Key Cardano Takeaways:
- ADA, the in-house token of ‘Ethereum killer’ Cardano, consolidated along a significant rebound trendline.
- Cardano sparked record activity on GitHub, with over 140K events in 2021.
YEREVAN (CoinChapter.com) – ADA price stood at $1.31 ahead of Tuesday’s European session. The digital asset kicked the year off by mimicking Bitcoin’s price action and consolidating after a 13% tumble Dec 28-29. However, the token arrived at a dependable rebound level that could prevent ADA’s further decline.
The said rebound level has been instrumental since Mar 2020 on multiple occasions. As CoinChapter covered in the previous Cardano review, ADA retested the support in mid-December and sought additional assistance from the $1.19 line(red on the chart below). Further retests came on Dec 31 and Jan 4.
Should the token hold the ascending trendline support, it could approach the resistance at $1.46 and possibly break above it. However, if the rebound level fails to hold ADA, Cardano could decline another 9% and drop to $1.19 in the upcoming sessions.
Also read: "Full moon" ahead for Cardano as ADA rallies 26% in a week
The digital asset gained 725% in 2021. While ADA’s gains appeared sluggish against smaller cryptos like Shiba Inu (SHIB; almost 50,000,000 %) and Terra (LUNA; 13,790%), Cardano saw substantial network development.
Most developed project on GitHub
According to the analytical platform Santiment, Cardano outperformed its competitors in developer engagement. Kusama and Polkadot came in second and third, respectively, followed by Ethereum.
The ranking considers the number of GitHub events in various projects on each platform. The latter comprises issue creation, pull request creation, issue or pull request comments, and either forking, watching, or starring a code repository. For example, Cardano had over 140,000 events in 2021, while Ethereum came in at around 100,000.
Cardano’s chief executive Charles Hoskinson asserted that the project’s “awareness grew exponentially” in 2021. He noted that Cardano hosted issuance of over “two million assets,” most of it being NFTs. Moreover, 127 projects built decentralized apps on the network, with 20-30 dApps looking at full-scale deployment in Q1 2022.
Also read: Cardano (ADA) price could hit $1.60, despite the 46% quarter-to-date loss.
As a result, Cardano’s blockchain development is poised to continue in 2022. However, ADA price remains dependant not only on the network but also on the market’s overall climate. Thus, long-term predictions remain foggy.
