Cardano (ADA) is at a crucial juncture as it tests its long-standing support at $0.24. This critical level has held for almost three years and has become an important accumulation point for smart investors.
The recent daily candle indicates a somewhat neutral stance in the market. This slight price increase signals a potential dissipation of the strong bearish sentiment that has lingered, with traders now recognizing renewed buying interest hovering around $0.24.
The hope is to break the ongoing ADA resistance
Cardano enthusiasts’ eyes are now on a key resistance level, as breaking this barrier could set the stage for a significant trend reversal.
According to a price reportShould Cardano manage to cross this critical resistance point, it could trigger a rally, potentially pushing prices up by around 6%, with the next major hurdle at $0.25. Should this upward momentum continue, it could push the coin’s value further towards the coveted $0.28.
According to the latest available data, ADA is trading at $0.246841 Coin gecko, which reflects a gain of 0.7% over the past 24 hours. However, in the past seven days, the coin has experienced a decline of 3.6%.
OptionFlow Open Public Testnet goes live
In parallel with Cardano’s price dynamics, the team behind OptionFlow, a Cardano-based options protocol, has also announced an important milestone. Phase one of their open public testnet has gone live, ushering in a new era of experimentation for Cardano enthusiasts.
🚀 Exciting news! Phase 1 of the OptionFlow Testnet is now LIVE! 🚀
Go to 👉 https://t.co/n4xjBBaOUG and mint the first options on Cardano! (Preprod Network)
🔍 We appreciate your feedback! Share your thoughts and experiences to help us improve: https://t.co/4ZBMBjHjyW
🔜…
— OptionFlow (@OptionFlowTeam) September 25, 2023
The pre-production version of the application is now open for users to explore, allowing them to submit both “put” and “call” orders on-chain – a departure from the traditional derivatives positions seen on centralized exchanges.
The year 2023 has been a transformative one for Cardano, especially in the decentralized finance (DeFi) space. During the second quarter of the year, the Cardano network witnessed a surge in DeFi activity, setting numerous off-chain records.
ADA market cap currently at $8.6 billion. Chart: TradingView.com
Cardano hits TVL ATH
The total value locked (TVL) in Cardano’s DeFi ecosystem reached one highest ever of $200 million. However, with the broader crypto market grappling with a challenging decline, this benchmark has fallen to $146.52 million at the time of writing.
#Cardano community, May was a HUGE month for our defi. In just 24 days @Cardano made 2 MILLION transactions. See the May 2 snapshot and today’s data release below. 🙌🚀 @cardano_walvis @IOHK_Charles @ArmySpies @CryptoIRELAND1 $ADA pic.twitter.com/aGfoAzlOIy
— Chris O (@TheOCcryptobro) May 26, 2023
The recent price action and the launch of OptionFlow’s public testnet promise potential bullish momentum amid the evolving DeFi landscape. As traders and investors keep a close eye on the charts, the cryptocurrency community is eagerly anticipating Cardano’s next steps in this ever-dynamic market.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Invezz
