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- Cardano defi TVL has seen a growth of over 172% in Q1 2023 as per Messari’s research
- Technical indicators of ADA favour a weak bearish momentum in price. It is down by 1.52% in the BTC pair
Cardano is a proof-of-stake blockchain that was launched in 2017. It has observed significant growth since then. Charles Hoskinson is the founder of Cardano and was one of the co-founders of Ethereum. IOG, The Cardano’s Foundation, and Emurgo support Cardano. They work together to support the protocol’s advancements, finances, and adoption.
In 2021, Cardano announced their Alonzo hard fork, bringing smart contract functionality to the chain. It made the price surge by more than 116% within a month. ADA’s daily active address has seen a decline in Q1 2023 as compared to Q1 2022. As reported by Messari, Cardano’s quarterly revenue is near $707,275, which is a decline from 2022.
Cardano has various use cases in education, agriculture, Government, Finance, and many more.It has also seen strong growth in TVL in the current quarter. Cardano whales are currently in a strong accumulation phase.
ADA has a market cap of $14.6 Billion and is ranked 7th in the crypto-verse. The volume of ADA has observed a gain of 56% in the intraday session. The volume-to-market cap ratio of the asset price suggests a weak consolidated trend.
Are Bulls Of ADA Giving Up?
The weekly technical chart of Cardano hints towards a consolidated momentum in price.ADA price is following an upside trend line on the daily chart. It trades near $0.4188, with a small drop in the intraday session. It has formed a strong bearish candle on the daily chart and can see a downside trend in the near future. The downside trend of ADA can see a bounceback of close to $0.4. In the case of upside momentum, the resistance can be seen near $0.5. Cardano’s trading above the 50 and 100 Daily Moving Averages. There can be a positive crossover in the future, pushing the price to a new high.
The RSI of ADA is near 60, with a substantial downside slope. The overall sentiment of the RSI for ADA is weakly bearish.
Summary
Cardano has seen a significant rise in its TVL in Q1 2023, as per the report by Messari. ADA is forming a bearish candle on the daily chart but can see a bounce back soon for a new high.
Technical Levels
Major Support:$0.4
Major Resistance:$0.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
