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Thenewscrypto

11/10/2023

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Cardano Continues To Impress With Sustained Bullish Momentum - TheNewsCrypto

The price recently found support at $0.35 before continuing the bullish rally. At the time of writing, ADA is trading at $0.3744, up 1.37% in the last 24 hours. The price of Cardano (ADA) rose to over $0.37,...

Cardano Continues To Impress With Sustained Bullish Momentum - TheNewsCrypto
  • The price recently found support at $0.35 before continuing the bullish rally.
  • At the time of writing, ADA is trading at $0.3744, up 1.37% in the last 24 hours.

The price of Cardano (ADA) rose to over $0.37, up roughly 51% in the last 30 days. The protocol’s Total Value Locked (TVL) has increased by nearly 380%, reaching $251 million. This is quite close to the all-time high of $322M, reached in March of last year.

There may be more than simply a noticeable altcoin season at play in Cardano’s DeFi expansion. Cardano has also experienced an increase in whale transactions, active addresses, and TVL as more protocols witness positive momentum in its ecosystem.

Over $600 million worth of ADA has lately been amassed in the $0.249 to $0.271 price channel. This suggests that large investors are positioning themselves for a potential breakout.

The rising institutional demand may be better understood with an examination of the current distribution of ADA ownership. Over the last month, the number of accounts holding between 100,000 and 1 million ADA increased by 0.87 percent. Wallets holding more than $10 million in ADA also increased dramatically, by 138.89%.

Bulls in Control

As investors get exposure ahead of predicted stratospheric growth, ADA may be gearing up for a parabolic leap thanks to a solidified user base and protocol.

At the time of writing, ADA is trading at $0.3744, up 1.37% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 9.89%. The price recently found support at $0.35 before continuing the bullish rally.

If the price manages to go past $0.38 level then it will likely move towards $0.39 key resistance level. However, if the price falls below $0.35 level, then it will likely test $0.34 support level.

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