2024-03-06 13:07:38
After the price of Bitcoin recently dropped below $60,000. It has caused the price of coins in the market, including Cardano (ADA), to continue falling. As a result, ADA is currently trading at around $0.73, down more than 4.86% over the past 24 hours, according to data from CoinMarketCap
Although the price of the coin fell rapidly But crypto analyst Ali Martinez has predicted that Cardano’s price is likely to surge soon following the coin’s price chart goes parabolic like in the past. He believes that the coin price will be able to rise to $10 or more than 1,200% soon.
The interesting thing is Renowned analyst Dan Gambardello has made a similar prediction. He pointed out that right now ADA price has a main resistance level around $0.69 and if the coin price can overcome this resistance level. It might hit $0.8 this week.
CARDANO Bull Indicator Almost ACTIVATED! (Truth Behind ADA Price!)
Intro 00:00
Cardano price concern 00:50
Is Cardano price lagging this cycle? 1:30
Ethereum offers helpful context 2:30
Cardano is within a normal move 8:00
Cardano bull indicator almost triggered! 9:25 pic.twitter.com/8tRlwEj8AO— Dan Gambardello (@cryptorecruitr) March 1, 2024
And the main factor that might push the price of ADA up is the number of coins locked on the Cardano (TVL) network, according to data from DefiLlama It revealed that the amount of TVL on Cardano hit $500 million on March 4, before dropping to around $480 million later.
TVL is an index that reveals the total amount of crypto assets deposited in DeFi protocols, and its increase can be considered a sign of stability and investors’ trust in the network.
However, the relationship is not always directly proportional to the fact that an increase in the number of locked coins can result in a bull market. In this case, the value of the locked-in asset is pre-valued to reflect the current price.
Source: CryptoPotato
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