- Cardano’s total value locked (TVL) has increased by 28.14% to $210 million.
- Cardano’s price has increased by 17.83% over the past 30 days.
- Cardano’s trading volume has exceeded $353 million, per CoinMarketCap data.
The current surge in Cardano
The two primary DeFi projects, Minswap and Indigo, contribute $97.88 million to this TVL. The rapid increase in TVL signifies the growing acceptance of Cardano and enhanced confidence in the platform. Furthermore, the escalating optimism about the future price trends of ADA is evident as the count of addresses holding ADA for the long term recently exceeded 2.7 million.
The bulls are dominating
Historical data from CryptoRank indicates a bearish trend, implying that ADA might experience a minor decline this month. Over the years, ADA’s median monthly return has been -2.5%. However, its average monthly return stands impressively at 43.5%.
Cardano (ADA) has participated in the recent cryptocurrency market surge, experiencing a 7.39% price hike in the last 24 hours. Currently, ADA is priced at $0.3089, indicating a 17.83% increase over the past 30 days. The trading volume for ADA has exceeded $353 million, according to data from CoinMarketCap.
Should the price surpass the resistance level of $0.32, it will probably progress towards the $0.36 mark. A breach above this point could potentially lead to the price challenging the $0.38 resistance level. Conversely, if the price descends below the $0.29 support level, it is likely to experience a further drop to the $0.28 mark. Any additional decrease could result in the price challenging the $0.26 support level.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
