Cardano (ADA) is currently experiencing a notable upswing amidst the ongoing crypto resurgence driven by Bitcoin. Bullish momentum is aiming to revisit this year’s high, which is around 45 cents.
This surge is not a stroke of luck; rather, it is the outcome of dedicated development initiatives and the maturation of the Cardano network into a thriving ecosystem for emerging web3 projects.
Cardano’s Staked Assets Soar: 22.98 Billion ADA, 695 Million Locked In DeFi Projects
The total staked ADA has surged impressively to 22.98 billion, with 695 million securely locked in decentralized finance (DeFi) projects. This surge in staked and locked assets has led to a reduction in the circulating supply, potentially fueling a bullish trend in the market.
In a recent analysis, Ali, a renowned crypto expert, compared Cardano’s ongoing consolidation phase to its trajectory from 2018 to 2020, excluding the Black Thursday event.
Despite ADA’s struggles to surpass the 38-cent mark, Ali projects a potential year-end high of 75 cents, contingent on breaking the crucial 45-cent barrier in early December. With ADA currently hovering around this pivotal level, the analyst stands by the ambitious 75-cent target.
Cardano’s price has recently broken out of a macro descending triangle, signaling a bullish trend. The confirmation of a daily golden cross between the 50 and 200 Moving Averages further underscores the potential for an upward trajectory. Moreover, a notable spike in daily traded volume, reaching approximately $788 million, reinforces the optimistic outlook for Cardano’s price.