- Cardano, Ethereum’s largest competitor, is on track to begin its recovery with 457.99 million social engagements in the last seven days.
- Cardano network released its node v.8.0.0 earlier this week, fueling a bullish thesis for the altcoin.
- ADA price is geared for recovery as the altcoin prepares to make a comeback after a recent price correction.
Cardano, one of the largest cryptocurrencies by market capitalization, is eyeing a recovery with the spike in social engagement and release of its node v.8.0.0. The altcoin yielded nearly 4% losses for holders over the past week.
Also read: Litecoin network activity climbs less than 100 days away from LTC halving
Cardano sees spike in social engagement
Data from crypto tracker TapTool revealed 457.99 million social engagements in Cardano over the past week. The smart contract network gained relevance among traders on social media platforms, and the volume of social engagements climbed.
#Cardano has had over 457.99m social engagements in the last 7d.
— TapTools (@TapTools) May 13, 2023
Cardano released its scaling solution Hydra and node v.8.0.0 over the past week, bringing governance action that facilitates the ADA blockchain. The releases and developments have acted as a bullish catalyst for Cardano, driving its social engagement and fueling a bullish thesis for ADA.
Where is ADA price headed next?
Cardano price is currently in an uptrend that started at the beginning of 2023. The altcoin trades below its three Exponential Moving Averages (EMAs) at 10, 50 and 200-day. The three long-term EMAs act as immediate resistances for the altcoin at $0.3720, $0.3835, and $0.3956.
The resistance at $0.4050 is a key resistance level for Cardano that has acted as resistance for nearly four months.
ADA/USD 1D price chart
If Cardano price sees a definitive close below the trendline, it could invalidate the bullish thesis for ADA. ADA is likely to find support at $0.3452, a level that acted as support throughout 2023.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why LIBRA meme coin promoted by Argentina President Milei is crashing?
LIBRA meme coin promoted by Argentina’s President Javier Milei is making headlines again, crashing nearly 15% on the day. A local Argentine media outlet, Perfil, reported that lawyer Gregorio Dalbón had requested Interpol for a red notice to be issued for Hayden Davis.
Metaverse narrative stalls as price action fades, but on-chain data signals continuing accumulation
Metaverse tokens Sandbox, Decentraland and Axie Infinity continue to face correction since they topped in early December. A Glassnode report suggests that despite price pullback, on-chain activity suggests holders accumulation.
DeFi user loses over $700K USDC in a sandwich attack that experts suggest could be money laundering
A DeFi trader became the subject of discussion among crypto community members on Wednesday after losing more than $700K worth of stablecoins to a sandwich attack on the Uniswap v3 protocol.
Tether on-chain activity surges to a six-month high with 143,000 daily transfers
Tether (USDT) stablecoin on-chain activity has rapidly risen, with over 143,000 daily transfers, surging to a 6-month high. Moreover, the USDT Network growth metric increases, indicating greater blockchain usage.
Bitcoin: Will Trump's Strategic Bitcoin Reserve and White House Crypto Summit support BTC recovery?
Bitcoin price extends its decline on Friday, falling over 5% so far this week. BTC uncertainty and volatility spikes liquidated $1.67 billion as the first-ever White House Crypto Summit takes place on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.