High ADA TVL Signals Strong Bullish Trend: Trader

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ADA’s Total Value Locked (TVL) reaching new highs is seen as a very positive sign by Dan Gambardello, a trader. In the last 24 hours, ADA’s price decreased by 0.45%, bringing it down to $0.2892. Looking at the technical side, ADA is still trading below the 9-day EMA line at the moment.

Cardano’s (ADA) Total Value Locked (TVL) has hit a new record high, as tweeted by prominent ADA supporter and trader Dan Gambardello. The tweet highlighted that Cardano’s TVL has reached 616 million ADA, a notable milestone for the cryptocurrency.

Gambardello, who is a big supporter of ADA, said he’s really excited about ADA’s high TVL. He believes it’s a very good sign for the cryptocurrency. But even with this excitement, the price of ADA didn’t go up a lot. In the last day, ADA’s price dropped by 0.45%, which means it was worth about $0.2892.

At the time of the news, ADA’s price was closer to its lowest price of the day, which was $0.2885, rather than its highest, which was $0.2921. Also, the amount of ADA being traded in one day went down by more than 16%, and that was about $122,846,630.

Even though people were excited about ADA’s TVL going up, its performance over the week wasn’t great. Its price dropped, and over the week, it was down by 1.10%. ADA’s total value, which is like all its money together, was about $10,131,822,627. This made ADA the 9th biggest cryptocurrency, right between Solana (SOL) in 8th place and Tron (TRX) in 10th.

Daily chart for ADA/USDT (Source: TradingView)

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ADA Price Predictions: Short-Term Trends

Looking at the technical side, ADA is still trading below a line called 9-day EMA at the moment. Also, lines like 9, 20, and 50 EMA on ADA’s daily chart suggest that for the next day or two, it might still be a time when people who want to sell have more influence. This could lead to ADA’s price going down in the next 24 to 48 hours.

If this happens, ADA’s price might test a support level at $0.2760 over the next days. If it goes below this level, it could fall to $0.2585 if selling continues. But if the price can go above the 9-day EMA line at about $0.2931 in the next 48 hours, then this prediction might not be right.

In that case, ADA’s price could try to turn the $0.2995 level into support in the following days. This might open up the way for ADA’s price to rise to $0.3210 after going past $0.2995.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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