A cryptocurrency analyst, known as Trend Rider, has suggested a potential surge for Cardano ($ADA) despite its sluggish performance compared to the broader market.
Trend Rider: ADA Breaks Key Resistance, Bullish Outlook Intact at $0.45-$0.52 Support Range
Analyzing the two-week chart, Trend Rider noted a realignment of key moving averages, indicating a transition from bearish to bullish territory as indicators shift from negative to positive.
Drawing parallels to previous trends, the analyst highlighted a pattern reminiscent of a significant price surge in ADA's history. This momentum could potentially drive ADA past the $1 mark, replicating a previous bull run where it soared from $0.133 to over $3 within a year—a gain exceeding 2,000%.
Emphasizing the importance of crucial support levels, Trend Rider stressed the necessity of maintaining these levels between $0.45 and $0.52 to sustain the bullish structure.
Cardano Active Wallets Hit New High as DeFi TVL Soars to $417 Million, Signaling Significant Ecosystem Growth
Cardano has witnessed a notable increase in user activity, with active wallet addresses reaching a one-year peak of over 600,000, signaling growing interest in the platform.
Simultaneously, the total value locked (TVL) in Cardano's decentralized finance (DeFi) protocols has surged from around $60 million to over $417 million, indicating significant growth in the ecosystem.
The surge in TVL reflects an increase in ADA locked in these protocols, with over 650 million ADA currently locked compared to 200 million in early 2023, according to DeFiLlama.