The recent data from DeFi TVL aggregator DefiLlama captured everyone’s attention on December 8, 2023, as Cardano exhibited a significant increase of over 13% in Total Value Locked (TVL) in the last 24 hours. This surge indicates heightened investor interest in ADA amid the anticipation of spot Bitcoin Exchange Traded Funds (ETF).
The reason behind the Cardano TVL surge
The primary reason behind this surge in TVL could be the recent breakout of the strong resistance of the double-bottom pattern, or there might be some internal project developments such as a change in gas fees or other factors that are not yet known. Nevertheless, the recent increase in TVL aligns with the upward trend in the Cardano price.
As of the current writing, ADA is trading near $0.53, with a remarkable price surge of around 23% in the last 24 hours, outperforming major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in terms of price increase on December 8, 2023.
Upon crossing the $0.50 level, the founder shared his enthusiasm on social media, tagging rapper 50 Cent and stating, “Hey 50 Cent, we are both in the same club,” along with a link to 50 Cent’s music video.
Expert’s technical analysis and bullish signals
Over the last 7 days, Cardano has experienced a significant surge of around 40%, while in the last 30 days, it has seen a notable 50% increase in price. According to expert technical analysis, on December 8, 2023, ADA broke out of a double-bottom pattern, a bullish sign in price action terms.
Additionally, on the weekly time frame, Cardano is trading above its 200 Exponential Moving Average (EMA), indicating that the asset is in a bull run. For ADA, the next strong resistance level is at $0.60, but to breach that level, Cardano will need to retest its recent breakout level.
