Cardano’s fundamental growth has sparked a new price jump, with the currency now trading above the $1 mark. The significant increase in fundamental measures such as TVL, trade volume, and development activities.
Cardano is on the rise.
The price of Cardano’s core asset, ADA, burst through several resistance lines and entered a wide range between the 50 and 200 day moving averages, owing to the tremendous growth of the TVL, trading volume, and other fundamental data on the network.
Source : TradingView
The most significant move made by ADA was the quick breakout of the 50-day moving average, which was not successfully tested in February when the stock’s price jumped to $1.20. Despite the significant market action, it eventually lost all momentum and fell below $0.70.
Only once ADA succeeds to break past the next resistance line of the 200-day moving average will the global trend be completely changed.
While market emotion in the altcoin industry continues to fuel coins like Cardano, the asset’s fundamental background is more essential in this situation, as indicators like TVL (total value locked) provide traders with additional insight into the cryptocurrency’s usage.
Cardano’s TVL skyrocketed, reaching more than $300 million in a couple of days. The rapid surge began in early March, when the TVL was valued at around $130 million. Shortly after the publication of Minswap, it nearly doubled.
In addition to the network’s financial growth, Cardano development activity is increasing, with over 300 commits recorded monthly on GitHub. After the business behind Cardano announced the hire of about 200 new workers, the enormous increase in development activity was noticed.
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