ADA has seen a staggering 37% increase in its last week. This seventh cryptocurrency is the most performing on this ranking. It could continue to recover previous highs.
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At the time of writing, ADA’s price trades at $1.16 with a 12% profit in the last 24-hours.
Coinbase, a leading cryptocurrency exchange announced that it will add Cardano as a staking option to the current. It allows users to place their ADA on the platform and receive a reward.
According to the exchange’s blog, this service aims at removing friction from the process of staking ADA. For some users, Coinbase said, this can be “confusing and complicated”.
Per the exchange’s latest earnings report, the platform records 43 million users with 3 million active users per month. Coinbase made $1,6 billion of revenue in 2021. Most of that came from retailers.
ADA staking, in this sense, has discovered a significant spot to expand its acceptance and offer millions access to its rewards. The platform offers a 3.75% APY to ADA staking with a 5-to-7-day reward delivery schedule.
Cardano is rapidly approaching $1.20, which is the key psychological price point. This was the last time that Cardano saw such levels prior to its climb up to its highs of nearly $3.
Cardano might face short-term challenges as it seeks to exceed $1.20. Data from Material Indicators shows that there are a number of requests or orders for selling at these levels.
The chart illustrates that these requests could be used to resist $3 million in sales orders. 1.16, which has $1,5million in bid orders, could be used as support in the event of rejection.
Cardano prices rise, and MI records an increase of selling pressure from investors who place asks of $100,000 or more (purple line in the graph below). The smaller investors, with orders for bids around $10,000 (red) have mostly absorbated this selling.
Cardano Ecosystem Growths
Although it has been criticized, Cardano’s ecosystem is showing significant growth since smart contract capabilities were introduced. Its total value locked, or TVL, measures the ecosystem’s overall value. According to a reportWu Blockchain
Cardano TVL reached 300 million US dollars on March 23, with most funds provided by two DEXs. TVL is currently ranked 24th in all L1s. Currently, ADA is staked in Cardano at a value of $23.8 billion, which has a staking ratio of 71.64%.
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Still far from the TVL of Ethereum’s DeFi protocols, this growth hints at a potential trend for ADA’s price as more users onboard its ecosystem. Charles Hoskinson was the original inventor of Cardano. He has been a proud witness to the explosion of projects that have emerged from this network.
Do you recall when I predicted that there would be thousands upon thousands of assets or DApps in Cardano. It turned out that I was mistaken. There are millions of native assets now and hundreds of DApps. #SlowAndSteady https://t.co/mK4So6NHa1
— Charles Hoskinson (@IOHK_Charles) March 23, 2022