Cardano tests $0.24 support, can ADA reverse downward trend?

Cardano tests $0.24 support, can ADA reverse downward trend?

Cardano (ADA) Tests Critical Support Level Amid Bullish Momentum

Cardano (ADA), one of the prominent cryptocurrencies, finds itself at a pivotal juncture as it tests its longstanding support level at $0.24. This critical level has held firm for nearly three years, emerging as a significant accumulation point for savvy investors.

The recent daily candle hints at a somewhat neutral stance in the market, with a slight uptick in price suggesting a potential dissipation of the strong bearish sentiment that has lingered. Traders now recognize renewed buying interest hovering around the $0.24 mark.

Bullish Hopes Rest On Breaking Sustained ADA Resistance

The eyes of Cardano enthusiasts are now fixed on a key resistance level, as breaking free from this barrier could set the stage for a significant trend reversal. Surpassing this critical resistance point could potentially spark a rally, pushing prices upward by approximately 6%. The next major hurdle rests at $0.25, and if the upward momentum persists, it could further drive the coin’s value towards the coveted $0.28 mark.

As of the latest data available, ADA is trading at $0.246841 according to CoinGecko, reflecting a 0.7% gain over the past 24 hours. However, over the course of the past seven days, the coin has experienced a decline of 3.6%.

OptionFlow Open Public Testnet Goes Live

In parallel to Cardano’s price dynamics, the team behind OptionFlow, a Cardano-based option protocol, has announced a significant milestone. Phase one of their open public testnet has gone live, ushering in a new era of experimentation for Cardano enthusiasts.

The preproduction version of the application is now open for users to explore, allowing them to submit both “put” and “call” orders on-chain. This departure from traditional derivatives positions seen on centralized exchanges brings Cardano further into the realm of decentralized finance (DeFi).

The year 2023 has been transformative for Cardano, particularly in the realm of DeFi. In the second quarter of the year, the Cardano network witnessed a surge in DeFi activity, achieving numerous off-chain records. One notable record is the total value locked (TVL) in Cardano’s DeFi ecosystem reaching an all-time high of $200 million. However, as the broader crypto market grapples with a challenging decline, this metric has dipped to $146.52 million at the time of writing.

ADA Market Cap

Cardano Hits TVL ATH

The recent price action and the launch of OptionFlow’s public testnet promises potential bullish momentum amid the evolving DeFi landscape. As traders and investors watch the charts closely, the cryptocurrency community eagerly anticipates Cardano’s next moves in this ever-dynamic market.

It is important to note that the information provided should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and one should carefully consider their financial situation and risk appetite before making any investment decisions.

*Featured image from Invezz

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