Briefly –
- Cardano’s price might be waiting for an effective breakout in 2022 after multiple development activities over the past year.
- The altcoin ranked first as far as active contributors and development activity in 2021 is concerned.
- ADA overcoming $1.50 might mean a 32% increase to $1.98.
Cardano (ADA) might be awaiting a significant breakout as the latest reports indicate that the crypto project leads in development activity. Also, information from Github shows Cardano primed for upward movements as the network tops in 2021’s development activity contributors.
ADA Development Activity Surged in 2021
A recent report from Santiment indicated ADA ecosystem led the pack in overall development activity last year. Though development activity might not exhibit a direct effect on near-term price trends, it unveils the team’s monthly dedication to forming a lucrative product and updating it to match its long-term goal. Meanwhile, Ethereum blockchain ranked fourth, while Polkadot and Kusama joined Cardano to close the top three.
Also, Cardano ranked first as far as active contributors are concerned in 2021, its daily Github repo contributors averaging 53. Santiment believes the mentioned stats reflect the overall crypto marketplace and that top projects like Cardano, boasting active developer communities, will always dominate.
Also read:Cardano Price Ready for 32% Surge
ADA price has printed a symmetrical triangle setup on the twelve-hour chart, indicating that the crypto might extend its consolidation, awaiting a decisive breakout that would determine its next move. Meanwhile, slicing past the prevailing chart pattern’s upper trend-line at $1.50 can mean a 32% increase.
However, Cardano will meet resistance before hitting its target. The first one stands at 21 12Hr SMA, matching 38.2% FIB retracement of $1.40, then 50% retracement area at $1.45.
Another challenge might emerge at 100 12hr Simple Moving Average near $1.49 before the al touches the primary technical pattern’s topside boundary. If ADA breaks past $1.50, it will record a 32% upswing to $1.98.
Nevertheless, amplified selling pressure will see ADA securing closest support at 50 12hr SMA around $1.33, then 23.6% FIB retracement at $1.32. Further defense lines might appear at 3 August low at $1.26, then 4 December ow of $1.18.
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