The price of Cardano (ADA) has gained a lot of strength after its recent surge. The cryptocurrency has shown a remarkable rebound from its October lows and is currently up 25%. There are multiple fundamental and technical factors that are contributing to this bullish outlook in ADA price.
Altcoins performed very well last week as the Bitcoin price entered into a consolidation phase after soaring to fresh yearly highs. This market-wide uptrend also pushed Cardano price to its fresh 12-week highs. However, the price of the smart contract cryptocurrency remains 90.37% down from its all-time high.
ADA Price Rises As Total 3 Surges
The Total 3 chart shows the market capitalization of the digital assets excluding Bitcoin and Ethereum. In the past 2 weeks, this marker cap has surged more than 14%. This shows that the investor focus is shifting again to altcoins as BTC remains sideways. The Total 3 market cap currently sits at $358 billion which is its highest level since July.
The effect is even more evident form the recent correction in the Bitcoin dominance (BTC.D). After hitting the fresh 2.5 years high of 54.35% earlier this month, BTC.D is currently having a slight correction.
In the past few days it has fallen 1.1% which has boosted the market sentiment on the altcoins. This effect is evident from a strong surge in ADA price during this time.
Cardano Price Pushes TVL Higher
In my previous Cardano analysis, I mentioned a decrease in TVL and slow development. The latest data shows that the blockchain is improving on both of these metrics. Just a few weeks ago, Cardano surpassed Ethereum and Solana in weekly development.
In addition, the total locked value (TVL) has also increased significantly in the past few months. The TVL which stood at $151.5 million at the start of the month has now soared to $204.89 million. This TVL increase could be due to the rising Cardano price as well as the increase in on-chain activity.
Cardano Price Prediction
At first look, the ADA to USD chart might look very complex. However, I have made things easy for you by marking the key levels on a daily timeframe as visible in the following charts. Out of these levels, the most significant one is the $0.30 level which is the biggest resistance for the price.
Cardano price prediction will become very bullish if bulls orchestrate a clear breakout above the $0.30 level. This may unlock another 33% upside for the price of the altcoins with the immediate bullish target of $0.37.
The presence of 200 MA around the $0.30 level makes it even harder to break.
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