With 622 daily average GitHub commits, Cardano [ADA] is now leading other blockchains with the most development activity in the last 30 days, new data has revealed.
Here’s AMBCrypto’s Price Prediction for Cardano [ADA] for 2023-24
Top Projects by average daily development activity on #GitHub in the last 30 days$ADA $KSM $DOT $ATOM $MANA $SNT $ICP $VEGA $ETH $FIL $HBAR $EGLD $FLOW $LINK $APT $AUDIO $NEAR $MIOTA
Data from: https://t.co/cnh4gfkYzq pic.twitter.com/jTNTXdVKrT
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) November 3, 2022
Leading layer 1 network Ethereum [ETH] was ranked 9th with 271 daily average GitHub commits after Polkadot [DOT] (494) and Cosmos [ATOM] (338).
How have the last 30 days been?
At the time of writing, ADA was trading at $0.4106. In October, ADA was exchanging hands for as low as $0.33. However, a price reversal on 21 October pushed the altcoin to close the trading month with an index price of $0.40.
While ADA’s price saw little to no growth over the past month, on-chain data from Santiment showed that the count of whales that held between 10 to 100,000 ADA coins climbed consistently. Conversely, bigger stakeholders that held between 100,000 to 10,000,000 ADA coins gradually let go of their holdings over the same time period.
For context, the count of ADA whales that held between 100,000 to 1,000,000 ADA coins fell by 0.1%, while the count of those that held 10,000 to 100,000 ADA coins rose by 1%.
Thanks to severe recent volatility in ADA’s price, many of its holders have seen losses on their investments. In fact, ADA’s MVRV ratio, over the last 30 days, seemed to be flashing a negative value. It was as low as -62.88% on 20 October when the altcoin traded around its $0.30-price level. As the price retraced, the MVRV ratio also attempted to correct itself.
At press time, ADA’s MVRV ratio was -54.52%. This suggested that the prevailing ADA market was “undervalued” on average. Therefore, holders would realize losses if they attempted to sell their ADA coins.
Source: Santiment
Unsurprisingly, as ADA’s price remained without any significant appreciation, negative sentiment has trailed the leading altcoin since 20 October. At the time of writing, its weighted sentiment had a reading of -0.142% on the charts.
Source: Santiment
Where is it heading?
While ADA’s price hiked by 3% in the last 24 hours, its trading volume saw a 15% decline. This indicated that ADA holders harboured low convictions in the upward movement of the asset’s price. A price reversal or consolidation usually follows this till conviction increases.
Furthermore, as observed on the daily chart, the momentum of coin distribution surged as sellers overran the market. A look at the Exponential Moving Average (EMA) position revealed that the 20 EMA (blue) was below the 50 EMA (yellow) line, depicting the severity of the ongoing bear action.
Lastly, the dynamic line (green) of ADA’s Chaikin Money Flow (CMF) rested below the central spot at -0.03. This underlined an uptick in the asset’s selling pressure.
Source: ADA/USD, TradingView
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