Cardano (ADA) is one of the cryptocurrencies that has been making a name for itself since the beginning of the yearat price levels it has increased an average of 63% since December 30, which was located at 0.24 dollars per unit, now it is close to 0.38 dollars at the time of writing this note.
The data is showing several aspects, and we will try to understand if it is really a bull run that Cardano has undertaken, and if so, see if it can be sustained or not longer. Data from CoinMarketCap indicates that from December 30 to now, the value of the token has increased significantly, this is further derived from the series of developments that have been announced and implemented in the last two months..
Cardano price for the last 24 hours – Source: www.coinmarketcap.com
Despite this partial fall of 2.13% in relation to the price 24 hours ago, the truth is that it is in a resistance zone, and the bears are doing their thing to keep the price within a range that allows them to continue buying more.
In fact, DefiLlama shows in its data how the TVL (total value blocked) has increased, in recent months it has risen from 50 million dollars as of December 31, to more than 136 million. This represents an increase of more than 2.7 times the value that has been blocked so far.
Total Cardano Value Locked – Source: www.defillama.com
However, this increase is still far from the maximum achieved in March 2022, in which the TVL reached 326 million at that time. An interesting fact that can explain this increase, and that has managed to increase the price of Cardano, may be related to the launch of the DJED stablecoin, which became the first stablecoin launched on the Cardano networkand it is a stablecoin overcollateralized algorithmic.
By the beginning of February, the price was already close to the current price, according to the data provided by CoinMarketCap. On February 1, Cardano was located at 0.37 dollars on average, with a market volume close to 376 million dollars.
At the time of writing this note, the price has increased to 0.38 dollars on average, as well as the market volume has decreased to less than approximately 290 million dollars. This means that there is indeed a support, where the lower level is the current one, and the upper one reached in the last seven days is $0.41..
It is true that it is still far from its ATH, which was in September 2021 when it reached $3.10 per token.but it is also true that both market capitalization and block in DeFi continue to risein addition to news such as the stablecoin that we have mentioned, leads us to consider that a bullish streak for Cardano may be about to happen, as long as it manages to break the upper resistance level, that is, it passes $0.41 and the market sustains said break.
Market capitalization for the last 30 days – Source: CoinMarketCap
Cardano’s market capitalization was around 12.4 billion dollars 30 days ago, and it closed with a market volume close to 400 million.according to CoinMarketCap data, and since then, except for February 13, which coincides with the date of what happened with Paxos and BUSD, capitalization has not decreased significantly.
However, The current market capitalization is over $13 billion, and market volume is also over $310 million, indicating that investors and enthusiasts have been active within the Cardano ecosystem.which in fact, have managed to place it in the seventh position in the CoinMarketCap ranking, positioning itself above Dogecoin, which is close to losing the top 10 positions in the market, since Solana is close to the market capitalization that keeps Dogecoin within the first 10.
you have to analyze With this data it is possible that Cardano continues to rise and manages to reach at least $0.50. This depends on the work between whales, bears and bulls being balanced for this to happen, if one tips the balance, it is likely that if it does not break the resistance of $0.41, it will fall to more than $0.34 which has been the lowest level for the last 30 days.
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