Trader: ADA TVL’s New Peaks Indicate Strong Bullish Trend

• Cardano’s Total Value Locked (TVL) has reached a record high of 616 million ADA.
• Despite the record TVL, ADA’s price experienced a slight dip of 0.45%.
• ADA’s market capitalization is $10,131,822,627, securing the 9th spot among cryptocurrencies.

The Total Value Locked (TVL) in Cardano’s has achieved a record high, as renowned cryptocurrency trader and prominent ADA advocate Dan Gambardello reported in a recent tweet. The tweet highlighted that the TVL of the blockchain platform, often referred to as an Ethereum competitor, has reached 616 million ADA.

Gambardello expressed his enthusiasm about ADA’s impressive Total Value Locked (TVL), considering it the most optimistic precursor in the crypto sphere. Despite the buzz generated by ADA’s unprecedented TVL, this has yet to translate into an increase in the cryptocurrency’s value. CoinMarketCap data reveals that ADA’s price experienced a slight dip of 0.45% in the last trading day.

The altcoin was trading at $0.2892 at the time of writing, marginally closer to its daily low of $0.2885 than its 24-hour peak of $0.2921. Concurrently, ADA’s trading volume over the past 24 hours experienced a decline in tandem with its price, dropping by over 16%. This resulted in an intraday volume of approximately $122,846,630.

Despite the recent price decline, which resulted in a 1.10% weekly downturn, the contender to Ethereum, still holds a significant position in the cryptocurrency market. With a market capitalization of $10,131,822,627, ADA secures the 9th spot among the largest cryptocurrencies. It is positioned between Solana (SOL) at the 8th rank and Tron (TRX) at the 10th spot.

Technically speaking, ADA was still trading beneath the 9-day EMA line at the time of writing. Additionally, the 9, 20, and 50 EMA lines on the altcoin’s daily chart suggested that the short-term and mid-term momentum remained skewed towards the sellers. This could lead to a decline in ADA’s price over 24-48 hours.

If the pessimistic scenario unfolds, ADA’s value could potentially revisit the $0.2760 support level in the forthcoming days. A fall beneath this critical threshold could risk it descending to $0.2585, assuming the selling pressure persists. However, if a daily candle manages to close above the 9-day EMA line, approximately at $0.2931 within the next two days, it would nullify this bearish outlook.

In this context, ADA’s valuation could convert the $0.2995 resistance level into a support level in the ensuing days. This would pave the way for ADA’s valuation to ascend to $0.3210 in the week following the breach above the $0.2995 mark.