Here is why Cardano is up by more than 3% today
Cardano has added more than 3% to its value in the last 24 hours as the blockchain achieved a new milestone.
The cryptocurrency market has been stagnant for the last 24 hours. The total cryptocurrency market cap remains above $1.8 trillion, up by less than 1% so far today.
Bitcoin is trading around the $40k region after losing less than 1% of its value in the last 24 hours. The decline comes after Bitcoin failed to rally past the $45k resistance level last week.
ADA, the native token of the Cardano ecosystem, is one of the top performers amongst the top 10 cryptocurrencies by market cap. ADA has added more than 3% to its value, outperforming the broader cryptocurrency market in the last 24 hours.
The primary catalyst behind this ongoing rally is the news that the total value locked (TVL) on the Cardano blockchain is closing in on $300 million.
At press time, the TVL on Cardano stands at $287 million, according to the data obtained from DeFiLlama. This shows that the TVL on Cardano has increased by more than 110% over the past month.
Key levels to watch
The ADA/USD 4-hour chart is currently bullish, thanks to the ongoing rally. The technical indicators show that ADA is performing well at the moment.
The MACD line is above the neutral zone, indicating a strong buying momentum for ADA at the moment. The 14-day RSI of 56 shows that ADA could soon enter the overbought region if the positive momentum continues.
At press time, ADA is trading at $0.905. If the bulls continue to be in charge, ADA could soon surpass the first resistance level at $1.031 over the coming hours.
However, it would need the support of the broader market if it would trade above $1.20 for the first time since February.