source: TradingView)
The Cardano price was able to break above a medium-term falling wedge that had formed on its charts over the past couple of weeks. This led to the altcoin overcoming the $0.5380 and the $0.5830 resistance levels. In the last 24 hours, however, ADA has fallen below the $0.5830 mark.
This recent pullback has resulted in the formation of a symmetrical triangle pattern on ADA’s 4-hour chart. Should this pattern be validated, the Cardano price may soon enter into a strong move. If this move is towards the upside, the crypto may attempt to reclaim a position above $0.5830. A 4-hour candle close above this level could then lead to ADA rising to as high as $0.6510 in the following 48 hours.
Cardano has reclaimed .60. Just yesterday it was .48 Volatility is back. We are back! pic.twitter.com/IQB5LI5ynt — Dan Gambardello (@cryptorecruitr) January 11, 2024
Conversely, a negative breakout may lead to the Cardano price falling to the aforementioned $0.5380 support level. Continued sell pressure should ADA retest this level may force the crypto’s value all the way down to $0.4915.
Technicals in Favor of Bulls
The Moving Average Convergence Divergence (MACD) suggested that ADA’s bullish trend may be cooling off and that it could undergo a bearish reversal soon. This was evident by the MACD line closing in on the MACD Signal line.
The Relative Strength Index (RSI), however, showed that bulls still had the majority of the strength on ADA’s 4-hour chart. Not only was the RSI positioned above its Simple Moving Average (SMA), the prior was also breaking away above the latter. This technical flag may be indicative of an uptick in bulls’ strength.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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