Cardano has become the talk of the town nowadays as the price has maintained a deep consolidation while the technicals are going bullish. The platform has now established itself as one of the top projects in terms of development activity as it maintains its position within the top 3 for consecutive months. Hence, the project is gaining more and more attention from market participants who are gauging the future of the token.
Other than Cardano, Cosmos, Kusama, Hedera, and Polkadot have also registered as protocols with huge development activity. Interestingly, ImmutableX and Aptos also made their positions within the top 20. The top performers usually guarantee three things, strong believers in the project, delivering new features, and having a lower probability of being a scam. That being said, the ADA price now appears to be in a recovery phase.
The ADA price is now trading within a rising parallel channel and is trying hard to rebound from the average levels to slice through the immediate resistance of the channel. Meanwhile, the RSI and ADX are turning bearish, due to which the price may even drop below the current levels. However, the MACD is turning bullish slowly, which indicates the bearish volume has faded to a large extent and that the bulls may soon conquer the rally.
Therefore, the price may eventually remain stable within narrow regions, and with an influx of significant liquidity, the ADA price is believed to slice through the current consolidation and rise high. Besides, the rise in development activity may also turn traders bullish on the ADA price in the long term. Hence, it could be a good time to accumulate, provided the market participants have a good knowledge of market sentiments and price movements.