Cardano

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The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/cardano-ada-price-to-experience-short-term-rally-before-potential-return-to-lower-lows/">Cardano (ADA) Price to Experience Short-Term Rally Before Potential Return to Lower Lows</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The Cardano (ADA) ecosystem has displayed a gradual recovery from recent regulatory scrutiny in the United States. Despite the challenges, Cardano’s decentralized finance (DeFi) sector has witnessed a steady increase in total value locked (TVL), underscoring the resilience of this prominent blockchain network. Data from DefiLlama reveals that as of June 27, the Cardano network had approximately $151.91 million locked in its DeFi projects. Notable DeFi projects on Cardano include MinSwap, Liqwid, Indigo, and VyFinance. 
<img decoding="async" src="https://lh6.googleusercontent.com/C_wvCa4LR0OdIYoo2woO88-1SAFU6oP3GgpT9A9PpGFumHV6cQQYWW_NdU6OKQaMgsz5ncyEw8aGgeatS6qcCl-nTIVA9pTj_AW35RbNjBOrhglxwxdQs-DS7E3AE4kxWEaO_0wvFS5lkwlXUPim8FQ" width="550" height="622"> 
<h2 class="wp-block-heading" id="h-cardano-price-action">Cardano Price Action</h2> 
A recent analysis by a Cheeky Crypto YouTube channel analyst shed light on the current state of Cardano’s (ADA) price movement. While the overall trend appears bearish, the analyst suggests a potential retest towards 30 cents is highly plausible. It is worth noting that the 1-hour 200 MA (moving average) has acted as a support level, although the 50 MA indicates further potential downside. 
According to the Cheeky Crypto analyst, two trade opportunities may arise in relation to Cardano (ADA). For a bullish outlook, the suggested strategy involves placing a stop loss at around 27 cents, with a target price of approximately 32 cents. 
<img decoding="async" src="https://lh3.googleusercontent.com/_08MMH13fnXYPKp0Ec9wbp4YS46s6QD8r-iBg2YGXSBC6ZeX81WTKPQsisOobAsZRMYjz2AbHa0x9_oLga9GELPNy2bk5gPGWNgqVxuKLaDnM5I3vgHsx3iFt4SyZrLJVcvYwlU6veSXRJyeD5DL2SI" width="624" height="227"> 
Conversely, the analyst also outlines a scenario in which Cardano (ADA) could move towards 18 cents. In this case, a stop loss of around 30 cents is advised. However, finer confirmation on lower time frames is necessary for a more precise entry level. 
As of now, Cardano holds a market capitalization of approximately $9.7 billion and a daily trading volume of about $173 million. These figures position Cardano as a medium-cap altcoin within the cryptocurrency market. 
By showing resilience in the face of regulatory challenges and witnessing a gradual increase in DeFi total value locked, Cardano (ADA) continues to assert its position as the seventh-largest blockchain network by market capitalization.

Cardano (ADA) Price to Experience Short-Term Rally Before Potential Return to Lower Lows

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