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Cardano (ADA) has showed impressive growth in the past quarter, building on a strong performance and signaling continued expansion.
The seventh-largest cryptocurrency by market capitalization closed above a key psychological resistance zone last week, which may further strengthen bullish sentiment for the rest of the year.
Cardano’s (ADA) Ecosystem Growth and TVL Surge Drive Impressive Recovery and Momentum in Q1 2023
ADA has risen over 70% since hitting a low of $0.25 in December 2022, making it one of the top gainers among the top 10 coins by market cap this year.
While the overall improvement in crypto market sentiment has contributed to Cardano’s impressive recovery, the network’s ecosystem has also experienced significant growth, making it increasingly appealing to large investors.
This activity surge will probably continue driving Cardano’s momentum in the coming months. A recent report by crypto research firm Messari shows that the increase in Cardano’s market capitalization can be attributed to the significant rise in its Total Value Locked (TVL), which surged 172% from the previous quarter’s $138.3 million.
@MinswapDEX on the 1st place🔥 by number of transactions in last #Cardano epoch with 61.6k in front of @jpgstoreNFT with 51.9k and @liqwidfinance with 33.5k trx. More #CardanoADA #dapps stats on:
✅https://t.co/Z6Cksro0cA pic.twitter.com/DHRMAFce7G— dApps On Cardano (@dappsoncardano) April 17, 2023
The growth in TVL has been driven by protocols like MinSwap and Liqwid Finance, which are built on top of Cardano’s platform and have attracted more users to leverage its various use cases. As a result, Cardano’s market capitalization expanded from $8.6 billion in Q4 2022 to $13.2 billion by March 31, with the latest figure standing at just over $14.5 billion.
ADA Market Price Analysis
Cardano (ADA) is priced at $0.3857 at press time, with a 24-hour trading volume of $461,842,206. This shows a decrease of 3.66% in price over the last 24 hours and a 6.32% decrease over the past 7 days. The market capitalization of Cardano, with a circulating supply of 35 billion ADA, is $13,982,368,143, ranking it as the seventh-largest cryptocurrency on CoinGecko.
In the last 24 hours, Cardano has experienced a 5.90% increase in trading volume, suggesting a recent increase in market activity. While Cardano’s highest price of $3.09 was recorded over a year ago on September 2, 2021, the current price is 87.08% lower than its all-time high. In contrast, the current price is 1,972.02% higher than its all-time low of $0.01925275, recorded on March 13, 2020.
Over the past 7 days, Cardano has outperformed the global cryptocurrency market, which has declined by 7.20%, but underperformed when compared to similar Layer 1 (L1) cryptocurrencies, which have decreased by 5.80%.
ADA Price Prediction – ADA/USD Daily Chart Analysis
The price of ADA has been on an upward trend since the beginning of the year, allowing the bulls to soar to great heights. According to the chart above, the price is moving downward toward its previous support level. However, the general market level is on a bullish trend, pending the indications presented on the chart.
According to the chart, the price of ADA has formed an inverted head-shoulder pattern, which shows that the price is bound to surge higher in trading. Furthermore, the price trades above the 50-day and 200-day moving averages. The 50-day moving average is also a support for the price, which is expected to rebound in a bullish direction.
Based on this analysis, monitoring key resistance levels at $0.42, $0.48, and $0.5 for potential price movements soon is important. However, if the resistance at $0.42 is not breached, it could lead to a decrease in price, and the support level of $0.38 may become achievable.
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