Cardano Witnesses Bullish Momentum; Further Surge Likely?

• At the time of writing, ADA is trading at $0.2646, up 1.83% in the last 24 hours.
• The price recently breached the $0.2640 resistance level and will likely test $0.2700.

Cardano co-founder Charles Hoskinson has dispelled certain myths and clarified some worries about the Hydra project. Hoskinson made a concerted attempt to clarify and transparently dispel claims of dishonesty over the throughput capacity of Hydra in a recording released on Wednesday.

In order to improve Cardano’s scalability, the protocol, which went live on mainnet back in May, implements a novel method to transaction processing.

The fact that Cardano’s Total Value Locked (TVL) has increased by a whopping 220% since the beginning of the year is also encouraging. This rise in TVL may be attributed to the growing popularity and trust in the Cardano blockchain.

Optimistic Outlook

Earlier, Cardano (ADA) has had a tumultuous time on the crypto market, and its price recovery had met with some serious resistance. With the recent rally, Cardano’s ADA token shows no signs of slowing down on its upward trend. As per ranking from CMC, ADA stands at eight position for biggest cryptocurrency by market cap.

At the time of writing, ADA is trading at $0.2646, up 1.83% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 12.23%. The previous recent rally faced strong resistance at $0.2690 on October 2. The price retraced back all the way till $0.2550 support level, before starting to rise again.

Moreover, the price recently breached $0.2640 resistance level and will likely test $0.2700 area. If bulls could drive price above this level then a strong rally is on the cards. On the other hand, if the price breaks below $0.2550 support level then it will likely test the $0.24 support area.