Cardano

bullish

DeFi

<p>The DeFi ecosystem of Cardano has been growing rapidly in recent times, and the total value locked (TVL)has increased by 130% within a few days.</p>
<p>According to data from DeFiLlama, Cardano’s TVL rose from $199 million on November 5 to $457.9 million by mid-November, reflecting a higher user participation and network interaction.</p>
<p>This increase in TVL indicates that there is great interest within the blockchain industry in Cardano’s DeFi offerings, which continue to expand.</p>
<p>The increase in locked value can be seen as a positive factor for the asset’s price as more institutional and retail investors may be attracted to the network.</p>
<h2 class="wp-block-heading" id="h-bullish-symmetrical-triangle-hints-at-potential-ada-breakout"><strong>Bullish Symmetrical Triangle Hints at Potential ADA Breakout</strong></h2>
<p>Furthermore, technical indicators indicate that ADA , Cardano’s native token, is on the verge of a <a href="https://www.thecoinrepublic.com/2024/11/14/will-cardano-ada-break-1-after-83-weekly-surge/" rel="noopener noreferrer nofollow">price breakout</a>.</p>
<p>Market analyst Dan Gambardello has noted a bullish symmetrical triangle emerging on ADA’s four-hour chart.</p>
<p>This pattern is usually a bullish pattern if observed with enough trading volume to back up the trend.</p>
<p>The symmetrical triangle has formed while ADA is trading within the range near the green 20-day moving average, which indicates a potential stabilization before the further growth.</p>
<p>According to Gambardello, if ADA breaks out from the triangle, it may rise to a target price of $0.90, which is 21.6% higher than the current price.</p>
<p>Many traders are watching this structure for possible signs of a breakout in the near future.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">Cardano took a rest for a couple days, putting in really nice structure, pulling into the green 20 day moving average.<br><br>Now at apex of symmetrical triangle.<br><br>.90 upward target if it breaks up. <a href="https://t.co/8rBrffuHVE" rel="noopener noreferrer nofollow">pic.twitter.com/8rBrffuHVE</a></p>— Dan Gambardello (@cryptorecruitr) <a href="https://twitter.com/cryptorecruitr/status/1858771358366290380?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 19, 2024</a>
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<h2 class="wp-block-heading" id="h-social-buzz-around-cardano-hits-new-highs"><strong>Social Buzz Around Cardano Hits New Highs</strong></h2>
<p>Cardano has also seen an increase in its social media presence as a sign of the growing ecosystem around it.</p>
<p>Statistics also present that paid promotional posts and mentions related to Cardano on X (previously Twitter) have attained 2 billion impressions.</p>
<p>This is evidence of a growing interest and participation by the members of the cryptocurrency community.</p>
<p>The improved social engagement correlates with general enthusiasm for ADA as more people are starting to take notice of the network, its growing adoption, and its active development.</p>
<p>This increased exposure may help support the asset’s continued performance within the market.</p>
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   <p lang="en" dir="ltr">JUST IN: Cardano <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> is nearing 2 billion impressions on 𝕏 in the last 7 days. <a href="https://t.co/ybb0AIomX7" rel="noopener noreferrer nofollow">pic.twitter.com/ybb0AIomX7</a></p>— TapTools (@TapTools) <a href="https://twitter.com/TapTools/status/1858545703292674242?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 18, 2024</a>
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<h2 class="wp-block-heading" id="h-current-market-position-and-future-outlook-for-ada"><strong>Current Market Position and Future Outlook for ADA</strong></h2>
<p>At the time of writing, Cardano was trading at $0.73, which is up 2.24% in the last 24 hours. ADA price is still trading below the November 16 high when ADA traded at its highest levels in years at $0.8117.</p>
<p>With a market capitalization standing at $25.7 billion it is evident that this is the ninth biggest cryptocurrency out there.</p>
<p>Despite the recent slowdown of market consolidation, ADA has still been able to achieve increases in value due to advancements within the Cardano ecosystem and bullish patterns on the chart.</p>
<p>In addition, other signals also point to the upward trend for <a href="https://www.thecoinrepublic.com/price-prediction/cardano/" rel="noopener noreferrer nofollow">ADA price</a>. The MACD indicator gives the impression of a bullish trend because the MACD line is well above the signal line.</p>
<p>The histogram is positive, which supports the idea of further growth of the trend. More so, the Bull Bear Power (BBP) indicator also supports the bullish sentiment regarding ADA.</p>
<p>The histogram has been almost always positive, which means that buyers have been dominant in the market.</p>
<p>The peaks in the histogram reflect growing interest as buyers have overcome sellers, consistent with <a href="https://www.thecoinrepublic.com/2024/11/18/whats-next-for-ada-price-as-cardano-nears-1/" rel="noopener noreferrer nofollow">ADA’s upward movement</a> to the $0.90 forecast.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/20/will-cardano-price-break-symmetrical-triangle-amid-bullish-momentum/" rel="noopener noreferrer nofollow">Will Cardano Price Break Symmetrical Triangle Amid Bullish Momentum?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Will Cardano Price Break Symmetrical Triangle Amid Bullish Momentum?

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