The Cardano price prediction could be relatively bullish if the price regains the $1.10 level in the next few days. Unfortunately, due to ongoing turbulence in Europe, crypto markets have been in a severe downtrend. ADA price is also in a severe downtrend and currently %68.5 down from its September 2021 ATH of $3.10. Nevertheless, the recent launch of Minswap Dex has taken the platform TVL above $300 million. This sudden increase in TVL could also increase the demand for the native asset of Cardano called ADA.
As per the latest Cardano news, ADA crypto is currently the 8th biggest cryptocurrency with a market cap of $31 billion. After a very slow development, Total Value Locked has finally started to surge on Cardano crypto. In addition, the platform TVL has increased by almost 3x within the last month. Most of this increase is due to the recent launch of Minswap DEX. This increase could also make our Cardano price prediction quite bullish.
Minswap went live on 9th March 2022 and has gained a TVL of $193 million within just two weeks. In this way, it has also overtaken Sundaeswap to become the top Decentralized Exchange on Cardano. As a result, many investors are moving their capital to Cardano to farm MIN tokens which is the native asset of Minswap. As per the latest ADA crypto news from DeFi Lama, there is currently $309 million TVL on Cardano.
A technical Analysis of the Cardano price chart shows that a bullish reversal could be just around the corner. ADA price needs to regain its previous support of $1-1.10, now acting as a resistance. This would also mean a breakout of the downward trendline to aim further upside. If this breakout gets confirmed after a retest, $2.23 could become a valid Cardano price prediction 2022. This is also the 0.618 Fib level, which comes into play by connecting September 2021 ATH to the recent lows.
However, if the ongoing downtrend in crypto continues, Cardano’s price could be expected to follow. The total crypto market cap, which was north of $3 Trillion in November 2021, is currently down to $2 Trillion. So, if you’re asking yourself, ‘is Cardano a good investment?’ then you must look at the following chart.
This post was last modified on Mar 23, 2022, 09:39 GMT 09:39