Cardano (ADA) price has been performing very well when compared to major altcoins. It outperformed both BTC and ETH last week as ADA price surged by 15.9%. Our analysis shows that due to a recent breakout, ADA coin is likely to keep surging in the coming weeks.
On Tuesday, crypto markets recovered from their Monday lows as BTC price broke above $30,000 once again. This also led to a price increase in altcoins which mostly showed a positive price action. ADA price was also up 2.9% for the day as the coin changed hands at 0.446 during its London session.
As mentioned in our last Cardano price analysis, the total locked value on its blockchain has constantly been increasing since the start of 2023. During this time, the TVL has increased from $50.8 million to a whopping $171.6 million. This TVL increase points towards an increased network activity.
According to DeFi Llama, Miniswap is currently the biggest decentralized application on the Cardano blockchain, with a TVL of $61.82 million. Indigo and Wing Riders occupy the next two spots with $31.35M and $19.38M TVL. Stats also show that there has been a 2.78% TVL increase in the past 24 hrs.
Technical analysis of the ADA chart shows that the price has broken out of one of the major resistances on daily and weekly timeframes. The $0.40 resistance had previously resulted in many rejections and price reversals. However, due to the recent increase in network adoption, the price broke above this resistance and is consolidating right now.
Due to this breakout, Cardano price prediction has flipped bullish once again. Our analysis shows that the price now has unlocked more than a 50% upside as long as it holds the 0.40 level. However, there is still a possibility of another retest of the $0.40-$0.42 level to flip it into support. This could be a much better buying opportunity in the coming days.
I will keep updating my Cardano outlook in my free Telegram group, which you’re welcome to join.
This post was last modified on Apr 18, 2023, 13:18 BST 13:18