Cardano ($ADA) Could Surge Over 2,000% in the Near Future
If you’re a fan of Cardano ($ADA), you’ll be pleased to know that despite a recent dip, this smart contract platform is showing potential for a significant surge of over 2,000% in the near future, according to an analyst. Here’s a closer look at the factors at play:
Analyst Predicts Bullish Trend For Cardano
When it comes to Cardano’s native token ADA, a popular pseudonymous analyst known as Trend Rider has suggested that we could be on the cusp of a trend shift for this cryptocurrency. By analyzing key moving averages on a two-week chart, the analyst has identified several indicators that point towards a transition from bearish to bullish territory for ADA.
- Key moving averages are realigning on the chart.
- Indicators are shifting from negative to positive.
- This pattern resembles a previous instance where ADA experienced a significant price surge.
Potential Price Surge for ADA
If history repeats itself with another 2,000% surge, Cardano’s native token could potentially reach $12.60, quadrupling its current all-time high. To maintain this bullish structure, analyst Trend Rider highlights the importance of crucial support levels, suggesting they range between $0.45 and $0.52. It’s essential for these support levels to hold firm for ADA’s price to continue its upward trajectory.
Increased User Activity and Value on Cardano
Recent data shows that Cardano has been experiencing a boost in user activity, with the number of active wallet addresses reaching over 600,000, a one-year peak after surging nearly 40%. The growth in active wallet addresses aligns with the rising total value locked (TVL) on Cardano’s decentralized finance (DeFi) protocols, which has seen a significant increase from around $60 million to over $417 million.
- The number of active wallet addresses on Cardano’s network hit 297,000 in September 2023.
- The TVL on Cardano’s DeFi protocols has surged from $60 million to over $417 million.
- The amount locked in these protocols has increased from 200 million ADA to over 650 million ADA.
Hot Take: Potential Growth Ahead for Cardano
As you consider your investment options, keep a close eye on Cardano ($ADA) as it shows promising signs of a significant surge in the near future. With growing user activity and value locked in its DeFi protocols, Cardano is positioned for potential growth that could impact its price significantly. Stay informed and be ready to capitalize on potential opportunities as they arise in the crypto market.
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