Cardano (ADA) Price Gains Momentum Amid Crypto Market Surge – Breakout Imminent in Q4?

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cardano price prediction

The post Cardano (ADA) Price Gains Momentum Amid Crypto Market Surge – Breakout Imminent in Q4? appeared first on Coinpedia Fintech News

Cardano (ADA) developers are poised to showcase their recent accomplishments amid a bullish crypto market. The Cardano network has witnessed a substantial surge in new users and a remarkable increase in Total Value Locked (TVL).

As of October 02, the Cardano network boasts over 600 million ADA in TVL. Leading DeFi projects on Cardano include Minswap and Indigo, with TVLs of approximately $42 million and $39 million, respectively. Another noteworthy project on the Cardano network is Djed stablecoins, an algorithmic stable digital asset with a soft peg to the United States dollar, currently holding about $11.45 million in TVL.

Cardano (ADA) Price Action

$ADA is knocking on the door of the Resistance and imo Breakout is imminent.

Looks Pretty Solid for the Q4 Hold.#Crypto #ADA #Cardano

— Captain Faibik (@CryptoFaibik) October 2, 2023

Captain Faibik, a prominent crypto analyst with a verified X platform account, has recently closely monitored Cardano (ADA) price action. His analysis indicates a positive outlook for the altcoin in the third quarter. Captain Faibik anticipates that ADA’s price will reach a target range of $1.1 to $1.25 following an imminent breakout. However, he emphasizes that ADA’s price must first establish the upper border of a falling channel as a support level to ensure a bullish trajectory.

As a medium-cap altcoin, ADA currently has a market capitalization of around $9.2 billion and a 24-hour trading volume of approximately $180 million. These figures position ADA favorably to attract crypto traders experiencing Fear of Missing Out (FOMO). Furthermore, the increasing weekly RSI divergence strengthens the ADA recovery outlook.

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