Cardano (ADA) Skyrockets by 14% to $0.70, TVL Crosses $425M Mark

• Cardano Anticipates Extended Rally with Potential 14% Surge
• Cardano Poised for 14% Rally, TVL Maintaining Above $425 Million
• TVL as a Measure of Blockchain Demand
• Cardano's Current Trading Status

Cardano Anticipates Extended Rally with Potential 14% Surge

Forecasts suggest that Cardano (ADA) could be gearing up for a prolonged rally, with potential to see a 14% surge moving towards the $0.70 price point. The cryptocurrency has also managed to maintain its Total Value Locked (TVL) above $425 million until recently. This number shows a slight decrease from the all-time high achieved just a week prior. Investors who have placed their trust in what some call the Ethereum$2,315 -2.42% killer were rewarded with a weekly leap of 11%. Should the asset maintain its upward trajectory amidst profit-taking strategies, the possibility of reaching $0.70 seems plausible. Overall, bullish sentiments about the asset have been prevalent over the past fortnight.

Cardano Poised for 14% Rally, TVL Maintaining Above $425 Million

Over the past several weeks, Cardano has shown promising performance. As we move into the festive season, the overall state of the cryptocurrency market appears to be in good health. This has led many to predict a positive end to 2023, with the prospect of considerable gains in the year to follow. That being said, the so-called Ethereum killer could be well-positioned to kick-start this upward trend. If predictions hold true, Cardano (ADA) could be en route to a 14% rally towards the $0.70 mark, given that its TVL keeps above the $425 million point. This figure is slightly down from the all-time high of $444 million noted on December 14th.

TVL as a Measure of Blockchain Demand

The Total Value Locked is a statistic that represents the level of demand for a particular blockchain among those active in the market. Cardano's recent increase in this area serves to reinforce its bullish sentiment. After seeing its TVL reach new heights on December 17th, Cardano's upward trend remained intact following profit-taking moves, indicating a solidification of its upward trajectory in relation to its overall performance.

Cardano's Current Trading Status

At present, Cardano is trading at $0.606, an increase of more than 5% in the last 24 hours according to CoinMarketCap. The cryptocurrency has also managed to sustain levels near $0.61 for a good part of the week. On the flip side, if the asset falls below this level, it stands to face significant support between the $0.545 and $0.61 price points. Analysts from IntoTheBlock suggest that a key demand zone has emerged between $0.60 and $0.842, with a total of 2.07 billion ADA acquired in this range. A positive outcome at these levels could potentially trigger an uptrend that surpasses the $1 threshold.

Edited by Jonathan Stoker