Cardano (ADA) Soars 15% With Eyes Top 10 In TVL Rankings With Growing Protocols

Cardano (ADA) has experienced a remarkable 15% surge in value over the past seven days. This unexpected development comes after weeks of stagnant price movement, with ADA hovering around the $0.29 mark.

However, things took a dramatic turn for the better after Ripple’s XRP received a favorable ruling, dispelling any notions of it being considered a security. This boost in confidence had a positive spillover effect on ADA, catapulting its price close to $0.37, a level not seen since early June.

Source: Coinmarketcap

Despite a brief setback, ADA found stability around the key support level of $0.30. Presently, the coin has encountered resistance at the $0.32 mark, but it seems to be on an upward trajectory, showing a 3.10% rise in the last 24 hours. 

If the bulls reclaim control and break past the $0.38 resistance level, ADA’s price could soar even further, potentially reaching $0.40, a significant milestone for the token.

The recent price surge has been attributed to significant milestones. One notable ADA whale expressed its mastery at skillfully navigating the crypto markets to elevate Cardano’s position.

Notably, Cardano has climbed up to the 12th position in TVL (Total Value Locked) rankings when staking and protocols like Milkomeda_com and SpectrumLabs_ come into play. It has fueled speculation that Cardano might soon break into the top 10 rankings.

Cardano Price Predictions Spark Optimism

Amidst the current bullish momentum, Cardano enthusiasts eagerly anticipate further price gains. As per current predictions, the overall positive sentiment, the Fear & Greed Index, currently reads 25.68, indicating extreme fear in the market. 

While most technical analysis indicators are flashing bullish signals, some are signaling bearish trends, reflecting mixed sentiments surrounding ADA’s future price movements.

Over the last 30 days, Cardano has witnessed a notable 26.29% increase, hinting at the likelihood of a modest recovery in the coming month. By the end of July, experts anticipate a further 114.99% surge, potentially pushing the price to around $0.71. Well, the coming days hold the promise of exciting possibilities for ADA’s future.

Related Reading | Crypto Investors Speak: 47% Bet on Ethereum’s Triumph Over Bitcoin

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