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Cardano’s GitHub activity has these lessons about real wealth

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Cardano’s GitHub activity has these lessons about real wealth

Cardano [ADA], the number #8 largest cryptocurrency by market cap, has maintained its top spot among traders and investors alike. Well, thanks to its relentless development pursuit.

This has aided the coin to create small gains as seen on CoinMarketCap. However, ADA still awaits to undergo a large upward movement that could take it above the $1 mark.

Doing what I do the best 

Analytical firm Santiment added that Cardano “continues to see the most frequent notable GitHub activity,” followed by Flow (FLOW), Polkadot (DOT), Kusama (KSM), and Ethereum (ETH). 

Source: Santiment

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Herein, GitHub activity is an interesting metric when analyzing ICOs and crypto projects. Developers’ time is a relatively expensive resource.

And, if a given project has a lot of developers dedicating their time and skills, it’s a good sign for the network.

Moreover, Cardano’s total value locked (TVL) report card showed a graceful result despite the overall market correction.

As per DefiLama, the TVL stats stood at $125.96 million, a significant rise from June’s report card.

This could paint a positive picture in the minds of long-term investors. Although the money is not attracted to the ecosystem,” it is not gonna be withdrawn out of the ecosystem despite the negativity of the market, marking a sustainable TVL,” Cardano Daily Twitter handle tweeted on 27 July.

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Thanks to you

Cardano has witnessed a lot of support to help the network reach a stage that is characterized by partnerships, increased popularity, and accessibility.

For instance, Djed (stablecoin) based on Cardano and developed by COTI, entered into a new partnership with RealFi start-up Thrift.

With this deal, Djed would become the official stablecoin of all Thrift projects, including a peer-to-peer platform, wallet, fiat off-ramp solution, and Thrift protocol.

We are happy to announce yet another Djed partnership, this time with @FinanceThrift, to integrate $DJED into their suite of user focused RealFi products.

Read more: https://t.co/JEoEBh6YeB$COTI pic.twitter.com/opeoHFHhQY

— COTI (@COTInetwork) July 26, 2022

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Furthermore, MEXC Global, a renowned crypto exchange allowed its customers to trade Cardano [ADA], and other prominent cryptocurrencies against Bitcoin. This underlines Cardano’s increasing demand.

Notably, ADA has been listed in the top 10 by trading volume among the 2000 biggest BSC whales in the last 24 hours of 27 July.

At the time of writing, ADA traded at the $0.47 mark after witnessing a 0.5% surge. This price point was still quite distant from the much-anticipated $1 mark.

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Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

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Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon

Cardano has been one of the cryptocurrencies that have been able to hold despite the market crash. With the recent recovery, the digital asset has seen some movement, although it continues to trend around the same level without any significant swings upward. However, there are some things that are coming up for the network that suggests there might be some upward movement happening soon.

The Awaited Vasil Upgrade

The Cardano Vasil upgrade has been on that has been in the works for a while. It is a hard fork that is meant to make the network more developer-friendly, thereby encouraging more people to build on the blockchain. 

However, the hard fork has been the victim of multiple postponements, which have caused some shifts in the price of ADA. The first time the hard fork was postponed was back in June due to bugs that were found in the network. The next date had to be moved once more when the developers of the network were still not done with the bugs, as they wanted to make it safe to interact with.

That has seen the launch date of the hard fork moved to August. But unlike the last two previous times that saw the upgrade postponed, Cardano founder Charles Hoskinson has assured the community in a video that he does not believe that there will be any more delays for the hard fork. 

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ADA trending at $0.5 | Source: ADAUSD on TradingView.com

Cardano founders recently released a document that showed that they had made a decision on the final node for the hard fork. The Node 1.35.3 had apparently fixed the pressing issues found in previous versions that had delayed the launch and provided some CLI enhancements according to them. So they expect the hard fork to launch successfully on the mainnet with this node.

Cardano Price May Respond Well

With a more definite answer on if the Vasil hard fork is close to completion, Cardano investors are more confident to begin making decisions regarding the token. ADA still remains stagnant at $0.5, but present accumulation trends suggest that there might be a turn in this soon.

There is also the fact that the entire crypto market continues to rally behind the anticipation of the Ethereum Merge. Ethereum developers have said they expect the Merge to happen sometime in September, and with the Vasil hard fork expected to go live sometime before, it would put the two important upgrades close together.

Anticipation of both of these events will likely feed each other, given they are both smart contract networks, and trigger an upward push in price. If all launches go according to plan, ADA is likely to hit $0.7 by the end of September.

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Featured image from Zipmex, chart from TradingView.com

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

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AVAX Holds Steady And Sets Sights On $50 Barrier Breach

Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.

  • AVAX price reveals a consistent ramping activity combined with a rise in price.
  • Avalanche RSI reveals a breach on the overbought zone.
  • High probability of breach can occur at the $50 barrier.

AVAX Shows Solid Traction At $29.50

According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.

In the right market conditions, traders can anticipate high volatility. The token’s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token’s RSI was able to breach the overbought zone. In addition, Avalanche’s Volume Profile Indicator shows a ramping pattern.

With these technical patterns, it’s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token’s first target is set at $40 and next will be at $50.

If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.

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AVAX Suggests Rounding Bottom Pattern

Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.

The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.  In addition, the daily chart also indicates Avalanche’s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.

The AVAX/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.

The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.

In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.

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AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com    Featured image from Forkast, Chart from TradingView.com

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Cardano holders not in mood to trade should read this first

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Cardano holders not in mood to trade should read this first

Cardano’s native cryptocurrency ADA has been hovering within the $0.49 and $0.55 price range since the end of July. This is after a bit of recovery from its bottom a few weeks ago.

This range suggests that the bullish momentum has been limited and some price observations suggest that more downward pressure might be on the way.

ADA’s price action has been moving within a descending price channel since November last year. The cryptocurrency has kicked off this week with a retest of a descending resistance line that is part of the price channel.

ADA has already pulled back slightly in the last two days, indicating that there is significant bearish pressure after the resistance retest.

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Source: TradingView

ADA would have to drop substantially from its current position in order to retest its long-term descending resistance line. However, price behavior near the recent lows in the last few weeks has already formed a short-term support pattern.

An extended bearish pullback would likely retest the short-term support near the $0.41 price range.

ADA has so far managed to stay above the $0.50 price zone. This indicates that ADA long-term holders are still holding on, anticipating more upside. This reflects the RSI which has maintained its position above the 50% level.

However, the RSI’s 14-day short-term moving average (SMA) dropped from 60.18 to 52.42 in the last two days. This reflects the increase in short-term sell pressure, especially after the resistance retest.

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On the on-chain front, ADA’s active addresses increased dramatically in the last few days. This reflects the buildup of selling pressure as the price interacted with the resistance line.

There were 41 whale transaction counts worth more than $1 million on 8 August. The outcome triggered the ongoing sell pressure, but on 9 August.

Moreover, ADA’s age consumed metric registered its sharpest uptick in the last four weeks on 8 August. ADA’s age consumed metric affected roughly 51% of ADA.

Despite the massive amount of ADA moved, bearish activity has been relatively subdued. The explanation for this might be in ADA’s circulation which has since dropped back to 8 August levels.

Conclusion

The increase in active addresses might be a sign that investors are moving their funds in anticipation of the upcoming economic information.

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This might explain the limited selling pressure despite the large amounts moved.

It could be a sign that investors have moved their funds to exchanges in anticipation of the economic outcome.

An unfavorable outcome may result in a stronger wave of sell pressure.

On the other hand, buyers might be waiting for the right conditions to buy more and potentially extend ADA’s upside.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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