It may be Friday the 13th, but the real scare for many bulls probably came a day earlier, when Bitcoin dropped below $27,000. However, when Bitcoin hit $30k again and the top ten cryptos by market cap fell in formation, this is how the seventh biggest asset fared.

You should see me with a crown

At the time of going to press, Cardano [ADA] switched hands for $0.5809 after rising 42.80% in a day. That brings the currency to a value loss of 26.65% in the past week.

So prices are recovering, but how is the community doing after all the whiplash? Unfortunately, it appears that development activity is still low, as it has been since a previous price drop last week.

In fact, it seems that Cardano’s development activity is still strongly linked to ADA’s price performance. This means that ADA’s relatively low rally rates could dislodge developers who want to see profits.

Source: Santiment

Still, it seems Cardano founder Charles Hoskinson isn’t too concerned about the market bottom. Rather, a tweet from him on May 12 — featuring a Game of Thrones soundtrack — suggested the exec might even be ready to take on a “crypto winter.”

What does this mean? Well, it’s no news that Hoskinson is tired of investors pestering him about when ADA will see its next bull run. One interpretation is that a “crypto winter,” so to speak, could repel less committed investors, leaving only hardcore Cardano supporters, investors, and builders in the community — or on the “ladder.”

As if to prove the point, Cardano saw a spike in whale transactions worth more than $100,000. On May 12 alone, there were 2,397 such trades, while ADA was trading at about $0.4. These levels were last recorded on March 24, 2022. It seems that despite the “panic blood” streaming through the streets, some whales decided it was a good time to fill their shopping bags.

Source: Santiment

Up or down the ladder?

So where could ADA be going now? In favor of the bulls or the bears? Two price indicators had a clear answer: bears. The relative volatility index [RVI] was below 50 at the time of writing, suggesting further volatility could push the ADA lower.

Furthermore, the Awesome Oscillator [AO] blinked with growing red bars below the zero line. This means that despite ADA’s green candle, selling pressure is indeed high.

Source: TradingView

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