Cardano has established itself as a top project for developer activity, consistently appearing in the top three.
As a result of this trend, more investors and analysts are paying close attention to Cardano’s price movements in order to assess its potential in the future.
Cardano (ADA) had a terrible year with massive price volatility like the rest of the cryptocurrency market.
It ended the year at $0.2456, and notably, it has reached its current price of $0.4017.
However, Cardano has surpassed several protocols regarding development activity in 2022.
Cardano Ranked Among Top 3 Crypto Protocols By Development Activity
Cardano, Polkadot (DOT) and Cosmos (ATOM) are rated as the top protocols in terms of development activities.
Analytics Platform Sentiment Free Report on December 30, 2022.
In addition, recent sentiment published Its top 20 crypto asset growth activity over the last 30 days as of April 27th.
Polkadot (DOT), Kusama (KSM), Cardano (ADA), Cosmos (ATOM) and Hedera (HBAR) were the top 5 in this latest report.
Notably, MutliversX (EGLD) and Aptos (APT) were also listed in the top 20.
Sentiment compiled its list based on asset development activity. It specifically monitors the GitHub activity of each project while removing unrelated data.
In response Sentiment created a list of leaders for its growth activity metric.
According to Sentiment, the top performers on this figure guarantee three things:
- Strong believer of the project.
- The project will provide more facilities.
- There is a low chance that the project is an exit scam
Also, CoinMarketCap statistics Shows that about $320 million worth of Cardano (ADA) was traded in the last 24 hours across major exchanges with a market cap of $14 billion.
It has a current CoinMarketCap ranking of #7 with a circulating supply of 34,802,305,447 ADA.
Cardano (ADA) Price Prediction and Price Trend
Below are given various analysis of various technical analysis indicators such as Moving Average Convergence Divergence (MACD), Simple Moving Average (SMA) and Relative Strength Index (RSI) of Cardano (ADA).
The change in direction of the 50-day SMA has resulted in a change in market structure, and the trend may continue to bearish if the bullish momentum remains weak.
Crossing below the 200-day SMA, the 50-day SMA has formed a death cross, indicating a potential bearish signal and a potential selling opportunity.
At the time of analysis, the Relative Strength Index (RSI) for ADA/USD stands at 49.74, which is slightly below the neutral zone.
Therefore, it shows that ADA is neither in overbought nor oversold territory.
However, buyers are building momentum to take ADA into overbought territory while sellers are pushing it down.
The MACD line is slightly above the signal line; The indicator is considered bullish, but it may cross below the signal line if the bullish momentum remains low.
The histogram is above the zero line and is also increasing in size; This indicates a possible bullish momentum.
If the bulls build a strong momentum, the price could move higher above the $0.5242 resistance area.
On the other hand, if the bears control the trend, ADA price could decline towards $0.3395.
Cardano (ADA) Alternatives To Consider
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