- Following the recent price surge, ADA is up 11.06% in the last 7 days.
- If price goes below the $0.28 support area, then it will likely decline to test the $0.27 level.
Accelerating rise of Cardano’s total value locked (TVL) on the DeFi landscape is indicative of the network’s growing popularity and utilization. Cardano’s TVL has reportedly exceeded the $250 million mark, an amazing feat. This solidifies its position as one of the most rapidly expanding DeFi ecosystems.
Cardano’s rising TVL is especially striking when compared to other top DeFi networks like Ergo. Late in the month of October, Ergo’s TVL was close to $7.16 million. Cardano’s figures indicate more acceptability and adoption among DeFi users and stakeholders, even if both networks have their own distinctive advantages.
Strong Recovery
Cardano’s price has rebounded strongly over the last two weeks, following the overall increase in the cryptocurrency market and after the formation of a ‘Double Bottom’ pattern. An RSI reading of 64% on a daily time frame is indicative of both strong positive momentum and the upcoming possibility of overbought circumstances for ADA.
At the time of writing, ADA is trading at $0.294, up 0.70% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 26.97%. Following the recent price surge, ADA is up 11.06% in the last 7 days.
The price has made a strong recovery after facing severe selling pressure for months. If the price manages to go past the recent high of $0.30 mark, then price will likely head towards $0.32 resistance level.
Breaking this level will see the price likely testing $0.36 level. Contrarily, if bears drive the price below $0.28 support area, then will likely decline further to test $0.27 support level.
