- Analysts predict that Cardano will overcome US$0.45 resistance, potentially reaching US$0.75 by December.
- The crypto’s consistent upward trend is supported by an increase in transactions exceeding US$100,000, signaling increased institutional interest.
Cardano’s native crypto asset, ADA, has shown strong movement today with its price jumping by 6.28% and trading at US$0.42. With this move, Cardano has extended its weekly gains to over 10% amid a rally in the broader altcoin space.
In recent weeks, Cardano has shown a consistent upward trend, catching the attention of expert crypto trader Ali Martinez.
Drawing a parallel between the crypto’s consolidation in mid-November and the phase observed from 2018 to 2022, Martinez suggested that Cardano is poised to overcome the US$0.45 resistance barrier and potentially reach US$0.75 by the end of December.
The past three months have been crucial for Cardano, and the future looks even more exciting. Notably, the network has witnessed a surge in transactions, especially those exceeding the US$100,000 mark. Martinez interprets this increase in transactions as a strong indicator of growing institutional interest in ADA, adding an important additional layer to Cardano’s current trajectory.
#Cardano | In the last three months, there’s been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.
This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM
— Ali (@ali_charts) December 4, 2023
Other data points to a bullish rebound for Cardano, with the percentage of profitable addresses reaching a two-year high of 42%, which includes approximately 1.76 million addresses.
According to insights from IntoTheBlock’s analysis, this surge in profitability signifies more than just a temporary spike, signaling strong long-term potential for ADA. This positive trajectory not only instills confidence but also boosts investor sentiment, fostering renewed certainty and faith in the broader crypto market.
Courtesy: IntoTheBlock
Cardano DeFi Growth
Recent developments in the Cardano blockchain show a substantial surge in Total Value Locked (TVL), reaching an impressive US$278.02 million. This milestone marks the highest TVL recorded since March 2022 and serves as a testament to the growing trust and active participation in the Cardano ecosystem.
The main contributors to Cardano’s recent success are its top ten projects, with Indigo, a collateralized debt position (CDP) platform, leading the way with a TVL of US$68.6 million. Noteworthy is Indigo’s strong month-on-month growth of 21.83%.
Following close behind is Minswap, a decentralized exchange (DEX), which has a TVL of US$63.96 million. The diverse range of projects, from DEXs to lending platforms, demonstrates the versatility and resilience inherent in the Cardano ecosystem.
In summary, the crypto market underwent a noteworthy change, with Bitcoin’s price rally introducing high volatility. Simultaneously, Cardano’s achievements at TVL underscore its increasing prominence.
As the crypto landscape evolves, these trends provide valuable insights for investors navigating the complicated and dynamic crypto world.
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