Cardano price has surged 7.1% in the last week to trade at $0.263 on Tuesday. While Bitcoin and Ethereum pulled from their Monday rallies, ADA managed to dodge the bullet, thus upholding support provided by the 50-day Exponential Moving Average (EMA).
On the downside, support at $0.235 kept the downtrend in check for the rest of September. If the immediate buyer congestion at $0.26 (50-day EMA) stands Cardano price could call for more attention from the investors willing to bet on an upward trajectory to $0.5 and eventually $1.
Cardano Tops Crypto Projects With The Highest Developer Activity
According to on-chain analytics platform Santiment, Cardano emerged top among crypto projects with the highest developer activity in September with 572 GitHub commits. Other high-performing projects include Polkadot with 501, Chainlink with 388, and Hedera with 358 while Cosmos came in fifth place with 338. Other projects in the top ten were Aptos, Avalanche, IOTA, Radix, and MultiversX.
⚡️Top #Crypto Projects by Developer Activity in September
2 October 2023 #Cardano – 572#Polkadot – 501 #Chainlink – 388#Hedera – 358#Cosmos – 338#Aptos – 248#Avalanche – 242#IOTA – 219#Radix – 167#MultiversX – 162
Data source: @Santimentfeed$ADA $DOT $LINK $HBAR… pic.twitter.com/gAEaED1NGG
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 2, 2023
Santiment also mentioned ADA among tokens like AAVE and CRV that are likely to benefit from the short-term profit window following Bitcoin’s rebound above $28,000 on Monday. If interest in this token increases, “they could have potential decouples coming.”
📈 There were several price rebounds during #Bitcoin's visit above $28K to open October. And three #altcoins in particular ( $AAVE, $ADA, and $CRV ) had opportunists moving coins during the short profit window. They could have potential decouples coming. https://t.co/E14ek3ypwR pic.twitter.com/1CoVyxBwNI
— Santiment (@santimentfeed) October 2, 2023
Bulls Ready To Nurture Cardano Price New Uptrend
Cardano currently sits between vivid support and resistance areas, with the former provided by the 50-day EMA as earlier established and the latter highlighted by the 100-day EMA (blue) together with the lower ascending trendline.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator reinforces the bullish outlook with a buy signal in addition to holding at the neutral area (0.000).
Traders are at liberty to seek exposure to ADA longs as long as the price stays above the 50-day EMA and the blue MACD line holds above the signal line in red. Such a breakout should be accompanied by a massive spike in the volume needed to deal with the potential resistance at $0.29, coinciding with a multi-month descending trendline, and the 200-day EMA (purple) at $0.309.
Additional resistance at $0.33, the middle and upper trendline as well as $0.5 are expected to hamper the uptrend on the path to $1. Failure to uphold support at $0.26 could complicate the situation for the bulls, resulting in another sweep at the major support – $0.235.
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