Cardano’s (ADA) development activity has seen a noteworthy increase, as highlighted by the cryptocurrency analyst Ali. According to Ali’s findings, the GitHub repository of Cardano has three times the activity of Ethereum (ETH).
When comparing @Cardano's dev activity to @Ethereum, the dedication of @IOHK_Charles @InputOutputHK's team shines through. #Cardano's Github repository boasts 3x the development activity of #Ethereum. pic.twitter.com/mIiqKVrDa7
— Ali (@ali_charts) August 4, 2023
Despite Cardano’s robust development, recent price performance has favored Ethereum. Over the past 24 hours, both altcoins experienced minor losses, with ETH only dipping by 0.31%, a smaller drop than ADA’s 0.59% decline. Presently, ADA is trading at $0.291, while ETH holds a price of $1,830.43 as per CoinMarketCap data.
ADA reached a peak of $0.3792 on July 14, 2023. However, since then, the coin has slipped below three crucial support levels, and there is a looming risk of losing another support point within the next 24-48 hours.
In recent weeks, ADA’s price has dipped below crucial support levels at $0.3477, $0.3267, and $0.3066. Even more concerning, the ADA price fell below the $0.2923 support level in the past 48 hours, raising the possibility of today’s trading session closing below this vital threshold.
ETH’s price trajectory has mirrored ADA’s, with several support levels breached since July 14, 2023, when it hit a high of $2,029.11. Notably, ETH lost support at the $1,890 and $1,850 levels.
The coming 48 hours could prove critical for ETH’s trajectory. If bullish momentum does not materialize, the coin might tumble toward a crucial level at $1,790. Further downward pressure could push the price below this significant support, testing the $1,750 mark over the next two weeks.
While Cardano’s development activity shines, ADA’s price faces a pivotal juncture in maintaining essential support levels. Ethereum, on the other hand, must secure bullish support within the imminent timeframe to avert a potential deeper slide. The crypto market’s evolution in the near term will undoubtedly have ramifications for both these major altcoins.
