Cardano Up 4.4%, 'On The Brink Of An Explosive Rally,' Says Analyst: Can It Clear This Key Psychological Mark?

Zinger Key Points
  • Cardano sees substantial growth, with a 166% increase in its Q4 total value locked (TVL) compared to previous quarter.
  • Analysts are predicting a bullish rally backed by Cardano breaking the $0.60 mark.

Cardano ADA/USD gained 4.4%, pushing its price beyond the psychological mark of $0.60, prompting analysts to anticipate a breakout in the future.

What Happened: According to a Messari report titled, “State of Cardano Q4 2023," the token’s total value locked (TVL) reported a 166% quarter-over-quarter and 693% year-over-year growth.

Cardano ranks 11th for TVL, up from 34th position at the beginning of 2023. The number of average daily transactions increased by 10.9% compared to the previous quarter.

The ratio of transactions to active addresses also increased by 9.2% sequentially and 45% from the prior year, indicating higher average activity per user amid the introduction and development of various protocols throughout 2023.

In a recent interview with Discover Crypto, a YouTube channel boasting 1.4 million subscribers, Charles Hoskinson, co-founder of Cardano, highlighted two bullish factors: liquid staking and its growth without venture capital funding.

Also Read: Cardano Will Be 'The Most Valuable Altcoin' When Market Tops, Says Crypto Analyst; Total Value Locked Above March 2022 Peak

Why It Matters: IntoTheBlock data showed around 67% of holders have been holding Cardano for more than a year, while 28% have held onto it for a period of one to 12 months, indicating strong belief in the ecosystem.

Crypto chart analyst Ali Martinez forecasts a rise to $0.80:

 

 

In a similar optimistic fashion, chart analyst Trend Rider sees Cardano “on the brink of an explosive rally:”

 

 

One technical analyst noted a successful breakout from $0.60 can take the price to $0.67 and beyond. Another X user chipped in, saying he does not think Cardano will break $1 before the Bitcoin halving.

In a market eager for memecoin rallies, blockchains like Cardano remain relevant, riding on development activity and future promises.

Read Next: 'Ethereum Killer' Cardano Up 9% To 18-Month High: 'Close Above $0.53 Could Lead To 32% Rally,' Says Crypto Analyst

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarketsaltcoinsBlockchaincryptocurrency tradingmemcoinsStories That Mattertechnical analysis
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!