The seventh largest digital asset by market capitalization, cardano
(ADA), has seen its daily traded volume spike by more than 107 percent to about $552 million in the past 24 hours. As a result, Cardano’s price edged 3.48 percent higher on Thursday, during the early London market session, to trade around $0.41.
Since the Alonzo hard fork in late 2021, the Cardano ecosystem has continually worked on its smart contract infrastructure to compete with top DeFi chains like Ethereum, Tron network, and Binance Smart Chain. According to aggregate data provided by Coinglass, the Cardano ecosystem has a total value locked (TVL) of approximately $155 million.
Top Cardano DeFi projects include Djed stablecoin, Minswap, Indigo, Sundaeswap, and MuesliSwap, among others. Meanwhile, the ADA community is eagerly waiting for today’s major announcement during the Cardano Summit 2023.
Cardano (ADA) Price Analysis
According to a popular analyst on TradingView, plancton0618, with more than 31.8k followers, the Cardano (ADA) price is about to rally further in the coming days. The analyst noted that the strong buy demand on the Cardano market at the current zone is a significantly bullish outlook. Moreover, the ADA weekly price retested a support level of around $0.4.
“Currently, the market is testing a resistance level at 0.42$, which suggests that there may be some selling pressure at this level. According to Plancton’s Rules, if the price of ADAUSDT manages to break through this resistance level, there is a possibility that the market could retest the previous support level at 0.44$ as a new resistance level,” the analyst noted.
Nonetheless, the entire crypto market is not yet decoupled from the Bitcoin price action, which leaves the next BTC move crucial for Cardano traders.