Cardano (ADA) could be in play for an extended rally as it inches closer to a 14% surge toward the $0.70 price. Moreover, the asset has seen its Total Value Locked (TVL) remain above the $425 million mark until Tuesday. Subsequently, that figure is down slightly from an all-time high that it reached just last week.
The Ethereum killer rewarded trusting investors when it catapulted up 11% weekly. If the upward trajectory for the asset does continue through profit-taking developments, an ascension to $0.70 could very well be in play. Overall, it still boasts rather bullish sentiments throughout the last two weeks.
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Cardano Set to Face 14% Rally as its TVL Stays Ahead of $425 Million
For the last several weeks, Cardano has noted rather positive performances. Moreover, with the holiday season upon us, the overall crypto market has noted optimistic health. Subsequently, many are expecting 2023 to end on a positive note, with the coming year having a host of gains in store.
Yet, the Ethereum killer could be set to get a head start on those gains. Indeed, Cardano (ADA) could be on its way to a 14% rally to the $0.70 price as its TVL figures remain ahead of the $425 million mark. Moreover, that figure is down slightly from the $444 million it reached on December 14th, representing an all-time high.
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TVL is a blockchain statistic that shows the demand for one chain among those in the market. Moreover, the recent ascension of the Cardano in this area reinforces its bullish sentiment. On December 17th, after renewed heights for its TVL, Cardano remained on the upward trend after profit-taking measures. Such a development is highly indicative of the fortification of the upward trajectory amid its relative performance.
Currently, Cardano is trading at $0.606 and up more than 5% over the last 24 hours, according to CoinMarketCap. Additionally, it has sustained near that $0.61 level for much of the week.
Alternatively, if the asset falls below that level, it will face crucial support between $0.545 and the aforesaid $0.61 levels. IntoTheBlock notes that a crucial demand zone began to take place between $0.60 and $0.842, where 2.07 billion ADA was acquired. A positive outcome at this level could mean an uptrend beyond the $1 mark.