Bearish volume has been piling up, with the top 9 crypto currently trading below the key resistance at $0.3. Additionally, crypto is flashing huge bearish signals that could soon propel the crypto to new lows. ADA price saw a fresh break away from the $0.28 support levels and hit the bottom around $0.2491.
The price continues to consolidate losses at the moment as it seems to be gaining strength to break the $0.26 resistance zone. The price might face the first resistance at $0.26 which is a FIB level of 0.23.
The next major resistance could be around $0.29, which coincides with the 55 SMA in the medium term. A clear move above these levels could break the $0.3 resistance and allow a surge above $0.32, while the bulls could escort the price towards $0.350.
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Conversely, the bearish scenario involves ADA price being rejected by the current support at $0.248. This could break the last point of defense at 0 FIB levels, which could trigger a new huge move southward that will reach the $0.2 support. However, some of the current events on the Cardano network are crushing the asset’s bearish scenario.
- Cardano secured the highest spot in the latest GitHub weekly development report with 542, outperforming top blockchains like Polkadot, Cosmos, Ethereum, etc.
Weekly GitHub Development Activity:
#1: 542 Cardano
#2: 447 dots / Kusama
#3: 344 cosmos
#4: 334 Ethereum
#5: 315 status
#6: 311 Decentralized
#7: 310 Filecoins
#8: 283 Internet Computers
#9: 277 Elrond
#10: 222 optimism pic.twitter.com/5sG3y5klPa
— ProofofGitHub (@ProofofGitHub) December 18, 2022
- Development activities also increased significantly and marked new highs every day
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- The overall weighted ADA sentiment was bullish and traded in positive territory for quite a long time regardless of the direction of the price.
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- Finally, the top ADA addresses holding between 100 and 1M ADA tokens have increased over the past few days.
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Overall, while Cardano(ADA) price is extremely bearish right now, it seems quite bullish in the long-term. Network growth responsible for development activity, transaction address, high purchase volume, etc. is slowly moving towards the sky. Therefore, despite a bearish end for 2022, a notable recovery phase could begin and lift the price out of bearish captivity.
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