Cardano has seen its price plummet along with the crypto market as the bears continue to exert control over the space. This has seen the altcoin’s value lose multiple important support levels. But an end could be in sight for the struggles the digital asset has had to face.
Leading The Game In Development
The Cardano network continues to see a bubbling community of both stakeholders and developers, both of which could spell another recovery trend for its native token ADA. The blockchain has once again emerged in the top 3 for the network with the most developments.
According to the report from Santiment, Cardano is number 3 on the list of most developed assets, following behind Polkadot (DOT) and Kusama Network (KSM). This would also explain the recent Total Value Locked (TVL) milestone the network celebrated.
Back in July, the Cardano network crossed 700 million ADA staked across decentralized finance (DeFi) protocols. But the growth has not stopped there. As interest has risen, so has the TVL as the network crossed a new all-time high of over 740 million ADA staked on the network, DefiLlama data shows.
ADA locked crossed 740 million | Source: DefiLlama
Cardano has also solidified its position as one of the most dominant blockchain players given that it is one of the longest-running smart contracts blockchains with no downtimes. So these milestones could serve as a catalyst for increased usage of ADA, leading to a price surge.
Cardano founder Charles Hoskinson has also come forward to defend the network’s longevity. According to him, “No matter how many times the VC coins, the cryptomedia, or the maxi crowd proclaims we are dead, irrelevant, or failing, we always remind them that Cardano is here to stay.”
ADA bulls establish support at $0.27 | Source: ADAUSDT on Tradingview.com
Cardano Price Could Rally From Here
Currently, the Cardano price has not reacted positively to the recent milestones but this is explained by the general bearish trend of the crypto market. However, after declining for so long, a recovery is expected in the price of the digital asset.
The cryptocurrency saw a significant jump of 72% in its daily trading volume between Tuesday and Wednesday. This points to improved sentiment, as well as a rise in participation from small and large investors alike. So the result of this jump could easily be a reversal of its current trend.
Given the current chosen support level of bulls at $0.27, this reversal will see ADA break $0.3 easily. Then if the crypto market begins to rally, then ADA could be looking at a 50% jump from this level which would put it above $0.4.
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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