Cardano TVl Ascends To New High! Could ADA Price Rebound?

• Total Value Locked (TVL) is increasing and approaching a new high.
• ADA price has risen by 5.22% over the past 3 days.
• Cardano price took support on the trendline which shows bullish signs.

Cardano (ADA) TVL has been increasing, which could impact the ADA price positively. The primary drivers of momentum are the growing usage of DeFi protocols on Cardano and ongoing network enhancements aimed at boosting throughput and lowering transaction costs.

ADA is the native token of Cardano Network which has remained mildly bullish due to the cryptocurrency market behavior. In August, the ADA price witnessed a dip to the $0.2700 level but a steady recovery was seen which was too slow. This recovery shows that investors and traders are there who may lift the price further.

Would Cardano Price Blast Ahead of 2025?

Darren (@CryptoIRELAND1) is a crypto analyst who has shared his analysis on X about ADA crypto. He claims that the ADA price has the potential to perform positively before 2025. The price is sleeping at the bottom in a narrow range in a weekly time frame.

If the price breaks out from this consolidation zone, it could generate a buying opportunity. The RSI confirmed the momentum. It has the potential to secure 15x to 20x return in the next few months.

Cardano Price at Support; Could it Reverse Soon?

Cardano crypto was trading at $0.3369 at press time with an intraday loss of $0.74%. The market capitalization was $11.78 Billion and the 24-hour trading volume was $188 Million.

Since August, the Cardano price has witnessed slow and steady gains. It has risen by taking support on the trendline and is currently staying on the trendline. Moreover, the price has formed bullish candlesticks on the trendline which could invite buyers. On the other hand, the price has been declining by facing resistance from a descending trendline.

If buyers manage to defend the trendline and lift the price over the 20-day EMA, buying could be seen. According to the technical chart, there’s buying pressure on the trendline. The ADA crypto price is expected to extend to the upper trendline. Assuming the price triggers a breakout from the upper trendline, the price may recover a few months’ losses in a few weeks.

Alternatively, if the price slips below the trendline, it could generate selling pressure. If buyers fail to bounce back, the price may melt to this year’s low. Once the price loses the $0.300 level, sellers may drag the price down to the major support territory of $0.2500 in a few weeks.

Cardano Price Prediction Based on Technical Chart

ADA price is currently at a pivotal point, with its TVL increasing and hinting at potential bullish momentum. The recent price movement suggests a consolidation phase, supported by a trendline that could lead to a rebound if buyers step in.

However, there’s a risk of downward movement if the price breaks below key support levels. Investors will need to watch for further developments, particularly ADA’s ability to maintain its position above the trendline, as this will be crucial for any potential recovery in the coming weeks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.