After the price of Bitcoin recently fell below $60,000. This has caused the market prices of coins to continue to decline, including Cardano (ADA). As a result, ADA is currently trading at around $0.73, down more than 4.86% over the past 24 hours, according to data from CoinMarketCap
Although the price of the coin declined rapidly, cryptocurrency analyst Ali Martinez predicted that Cardano's price is likely to rise soon after the coin's price chart turns parabolic as was the case in the past. It is believed that the price of the coin will be able to rise to $10 or more by 1200% soon.
The interesting thing is that famous analyst Dan Gambardello has made a similar prediction. He noted that ADA price currently has a major resistance level of around $0.69 and if the coin price can overcome this resistance level. It may reach $0.8 this week.
The main factor that could push the price of ADA higher is the number of coins locked on the Cardano network (TVL), according to data from Devillama It revealed that the TVL on Cardano reached $500 million on March 4, before falling to around $480 million later.
TVL is an indicator that reveals the total volume of crypto assets deposited in DeFi protocols, and its increase can be considered a sign of stability and investor confidence in the network.
However, the relationship is not always directly proportional to the fact that an increase in the number of locked coins can lead to a bull market. In this case, the value of the locked asset is pre-evaluated to reflect the current price.
source: CryptoPotato
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