Cardano (ADA), the eighth largest cryptocurrency by market capitalization, has been rising steadily since February 7. The rise accelerated, with ADA rising 10% in the last 24 hours to a high of $0.639, the highest level since January 1. 2. At the time of writing, ADA was trading up 9.38% in the last 24 hours at $0.625.
Cardano (ADA), the eighth largest cryptocurrency by market capitalization, has been rising steadily since February 7. The rise accelerated, with ADA rising 10% in the last 24 hours to a high of $0.639, the highest level since January 1. 2. At the time of writing, ADA was trading up 9.38% in the last 24 hours at $0.625.
In a harbinger of the ADA price surge, crypto analyst Ali predicted last week that the ADA rally could come sooner than expected if history repeats itself. According to the scenario painted by Ali, ADA is expected to rise to $0.80 first and then retreat to $0.60 before entering a bull run towards $8 in January 2025.
Meanwhile, there is resistance at $0.678, which could probably be crossed. Cardano could then rise to the overhead resistance level of $0.695.
The important support to consider on the downside is the moving averages. A break and close below the 50-day SMA ($0.533) will suggest that the recent breakout may have been a bullish trap. Then, ADA could fall until reaching strong support at $0.447.
However, as ADA has soared to multi-month highs, some investors are hoping to take profits and sell their coins. founder of cardano Carlos Hoskinson reacted to a post indicating such an intention with a GIF image of a man soaked in the rain, suggesting that the idea of selling did not sit well with him.
On February 17, the Cardano founder responded positively to a post from a Cardano enthusiast who anticipates that the Cardano Treasury will expand to $4.5 billion the next time ADA surpasses $3.
Cardano experiences growth
According to Messari’s Q4 Cardano report, USD revenue increased by 66.7% quarter over quarter. However, this was not just due to ADA price action; ADA revenue increased 10.6% quarter over quarter.
Cardano Treasury balance increased by 2.6% quarter-on-quarter to 1.43 billion ADA. The 40 million ADA increase was generally consistent with growth in recent quarters. Total value locked (TVL) in USD grew 166% quarter-on-quarter, reaching an all-time high of $449 million on December 14.
This huge fourth quarter growth resulted in a 693.4% year-over-year increase. TVL in ADA also reached an all-time high in the fourth quarter, totaling just over 700 million ADA.
