The market was taken aback by ADA’s remarkable performance, which saw the token jump by more than 50% in the last three days. ADA price has undergone significant recoveries in the past during weak markets, with several of them proving to be bull traps.
Cardano will also receive a major update in the form of the Vasil hard fork, which will include four Cardano Improvement Proposals (CIPs). CIP-31 (Reference Inputs), CIP-32 (Inline Datums), CIP-33 (Reference Scripts), and CIP-40 (Reference Scripts) are among the CIPs (Collateral Outputs). CIP-31, in particular, intends to reduce Cardano’s transaction costs dramatically. It’s an upgrade aimed at increasing network throughput and improving smart contract capabilities.
Cardano’s hard fork update is set to go live later this month. It proponents believe it has boosted the price recently. On Monday, the network’s TVL fell to $118 million, its lowest level in over two months. This, however, would be short-lived. Over the last 24 hours, Cardano’s Total Value Locked (TVL) climbed by 30.56 percent, indicating increasing DeFi activity. ADA is still down 78 percent from its all-time high of $3.10 set in September 2021. Let us review the ADA price
ADA Price Prediction
The coin’s trading volume has also increased dramatically on major cryptocurrency platforms. Over the last 24 hours, its trading volume has been around $2.4 billion. ADA established a new local low on May 28th at roughly $0.419, and it has only gone up since then. The current resistance level is $0.778 and the current support level is $0.419. Following such a substantial change, ADA may undergo a consolidation stage.
Given the current signs and market momentum, a challenge of the crucial resistance at $0.778 is more likely. If ADA manages to break through the $0.778 price level, the $1.0 price level could be the next likely barrier to overcome.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
