Cardano Price Retests Key Resistance as DeFi TVL Reaches All-Time High


Cardano price has been moving sideways for the past few weeks, while other coins such as Bitcoin, AAVE, and Compound have surged. ADA token was trading at $0.2972, around 27% above its lowest point in June and 37% lower than its highest price in May this year.

Despite this underperformance, Cardano’s ecosystem is going strong. The Total Value Locked (TVL) in its DeFi ecosystem has soared to a record high of over 702 million ADA tokens, which is equivalent to over $202 million. The biggest DeFi dApps in the Cardano ecosystem are Minswap, Indigo, Liquid, and VyFinance, among others.

Meanwhile, Cardano’s NFT ecosystem is not doing as well. NFT sales came in at over $8.6 million in June, a decrease from the previous $8.23 million. Sales peaked at $10 million in March and $23 million in October last year.

Looking at the daily chart, the ADA price has been in a strong bearish trend for a while. It has broken and retested the important support of $0.2972, the lowest level of March this year. The coin remains below the 25-day and 50-day moving averages and has formed a head and shoulders and a bearish pennant pattern. Therefore, it is likely to have a bearish breakout in the coming days, with the next level to watch being June’s low of $0.23277.

If you are looking to buy Cardano, two of the most popular exchanges are Bitstamp and Binance. Bitstamp is a fully regulated company which offers an intuitive interface, a high degree of security for digital assets, excellent customer support, and multiple withdrawal methods. Binance is one of the largest cryptocurrency exchanges in the world and it offers users a wide range of cryptocurrencies to choose from, low trading fees, peer-to-peer trading, margin trading, and spot trading.

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