Cardano Price News: Breakout or Breakdown?

The cryptocurrency market capitalization surpassed $3 trillion on Wednesday, with more money flowing into altcoins. Despite $1 billion inflows in BlackRock’s IBIT ETF, Bitcoin has stayed below $95,000.

After a week of holding steady, major altcoins broke key resistance levels on Tuesday. Ethereum and Cardano led the way with 2% gains, outpacing Bitcoin’s 0.6% rise. This shows growing momentum for altcoins, with many market watchers hinting that altcoin season could be here.

ADA Set For Major Breakout

After a strong recovery last week, Cardano is currently trading at $0.7019, up 0.4% in the past day. Analyst Mintern believes that ADA could be gearing up for a major breakout. The current setup mirrors the 2020 inverse head-and-shoulders pattern that led to an explosive rally. He believes that the real bull run hasn’t even started yet.

Analyst Ali Martinez also believes that Cardano is heading toward a crucial test at $0.74; if it breaks above, it could rally to $0.88.

Cardano Surpasses Ether in Developer Activity

Recently, Cardano has surpassed Ethereum in developer activity, which has sparked fresh excitement, hinting at a possible rally for Cardano. Data from Cryptometheus shows that Cardano has outpaced Ethereum in core developer activity over the past year, with 21,439 GitHub commits across 550 repositories. 

The Cardano ecosystem thrives with 38 projects and 4,012 public repositories. However, developer engagement has decreased by 10.28% this month, with 262 developers making 1,845 commits, marking a 19.2% decline from the previous month.

Besides, Hoskinson recently announced that Cardano is set to integrate Bitcoin into its Lace wallet, which will allow BTC holders to access Cardano DeFi with a simple one-click feature. Hoskinson says Cardano’s ADA could hit $3, $5, or even $10 if the community backs the proposed development plan and budget.