Cardano Outperforms Bitcoin, Ethereum With 8% Surge: Analyst Says This Key Resistance Level 'Could Set The Stage For ADA To Rally Forward'

Cardano (CRYPTO: ADA) has experienced an uptick, climbing 8% within the last 24 hours, a performance that has surpassed its peers Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which saw increases of 1% and 6% respectively.

What Happened: At press time, ADA was trading at $0.64. 

The rise comes as Santiment, an on-chain analytics firm reported that Cardano has the top coin by developed activity. The platform’s has outstripped that of Polkadot (CRYPTO: DOT) and Polkadot’s canary network Kusama (CRYPTO: KSM).

Santiment’s assessment of “development activity” means tracking the project’s public GitHub repositories over the last 30 days. These events include diverse interactions with the repositories, such as commits, forks, and issues, offering a broader spectrum of the development progress.

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Why It Matters: Cryptocurrency analyst Ali Martinez, weighing in on Cardano’s price direction said, “On the 4-hour chart, #Cardano is shaping up a symmetrical triangle! The crucial point to watch is a sustained candlestick close above $0.63.” 

This observation points to a possible breakout that if occurs, “could set the stage for $ADA to rally toward $0.78," Ali noted.

Photo by Dennis Diatel on Shutterstock

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