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- 1 Cardano has been seeing a strong growth in the DeFi sector with its new integrations
- 2 ADA technical indicators are currently favoring a consolidated trend in price. It has seen a drop of 1.6% in the intraday session
Cardano is one of the biggest Proof-of-Stake platforms which has seen a strong growth in the past few years. Founded in 2017, its founder is Charles Hoskinson. Recently, the platform launched its Vasil upgrade, and introduced smart contracts on the Cardano ecosystem. This has pushed the user activity in the ecosystem.
ADA has a TVL of $181 Million, as per Defilama, which can grow more in the future. The Cardano DeFi landscape is expanding at a very fast pace and can grow more in the future. Meanwhile, the fees generated in the Cardano ecosystem have been seeing a rise, as per the defilama.
The user activity on the ADA platform has also been observing an upside trend. In the past 15 days, the number of transactions on Cardano has seen a surge to 97584. There are currently 25.08B ADA staked on the platform with 10.55M rewards distributed.
Cardano has a market cap of $13 Billion, and is ranked 7th in the CMC. The social engagement of ADA has not seen any significant changes, as per Lunar Crush. The V/M ratio of ADA price hints towards a consolidated trend in price.
Is ADA Bulls Ready for a Breakout?
Cardano price has been moving in a strong consolidated momentum in the weekly chart with bearish candles. On the daily chart, ADA price is observing a consolidated momentum, ADA is currently trading near the value of $0.374 with a small drop in the intraday session. The upside trend of ADA price can see a halt near the value of $0.45.
Meanwhile, the support of the Cardano price can be seen near $0.3. ADA price is currently taking the support of the 50 and 100 Exponential Moving Averages. If the price drops below the EMA, then, a strong downside trend in price can be seen in the future
MACD of the ADA price is currently suggesting a weak upside trend. The bars and signal line also hint towards a bullish momentum.
Summary
Cardano has been expanding its network in the DeFi space rapidly. ADA price is currently in a consolidated trend and can hit a new high in the future.
Technical Levels
Major Support: $0.3
Major Resistance: $0.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
