The recent price increase of Cardano's cryptocurrency and events related to its ecosystem have attracted investor attention. The ADA token shows significant growth in value and decentralized finance (DeFi) activity.
Price Growth of ADA and Technical Signals
Cardano's token, ADA, climbed to $0.74, marking a 25.5% increase over the last week and a 42% gain from its yearly low. This movement is aligned with a double bottom technical model, potentially forecasting further growth to the $1.03 level.
Launch of Cardano Card and Its Impact on ADA Utility
Emurgo, one of Cardano's founding organizations, introduced the Cardano Card, a multifunctional payment solution allowing ADA to serve as a spendable and yield-generating asset. The card provides staking features, DeFi earnings, and allocates a portion of its profits to Cardano’s treasury.
Increased DeFi Activity on Cardano
According to DeFiLlama data, Cardano's total value locked (TVL) surged by 93% over the past week, reaching $438 million since the beginning of July. This indicates growing network activity and improved liquidity.
With the rise in ADA's price and increased DeFi activity, Cardano demonstrates potential for further development. It is important to monitor the token's movements and overall market sentiment.
