2024-02-14 22:08:47 ET
The latest
Messari report
shows Cardano’s (ADA) TVL (in USD) jumped 166% during the fourth quarter to hit all-time highs at $449M on 14 December 2023. The staggering surge contributed to a 693.4% increase YoY.
That reflected ADA’s growing decentralized finance market, with new protocols such as Indigo and established ones such as Minswap contributed to the impressive ecosystem growth. Automated market maker Minswap remained the most popular ADA decentralized application (dApp) through the quarter.
Cardano climbed to rank 11th among blockchain networks by TVL, up from 34th position early in the year. Moreover, the crypto’s stablecoin value jumped 37% quarter-on-quarter and 647% year-over-year, with iUSD dominating the market cap.
Cardano price action
ADA joined the
ongoing Bitcoin revival
to record notable price upticks. The altcoin changed hands at $0.58 at press time, up 7% and 15% on its daily and weekly charts, respectively.
The impressive price action has pushed Cardano above the 50-day EMA, highlighting stable bullish momentum. Further, the breakthrough indicates a potential uptrend continuation for ADA price.
Meanwhile, the massive support at around $0.50 remains vital in ADA’s current stance. The barrier has presented a reliable rebound region, anchoring the alt’s upside impetus.
Cardano will likely maintain the support to sustain the bullish trajectory as it targets the resistance at $0.60.
ADA to sustain the bullish trajectory
Cardano remains poised for continued uptrends as indicators support an upward trajectory. The altcoin seems ready to overcome the $0.60 hurdle in the up-and-coming sessions. Moreover, analysts predict more upswings for ADA, reflecting increasing confidence in the token’s potential to stay elevated in the short term.
However, enthusiasts should beware of the market’s unpredictability. Cardano’s bullish trajectory is contingent on closing beyond the 50 Exponential Moving Average. A breach beneath this EMA might trigger price consolidation or retracement for ADA.
Nonetheless, Cardano displays a bullish stance, with buoyant investor sentiment. The Fear and Greed index reflects greed within the market as it reads 74. Moreover, ADA’s latest performance reinforces the optimism. The digital coin recorded many green candles, jumping nearly 9% in the past month.
The increasing TVL and anticipation of various developments, including smart token standards and a new stablecoin, will further improve Cardano’s ecosystem and DeFi capabilities, attracting more users for stable long-term growth.
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Cardano (ADA) TVL hits ATHs amid flourishing DeFi ecocystem
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