Cardano (ADA) shows signs of recovery in the cryptocurrency market, forming a double bottom and gaining support from news of new functionalities.
Analysis of Cardano Price Dynamics
According to data, Cardano (ADA) reached an intraday high of $0.74, which is up 25.5% over the last 7 days and 42% above its year-to-date low. Currently, the market cap is $27 billion. Analysts note that ADA is forming a double bottom, which is generally considered a bullish reversal signal.
Positive Blockchain Metrics
In tandem with price growth, blockchain metrics also show improvement. The total Locked Value (TVL) across DeFi protocols on Cardano has surged by 93% over the past week, reaching $438 million since the start of July. A positive TVL trend often indicates rising network activity, enhanced liquidity, and increased user participation.
Future Growth Predictions
If ADA can break through the key resistance at $0.76, this could lead to a price increase to $1.03, which is 35% above the current price. Analysts speculate that this recovery could mark the beginning of a broader bull run, with forecasts suggesting potential price targets in the $3 to $5 range.
The price situation of Cardano demonstrates significant changes, supported by positive metrics and new products. If key resistance levels are broken, ADA holds potential for further growth.
