Cardano Price Prediction as $200 Million Trading Volume Comes In – Can ADA Reach $10?
Cardano (ADA), the token that powers the decentralized smart-contract-enabled Cardano blockchain, has pulled back around 3.5% on Wednesday.
After a quiet Tuesday trading day thanks to US market closures for Independence Day celebrations, volumes have come back in force on Wednesday.
As per Coin Gecko, over $200 million in ADA has changed hands in the past 24 hours.
That has been enough to hold ADA above its 21-Day Moving Average (DMA) at $0.28 for now.
And bulls remain optimistic, given that Cardano appears to be in the process of forming a bullish short-term technical structure.
Short-term price predictions are thus bullish.
ADA appears to be in the process of carving out a bullish ascending triangle formation, which typically form ahead of bullish breakouts.
If ADA can break above resistance in the psychologically important $0.30 area, this could open the door to a swift recovery back to its 200DMA and resistance in the $0.35 area.
If ADA can pull of this rally, it would have recovered practically all of the ground it lost in wake of the US Securities and Exchange Commission’s labelling of it as a security this time last month.
And its not just technicals that suggest an ADA recovery is on the cards.
The blockchain’s Decentralized Finance (DeFi) ecosystem continues to go from strength to strength, despite SEC FUD (which stands for Fear, Uncertainty and Doubt).
As per DeFi Llama, the USD-denominated total value locked (TVL) of crypto locked in Cardano smart contracts (via Cardano Decentralized Apps) is back above $200 million and almost back to yearly highs.
ADA-denominated TVL, meanwhile, continues to hit new all-time highs.
From the top of its 2018 bull market highs (at $1.31) to its 2020 bear market lows (at under $0.02), ADA
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