Cardano’s Price Trending Up!
If you’ve been watching Cardano’s ADA, chances are you’ve noticed its price has gone up over the last 30 days. A popular cryptocurrency analyst now suggests that it’s on the verge of breaking through the resistance and could potentially surge by the end of December.
Incremental Trend
According to analyst Ali Martinez, Cardano’s current consolidation trend eerily resembles the 2018-2020 phase. If history is to repeat itself, you could expect the price to break through the $0.45 resistance in early December and soar to $0.75 by the end of the month.
DeFi Ecosystem Growth
Amid growing adoption, around 38% of ADA holders are currently profiting from their investment, as Cardano’s decentralized finance (DeFi) ecosystem has grown from 200 million ADA at the start of the year to over 700 million tokens, as highlighted by DeFiLlama data. In USD terms, the total value locked (TVL) on Cardano’s DeFi protocols has surged from $50 million to $267 million.
Bullish Predictions
Crypto analysts are notably bullish on Cardano, with price predictions indicating that the cryptocurrency might reach around $10 by 2024, up from its current level of $0.36. These forecasts also suggest that ADA’s price could explode to potentially reach the $30 mark, with global inflation acting as a catalyst for the cryptocurrency market’s total capitalization to exceed $10 trillion.
Institutional Interest
It’s important to note that institutional investors are showing a keen interest in Cardano, as Cardano-based investment products attracted over $800,000 last week, according to CoinShares’ latest Digital Asset Fund Flows report, bringing the total investment for the year to $8 million.
Hot Take: Cardano’s Rising Momentum
The momentum within the Cardano ecosystem is undeniable! With growing adoption, bullish price predictions, and increased institutional interest, Cardano’s ADA has the potential to reach new heights. If you’re eyeing ADA, keeping a close watch on these developments is essential as its price continues to trend upwards.
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