Cardano price fails to recover despite hitting new all-time high in total value locked
- Cardano code forged bright with 2,544 GitHub commits, implying high developer activity.
- Total value locked on the Cardano network hit a new all-time high today at $133.39 million.
- The Ethereum-killer’s price failed to recover despite hitting key milestones, continuing its downward trend.
The Ethereum-killer Cardano network hit a key milestone when its total value locked crossed $133.39 million. Despite high development activity and a new all-time high in TVL, Cardano price struggled to recover.
Cardano price struggles despite key updates in the ecosystem
The on-chain activity on the Cardano network recently exploded. The Ethereum-killer hit a new milestone in terms of Total value locked. Cardano TVL crossed $133.39 million, a new high.
Proponents consider this a key milestone for the Cardano network. However, this failed to fuel a bullish narrative for the altcoin’s price. Another key indicator, the Github commits, considered an indicator of development activity, is relatively high in the case of Cardano.
Cardano network had 2,544 GitHub commits, implying developers are active and updating the Ethereum-killer’s code consistently.
Mid-week repo update: #Cardano code forges continue to burn bright with 2,544 GitHub commits this week & counting...
— Input Output (@InputOutputHK) March 2, 2022
To follow the latest code commits, bookmark the excellent https://t.co/Tj4Ebgc65u #Cardano $ADA pic.twitter.com/8bVqCxb6Ex
Analysts evaluated the Cardano price trend and predicted that $0.96 is a key level for the Ethereum-killer. @Phoenix_Ash3s believes that if Cardano price crosses $0.96, it will continue its uptrend, and below the key level, the altcoin trend would reverse.
Shorting $ADA at $1 would've been great succes so far.
— Phoenix (@Phoenix_Ash3s) March 1, 2022
That's a fucking wall mate. Bullish above, bearish below pic.twitter.com/yRCmY8oO7E
Based on data from IntoTheBlock, whale wallets holding between 100,000 to 1,000,000 Cardano have scooped up over 16,000,000 ADA within 24 hours. Accumulation by whales is a sign of a price rally in an altcoin.
FXStreet analysts believe that Cardano price must break a key resistance level, and the altcoin could rally to $1.30.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
