coinedition.com
Both Polkadot (DOT) and Cardano (ADA) lead development activity in the crypto ecosystem. The development activity of a project considers the public GitHub repositories linked to that project. When the metric increases, it means developers’ commitment to upgrades on the network is very present. For a long while, DOT, its sister project Kusama (KSM), and ADA have almost always been the top three in this regard.
However, despite being characterized by a surge in development activity, their price trajectories have painted a contrasting picture.
Polkadot (DOT)
In the last 30 days, DOT has lost 11.38% of its value. At the time of writing, the token was worth $4.78. According to the 4-hour DOT/USD chart, it is unlikely that DOT will recover anytime soon. As of August 14, DOT’s price was $5.05.
However, increased sell-off, which brought about a big red candle, led DOT to $4.79 on August 15. Moreso, there was almost no demand for DOT, as indicated by the Money Flow Index (MFI).
At press time, the MFI was 30.97. Such a low value indicates that DOT had a net negative money flow and the token was oversold. It was also a similar situation with the Relative Strength Index (RSI).
At 27.78, the RSI indicated the DOT was oversold. Unless buying pressure appears, then DOT may continue to languish in further decrease. If the indicators follow the same trend, then DOT’s next target could be around $4.50.
Cardano (ADA)
ADA’s market structure has been bearish since August 9. So, it is no surprise that the token lost 6.78% in the last seven days while exchanging hands at $0.27.
From the technical outlook, ADA found itself in a similar position as DOT. This was because the Moving Average Convergence Divergence (MACD) was -0.0011. With red bars from the indicator forming higher lows, ADA is displaying a wave of decreasing momentum.
If the MACD state doesn’t change in due time, ADA could hit $0.2 in a few days. Furthermore, the Awesome Oscillator (AO) shared a similar sentiment.
With a negative reading, the AO indicates that bears are currently dominating the market. Except for the broader market trajectory trends upward, ADA and DOT could fall further.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.