Crypto Mania

Bulls Drive Cardano (ADA) Price as Crypto Market Rebounds

Editors News
  • Cardano’s TVL has risen by 28.14% over the previous two weeks, to $210 million.
  • If the price climbs above $0.32 resistance level, then it will likely move towards $0.36 level.

There is a direct correlation between the ecosystem’s total value locked (TVL) and the current spike in Cardano prices. According to the latest figures from DefiLlama, Cardano’s TVL has risen by 28.14% over the previous two weeks, to $210 million.

$97.88 million of this TVL comes from the two major DeFi projects, Minswap and Indigo. The quick growth in TVL is indicative of rising adoption of Cardano and rising trust in the platform. Also, indicative of rising optimism regarding ADA’s upcoming price movements, the number of addresses holding ADA for long-term recently surpassed 2.7 million.

Bulls in Control

CryptoRank’s historical indicators point to a bearish indication, and market patterns suggest that ADA may have a slight drop this month. The median monthly return for ADA throughout the years is -2.5%, but the average monthly return is a whopping 43.5%.

With a price increase of 7.39% in the previous 24 hours, Cardano (ADA) has joined the overall cryptocurrency market rally. At the time of writing, ADA is trading at $0.3089, signifying a 17.83% rise in the last 30 days with a trade volume of over $353 million, as per data from CoinMarketCap.

If the price climbs above $0.32 resistance level, then it will likely move towards $0.36 level. Breaking over this level will likely see price testing $0.38 resistance level. On the other hand, if price goes below $0.29 support level, then it will likely decline further to test the $0.28 level. Further decline will likely see price testing $0.26 support level.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.

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