The price of Cardano TVL has plummeted in recent days, owing to the heightened crypto market correction and waning investor enthusiasm.
To far, the cryptocurrency has dropped to $120.86 million in value. Cardano has thrown over $205 million in TVL since its all-time high of $326 million on March 24, 2022, at the current rate.
Cardano, the seventh most valuable cryptocurrency by market capitalization, is described as a blockchain platform patented for rainmakers and inventors. It’s a POS network that supports and sustains decentralized apps and systems.
Cardano has lost over 65% of his TVL.
Cardano is losing ground and has already broken through the support level. As the crypto market continues to plummet, it fell by 7% today. Increased selling pressure on the support level can easily result in a $0.34 correction.
Cardano’s TVL has plummeted by more than 65 percent. This week, ADA began to move in a negative direction, and on Thursday, it sank lower below the support level. Due to the limited volume of crypto trading, there may be incremental losses along the road.
It’s not only Cardano; other decentralized exchanges, such as WingRiders, have lost more than half of their TVL in the same time frame. SundaeSwap fell victim to the same fate, losing 41% of its TVL.
After breaking the important area of support, Cardano is floundering and dropping. The sharp downturn drove a downward movement of ADA below the $0.50 support level, resulting in $1.40 million in liquidations across multiple exchanges.
It’s likely to fall even more, to $0.34 or even below. We see a more pessimistic or bearish outlook as long as Cardano trades below $0.55, based on the current TVL.
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