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 e...
- 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.
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.