Cardano price held above $0.27 on Friday after posting a modest rebound across the broader cryptocurrency market. ADA gained 3.37% over the past day and rose 5% during the last week.
Trading volume jumped 73.77% to $668.52 million, showing stronger market participation. Analysts predict the ADA price could surge 100% amid the Bitcoin Rally. The broader crypto market saw a 1.87% gain in 24 hours, climbing to 2.45 trillion. Following a robust recovery, BTC price soared to more than $72k. Ether surpassed the $2,100 mark, and XRP, Solana, Pi Network, and Dogecoin all recovered.
The U.S. policy developments are under observation by investors to determine the next step of the market in the future trading sessions ahead.
Analyst Predicts Cardano Price Could Rally 100%
A crypto analyst tweeted that Cardano is trading inside a falling channel on the daily timeframe. The analyst posted a chart of ADA drifting down in two downward trendlines.
The analyst reported that ADA was trading close to the lower side of the channel in the recent movement. Analyst indicated that a breakout of the channel resistance may cause a strong upside expansion.
The analyst noted that a potential move of this nature could unlock a greater than 100% gain. The estimated future trend on the graph is an indication of a potential recovery to the $0.50 region. That target seems to be the initial significant upside target following a verified breakout. Bullish momentum may accelerate and consequently ADA may move up to $0.60.
On-chain Analysis: Cardano TVL Climbs to $145.44 Million Amid Growing DeFi Activity
Cardano posted fresh gains in total value locked, reflecting continued activity across its decentralized finance ecosystem. The network’s TVL climbed to $145.44 million today, according to the cited source.
That move represents a 2.59% increase over the past 24 hours. The increase can be attributed to the accelerating pace in the Cardano blockchain ecosystem. It also indicates that users are committing additional capital in Cardano-based DeFi protocols.
The growth in TVL is often considered by market watchers as a stronger platform engagement.
An increase in the TVL may also reflect increased confidence of the developers, users, and investors. In the situation with Cardano, the recent growth could justify a more positive prognosis of ADA.
Will ADA Price Hold $0.25 Support Level?
As of reporting, the ADA price pumped to $0.2672 aftera slight surge over the past 4 hours.
Cardano has been recording modest recovery trends after recent consolidation around the support level of $0.26. The Relative Strength Index is close to 54, indicating a neutral-bullish momentum.
In the meantime, there is a bullish crossover in the MACD indicator on a four-hour timeframe with a mild intensity.
The short-term momentum has improved; histogram bars have become slightly positive. This technical formation lends to a possible extension to more resistant areas.
If the long-term Cardano forecast breaks above $0.27, the next upside target sits at $0.28. A decisive close above $0.28 may open the path toward $0.30.
On the downside, failure to hold $0.26 may trigger renewed selling pressure. Immediate support rests at $0.2550, followed by a deeper cushion near $0.25.
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