Cardano’s sluggish price approach has been a major cause of concern within the cryptocurrency market. As one of the top crypto tokens leading the space, ADA is currently sitting at $0.41, down 2% in the last 24 hours. However, it is astonishing to note that despite ADA’s slow price momentum, its DeFi-centric activities continue to soar and ascend. With such complex forces at play, here’s how ADA may fare this August.
Also Read: Currency: Two Reasons Why The US Dollar May Derail Further
Cardano DeFi TVL Soars 20%
Following the recent Hydra update that ADA went through earlier, the chain DeFi TVL metrics have soared to new highs. Per DefiLama, Cardano’s TVL has noted an impressive surge of 20% in the past two weeks, climbing to reach $243 million from its earlier statistic of $220 million.
The new Hydra update that the network had undergone earlier paves the way to empower Cardano and work more efficiently than before. The update compels ADA to improve its transactions without encountering hefty cost issues.
Price Prediction for Cardano This August
According to CoinCodex, Cardano (ADA) may surge and spike nearly 11% to trade at the $0.46 price level in August.
“According to our current Cardano price prediction, the price of Cardano is predicted to rise by 11.90% and reach $0.469212 by August 22, 2024. Per our technical indicators, the current sentiment is neutral, while the Fear & Greed Index is showing 71 (greed). Cardano recorded 15/30 (50%) green days with 6.94% price volatility over the last 30 days.”
Also Read: Shiba Inu: Here’s How Much SHIB You Need To Avail $50K/$100K Profits?
Similarly, the token is currently trending in a bearish zone. The platform outlines how ADA may continue to show fluctuations with its price downgrading to hit $0.35 by July 30. Post that it may hit a new high of $0.46 in August.
“The Cardano price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these Cardano projections, ADA will be changing hands at $0.396635 on July 30, 2024, losing 5.41% in the process.”