Cardano

DeFi

<p><a href="https://www.thecoinrepublic.com/2024/11/30/can-cardano-ada-price-avoid-a-collapse-as-3b-ada-pour-in/">Cardano (ADA)</a> price is on an upward trajectory. It has grown in its DeFi sector and expects that the ETF approval will influence its future. </p> 
<p>The token also reported a Total Value Locked, which stands at $747 million, showing more growth potential.</p> 
<p>Market analysts speculate that if Cardano gains the same enthusiasm and attention surrounding XRP’s ETF approval, it may boost Cardano price to $3 in the near future.</p> 
<h2 class="wp-block-heading" id="h-cardano-s-defi-ecosystem-reaches-new-heights"><strong>Cardano’s DeFi Ecosystem Reaches New Heights</strong></h2> 
<p>Cardano DeFi market has expanded significantly within the last few months. </p> 
<p>Its total value locked (TVL) has grown to $747.28 million. It had dropped to $50 million in November 2022 due to the FTX collapse. </p> 
<p>This means that there is increased engagement with Cardano’s dApps and increased general use of the blockchain.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="588" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-1024x588.png" alt="" class="wp-image-863832" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-1024x588.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-300x172.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-768x441.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-150x86.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-696x400.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80-1068x614.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-80.png 1467w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   Source| DefiLlama
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<p>The increase in the TVL points to a growing number of active users, with over 87,800 active addresses on the network in 24 hours. </p> 
<p>Stablecoins such as USDT have also soared, with the market cap now at $24.37 million.</p> 
<h2 class="wp-block-heading" id="h-etf-speculation-could-drive-ada-price-to-3"><strong>ETF Speculation Could Drive ADA Price to $3</strong></h2> 
<p>Although Cardano’s DeFi expansion is significant, many recent perceptions of ADA stem from increasing anticipation that it could experience the same as XRP. </p> 
<p>Ripple has not yet gotten the green light for its spot ETF. Despite the delayed approval, XRP has seen a lot of hype around it.</p> 
<p>Analysts, including Crypto Capital Venture founder Dan Gambardello, have suggested that if Cardano receives similar attention and ETF-related news, ADA could experience a massive price surge, potentially reaching $3.</p> 
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   Source| X
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<p>Gambardello pointed out that Cardano’s ecosystem is rapidly evolving, with new decentralized applications gaining momentum and institutional interest in the blockchain growing. </p> 
<p>As the DeFi space expands on Cardano, it creates an ideal environment for increased ETF speculation.</p> 
<p>The excitement around XRP’s potential ETF is catalyzing similar speculation in Cardano, with investors anticipating a similar outcome for ADA.</p> 
<p>The XRP’s potential ETF has been a lot to discuss in the crypto market, with many strongly believing that others like Solana (SOL) could also be next.</p> 
<h2 class="wp-block-heading" id="h-technical-indicators-suggest-a-potential-correction"><strong>Technical Indicators Suggest a Potential Correction</strong></h2> 
<p>However, some technical indicators for Cardano are signaling overbought. Currently, ADA has a price of $1.2838 and has risen by 6.79% in the past 24 hours.</p> 
<p>The RSI is at 84.91 revealing that the asset is overbought above the 70 mark and therefore could be due for a short-term correction.</p> 
<p>The price has been on a steady upward trajectory, forming higher highs and higher lows, indicating strong bullish momentum. </p> 
<p>However, the overbought RSI suggests that there may be selling pressure soon.</p> 
<p>Immediate support is found in the $1.20–$1.22 range, where the price recently consolidated. If the price declines below this range then further support is seen at $1.10 and $1.03. </p> 
<p>A pullback below $1.03 might lead to a bearish action that can result in the reduction of the price to $0.88.</p> 
<h2 class="wp-block-heading" id="h-cardano-s-future-outlook"><strong>Cardano’s Future Outlook</strong></h2> 
<p>The long-term outlook for Cardano is positive, particularly due to the continuous growth of its DeFi ecosystem and increasing institutional adoption of the platform. </p> 
<p>However, short-term volatility is likely, as indicated by technical indicators, and ADA may experience a pullback before continuing its upward momentum.</p> 
<p>The next few months will be critical in determining whether Cardano can maintain its bullish momentum or if a correction will impact its path forward.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/04/cardano-news-ada-rises-amid-defi-growth-and-etf-speculation/">Cardano News: ADA Rises Amid DeFi Growth And ETF Speculation</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Cardano News: ADA Rises Amid DeFi Growth And ETF Speculation

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