- Ali revealed in a tweet yesterday that Cardano has posted much more development activity than Ethereum.
- Both ETH and ADA suffered losses over the past 24 hours according to CoinMarketCap.
- ADA’s price may be at risk of closing below its 4th support level in the past month.
Ali, a cryptocurrency trader, and analyst, highlighted in a tweet yesterday that Cardano’s (ADA) team has posted significantly more development activity than Ethereum’s (ETH) team. According to the post, Cardano’s Github repository boasts 3x the development activity of Ethereum.
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
Read Also: Cardano Price Prediction
Meanwhile, ETH had outperformed ADA in terms of price according to CoinMarketCap. Although both altcoins suffered slight losses over the past 24 hours, ETH’s price was only down 0.31%. This was a smaller 24-hour loss compared to ADA’s, which was 0.59%. Consequently, ADA was trading at $0.291 while ETH’s price stood at $1,828.33 at press time.
Daily chart for ADA/USDT (Source: TradingView)
ADA’s price was able to reach a high of $0.3793 on 14 July 2023. Since then, however, the altcoin’s price has dropped below 3 key support levels, and may be at risk of losing another support mark in the next 24-48 hours.
In the past few weeks, ADA’s price has fallen below the $0.3477, $0.3267 and $0.3066 support levels. Furthermore, in the past 48 hours, ADA’s price has fallen below the $0.2923 support level as well. Subsequently, ADA may be at risk of closing today’s trading session below the key price point.
Daily chart for ETH/USDT (Source: TradingView)
Similarly, ETH’s price had also broken below several support levels over the past few weeks. This descent started on 14 July 2023 as well, after ETH reached a high of $2,029.11. Since then, the leading altcoin’s price lost the support of both the $1,890 and $1,850 support levels.
If bulls don’t step in to resurrect ETH’s price within the next 48 hours, then ETH could fall towards the next crucial mark at $1,790. Continued sell pressure may also push the cryptocurrency’s price below this next major support to potentially test $1,750 in the upcoming 2 weeks.
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