Cardano experiences a timely resurgence of development activity. ADA bulls might lose their dominance as price enters the overbought territory. Cardano [ADA] is demonstrating growth in multiple areas, especially those related to development. It even flipped Polkadot [DOT] to become the leading blockchain network in terms of development activity in the last 24 hours. Is […]
This development win for Cardano reflected the surge in development activity observed since the start of January. Prior to that, the network experienced a sharp drop in development activity from mid to the end of December. This is likely because many developers were away for the holidays.Strong development activity is often associated with healthy growth. In this case, investors may thus have a more favorable view of Cardano, potentially boosting confidence in ADA.
Perhaps the reason for the bearish-weighted sentiment is that some investors anticipate a bearish retracement. After all, ADA is currently overbought after delivering its strongest rally since July 2022. Its performance in the last three days already indicates that there is incoming sell pressure as the price struggled to seek more upside.ADA’s mean coin age has been on an upward trend since mid-December. This means more investors were accumulating and holding on to their ADA coins.
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