With an increase of about 300% in the Total Value Locked (TVL) on the Cardano ecosystem between January and June 2023, ADA has been primed by analysts to perform appreciably in the coming weeks or months.
According to data extracted from DeFiLama, the largest TVL aggregator for DeFi (Decentralized Finance), a whopping $181.09 million in value has been locked on the Cardano blockchain as of June 3 at the time of writing. Compared to the total value locked as of January 1 which stood at $48.95 million, an additional $132.14 in value has been directed to the blockchain ecosystem in the last 5 months.
Read Also: Charles Hoskinson Unveils Cardano Vision for the Summer, Says ADA Could Surpass Other Top Cryptos
This further indicates a growing interest in the smart contract-enabled blockchain ecosystem which could result in huge investments being channeled to ADA, the native currency of the Cardano blockchain. In turn, the price of ADA could rally.
A close look at some technical indicators on the ADA/ USDT price chart indicates a possible short-term rally in the price of the 7th-largest cryptocurrency by market capitalization.
In particular, ADA’s 30-day moving average (yellow) is on the verge of falling below its 200-day moving average (blue) as seen on the chart. If this plays out, then the altcoin could begin rising again in price.
Read Also: Cardano Founder Insists XRP Community is Manipulating His Remark about Ripple-SEC Lawsuit
On the other hand, its Relative Strength Index (RSI) has started to gain momentum above the “30” point, indicating a rising buying pressure on ADA. Another bullish indicator is the fact that ADA recently rebounded at its $0.362 support line as seen on the chart, signaling a reversal from its prevailing downward movement.
This rebound which happened with a considerable buy volume is primed to take ADA’s price up by roughly 4% to $0.3760 in a short-term perspective. But at the time of writing, ADA is up 3.62% in the past 7 days while boasting a market capitalization of $13.12 billion.
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