The News Crypto -
- At the time of writing, ADA is trading at $0.6537, up 13.14% in the last 24 hours.
- If the price manages to go above $0.68 level, then it will likely test $0.92 resistance level.
Following a brief period of decline and trading around the $40,500, bitcoin price reemerged and is now trading around the $43,000 mark. The altcoins are also trending upward, with ADA being the most prominent.
In what may have been its most daring move since the beginning of the month, Cardano surged 13.14% to $0.6537. Its seven-day growth rate is now at 50.22% thanks to its present performance.
Due to the recent rise in Ethereum alternatives, crypto investors and users are likely seeking returns and capital allocation on other blockchains, which has led to a substantial increase in the total value locked on Cardano’s ecosystem in recent weeks.
Just before the weekend, the total value locked (TVL) of all Cardano-based projects surpassed $330 million, the previous high set in April, and surged to above $440 million. Indigo, a lending protocol, and Minswap, an on-chain exchange, both saw their TVL increase by more than 50% to about $100 million, suggesting that most growth happened in the last week.
Significant Climb
At the time of writing, ADA is trading at $0.6537, up 13.14% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 97.17%. The price recently broke above the key $0.64 resistance level. However, it faced brief resistance at $0.68 level.
Source: CoinMarketCap
If the price manages to go above $0.68 level, then it will likely surge further to test $0.92 resistance level. On the other hand, if the price manages to below $0.63 level then it will likely decline further to test $0.61 support level.
This article was originally published on thenewscrypto.com
