Cardano

Strong

<ul>
 <li><strong>Following the recent price surge, ADA is up 11.06% in the last 7 days.</strong></li>
 <li><strong>If price goes below the $0.28 support area, then it will likely decline to test the $0.27 level.</strong></li>
</ul>
<p>Accelerating rise of Cardano’s total value locked (TVL) on the <a href="https://thenewscrypto.com/tvl-surge-in-ethereum-layer-2-fuels-defi-growth/" target="_blank" rel="noopener noreferrer nofollow">DeFi</a> 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.</p>
<p>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. <a href="https://thenewscrypto.com/djed-stablecoin-receives-revamp/" target="_blank" rel="noopener noreferrer nofollow">Cardano’s</a> figures indicate more acceptability and adoption among DeFi users and stakeholders, even if both networks have their own distinctive advantages.</p>
<h3 class="wp-block-heading" id="strong-recovery">Strong Recovery</h3>
<p>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.</p>
<p>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.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/10/ADA_7D_graph_coinmarketcap-3.png" alt="" class="wp-image-84772" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/ADA_7D_graph_coinmarketcap-3.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/10/ADA_7D_graph_coinmarketcap-3-300x181.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/ADA_7D_graph_coinmarketcap-3-150x90.png 150w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>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.&nbsp;</p>
<p>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.</p>

Cardano (ADA) Price Eyes Further Surge as Bulls Hold Tight

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