Cardano Price Prediction: Total Value Locked On Blockchain Rises 300% By 2023

Cardano Price Prediction: Total Value Locked On Blockchain Rises 300% By 2023


Source: TradingView

Cardano price has fallen by 2.5% in the last 24 hours, falling to $0.364249 as the market falls by 0.5%.

ADA’s current price marks a gain of 1.5% over the past week and a loss of 5.5% over the past 30 days, although the altcoin has gained 47% since the beginning of the year.

More encouragingly, Cardano’s total value locked – a measure of the total amount of cryptocurrency locked in its smart contracts – has now reached $170 million, a figure that represents a nearly 300% gain since January 1.

This increase marks the steady growth Cardano has enjoyed in recent months, and while it doesn’t steal the headlines like certain altcoins (and meme tokens), its gradual evolution gives ADA the perfect conditions for future gains.

Cardano Price Prediction: Total Value Locked On Blockchain To Rise 300% By 2023 – ADA To Reach $10 This Year?

ADA’s chart suggests that it is due for a rebound in the not-too-distant future, with the indicators all in oversold positions.

Source: TradingView

The coin’s relative strength index (purple) has spent the last few days hovering around 30, but encouragingly, it has just started to rise again, signaling an influx of momentum.

At the same time, ADA’s 30-day moving average (yellow) is just about to break below the 200-day (blue), and once it does, the market can expect the altcoin to start rising again.

Another encouraging sign is that the altcoin’s support level (green) has refused to fall below $0.3622, a price around which it has consolidated.

Such technical positioning has taken place amid a steady increase in Cardano’s total value locked up, which essentially measures how active the ecosystem is and, by extension, how much use and adoption the network has attracted.

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According to DefiLlama, Cardano is now the 17th largest tier-one platform in the ecosystem, with the platform not even in the top 20 as recently as February.

It currently has over 81,000 active users (compared to 350,000 for Ethereum), while the latest update from Input Output Hong Kong reveals that it has 127 protocols running on its platform and 1,242 projects being built.

This highlights the significant development and growth Cardano has witnessed over the past year or so, and it is likely that the platform will continue to grow steadily in the coming months, with its Fund 10 investment fund is set to start supporting new projects very soon.

Layer 2s and updates

Another major development for Cardano was the rollout of the Hydra update earlier this month, which enables the deployment of layer-two sidechains for the platform, thereby improving scalability and efficiency.

In the long term, the arrival of Hydra and L2s should help Cardano increase its overall value even more, while by extension it should increase the price of ADA.

Other upcoming improvements include the Mithril upgrade, which will also improve the scalability of Cardano by introducing multi-signatures that can streamline the synchronization of nodes.

Then there is the imminent arrival of pooled lending, which will be enabled by Aadaa decentralized lending platform built on Cardano.

This could significantly increase interest in Cardano’s DeFi ecosystem, and together with existing apps such as Minswap, Wingriders and SundaeSwap, could help transform Cardano into a real rival of larger tier-one platforms.

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Assuming this happens, we can easily imagine a scenario where ADA rises from today’s price and goes back to $0.4 and $0.5.

The end of 2023 could also push ADA even further, with the altcoin potentially rising to $1 in the event of a full market-wide recovery.

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