DeFi
Cardano Price Taps DeFi TVL Potential at $1
ADA, a layer 1 blockchain, has recovered slightly after a recent market rally. According to CoinMarketCap, Cardano Price is trading at $0.385 on Wednesday. The value of the digital asset saw a 3% increase over the past day, implying growth potential for the third week of June.
Cardano currently ranks 10th among others cryptocurrencies, with $13.8 billion in market capitalization. The smart contracts token saw a modest 30% increase in trading volume to $410 million as bulls made their comeback.
Cardano Price Forecast: Bullish Signs Amid Market Recovery
Over the past week, Cardano’s price has been fluctuating after dropping more than 7%, indicating instability in its market position. This slowdown follows a period of relative stability, raising concerns among investors about possible future volatility.
Cardano Price Prediction
Over the past month, ADA fell more than 10%, mainly due to broader market pressures and a slowdown after previous gains. However, with the current market recovery, ADA is optimistic about the near-term growth potential. The altcoin price is trading in a range of $0.45 to $0.36, showing signs of consolidation.
According to data from DeFiLlama, Cardano has a total value locked (TVL) of $217 million. This metric indicates the capital currently staked or locked in various decentralized finance (DeFi) protocols on the Cardano blockchain. This signals robust activity and engagement within its ecosystem.
Cardano stablecoins have a market capitalization of $18 million and the platform saw a trading volume of $5.8 million in the last 24 hours. The platform also raised $62 million, highlighting significant investor interest and financial support for its ongoing development and expansion.
Technical Outlook: ADA Short-Term Price Movements
With the current market recovery,
Cardano is poised for potential growth. Successfully surpassing the $0.4 mark could trigger a notable rally, eventually raising its value to $0.6. This surge could challenge a key resistance barrier of $1 during an upcoming bullish phase.
Conversely, a slowdown in market sentiment could see ADA pull back to around $0.38. A continued downtrend may soon push its price further down to $0.35. In a scenario where bearish forces intensify, Cardano could fall to a low of $0.25 in the near term.
Cardano Price Forecast| Source Trading View
Overview of technical indicators
- The 4-hour technical analysis for Cardano shows a slight price recovery. The Relative Strength Index (RSI) is currently at 40, suggesting that ADA is neither oversold nor overbought.
- The Moving Average Convergence Divergence (MACD) shows proximity to the zero line with slight bearish momentum as the histogram sits just below zero.
- The MACD line itself is slightly below its signal line, reinforcing the possibility of a short-term downtrend.
- The Chaikin Money Flow (CMF) indicator is hovering just above the zero line, indicating an uptrend.
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