ADA Challenges Resistance as It Leads in Development Activity

The blockchain intelligence platform Santiment revealed in an X (formerly Twitter) post that Cardano (ADA) has recorded the highest level of development activity over the past 30 days. According to the post, Cardano pushed the highest number of notable Github commits throughout this past month.

🧑‍💻 Here are #crypto’s top coins by development activity: notable #github commits, past 30 days:

1 @Cardano $ADA
T2 @Polkadot $DOT
T2 @kusamanetwork $KSM
4 @hedera $HBAR
5 @vegaprotocol $VEGA
6 @chainlink $LINK
7 @ethstatus $SNT
8 @dfinity $ICP
9 @cosmos $ATOM
10 @ethereum $ETH pic.twitter.com/LUSDsSmxw7

— Santiment (@santimentfeed) October 6, 2023

Meanwhile, ADA’s price was able to break above the 50-day EMA line over the past 24 hours, and continued to trade above this point at press time. Subsequently, the altcoin was attempting to challenge the $0.2645 barrier.

Daily chart for ADA/USDT (Source: TradingView)

A break above this specific resistance level will be a notable achievement, given the fact that it was also confluent with a medium-term negative trend line that had formed on ADA’s charts over the past couple of weeks. Therefore, a daily candle close above $0.2645 in the next 48 hours may suggest a bullish reversal of ADA’s current trend.

Furthermore, a sustained position above this threshold could give ADA the foundation needed to continue to rise in the short-term. If this bullish thesis is validated, the altcoin’s value could climb to as high as $0.3180 in the next 2-3 weeks. Before ADA can climb to this price point, it will need to first overcome the $0.2920 resistance level.

On the flip side, if ADA fails to close a daily candle above $0.2645 within the next 2 days, then it may pull back to seek support from the 20-day EMA line, which was situated at $0.2559 at press time. Thereafter, continued sell pressure may force the cryptocurrency’s price down to the immediate support level at $0.2375.
Meanwhile, at press time, CoinMarketCap indicated that ADA was able to achieve a slight 24-hour gain, and was up 0.13%. This elevated the altcoin’s price to $0.2634. Notably, this recent gain was a continuation of ADA’s positive weekly performance. As a result, ADA’s price was up 4.99% over the past 7 days.

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