The Price of Cardano is Rising
The price of Cardano has recovered remarkably since the beginning of 2023. The digital asset has increased by more than 56% since its $0.24 low. Both the success of Bitcoin and the expansion of the Cardano ecosystem may be blamed for the current price increase.
Rise in Total Value Locked
The Total Locked Value on the Cardano blockchain has topped $100 million, according to recent network data. The platform’s Total Value Locked has decreased by 7.54% during the last 24 hours, according to statistics from Defi Llama, and is now at $35.13 million.
Proposal for On-Chain Governance from Cardano
Sundaeswap has unveiled the first on-chain governance proposal in Cardano-related news. The ADA cryptocurrency, however, anticipates a substantial update soon.
Price Outlook for ADA
A technical study of the price chart for ADA shows a definite rising trend from the year’s commencement. Although there is upward momentum, the price is still below the $0.40 barrier level. This resistance gains additional weight due to the 200-day moving average being at the same level. It might be viewed as a hazardous investment until Cardano reclaims its position. However, if it does, a sharp price increase is anticipated with an initial aim of around $0.51. In this case, ADA may also hit its all-time high price of $0.69 from May 2022.
Cardano’s price is anticipated to adjust given the situation of the cryptocurrency market at the moment. Before continuing to go upward, a retest of the $0.33 level wouldn’t be unexpected.