Cardano has gained more than 3% in the past 24 hours as the blockchain reaches a new milestone.
The cryptocurrency market has been largely flat over the last day. Total crypto market capitalization remains above USD 1.8 trillion, representing a rise of less than 1% so far today.
Bitcoin is trading around the USD 40,000 area after losing less than 1% of its value in the past 24 hours. The decline follows Bitcoin’s failure last week to break above the USD 45,000 resistance level.
ADA, the native token of the Cardano ecosystem, is one of the top performers among the largest cryptocurrencies by market capitalization. ADA has increased by more than 3%, outperforming the broader crypto market in the last 24 hours.
The primary catalyst for this ongoing rally is the news that Cardano’s total value locked (TVL) is approaching USD 300 million.
At the time of writing, Cardano’s TVL stands at USD 287 million according to data obtained from DeFiLlama. This indicates that Cardano’s TVL has risen by more than 110% over the past month.
Key Levels at a Glance
The ADA/USD 4-hour chart currently looks bullish thanks to the ongoing rally. Technical indicators suggest ADA is showing solid performance at the moment.
The MACD line sits above the neutral zone, signaling strong buying momentum for ADA. The 14-day RSI at 56 indicates ADA could enter overbought territory if positive momentum continues.
At the time of writing, ADA is trading at USD 0.905. If bulls remain in control, ADA could soon break the first resistance level at USD 1.031 in the coming hours.
However, broader market support would be necessary for ADA to trade above USD 1.20 for the first time since February.