Dan Gambardello Announces New Record High For Cardano’s Total Value Locked
Dan Gambardello, renowned cryptocurrency trader and notorious ADA stan, stirred up the crypto space with a tweet revealing that Cardano’s (ADA) Total Value Locked (TVL) has reached an all-time high. According to Gambardello’s post, the TVL for the surmised “Ethereum-killer” stood at a stunning 616 million ADA.
Another day and another all-time high for Cardano Total Value Locked in ADA
616M ADA
It’s potentially the most bullish leading indicator in all of crypto#Cardano $ADA pic.twitter.com/4KTKQeSixU
— Dan Gambardello (@cryptorecruitr) August 15, 2023
Gambardello’s Take on ADA’s High TVL and Its Possible Implication
In his tweet, Gambardello expressed his exhilaration about ADA’s peak TVL, describing it as “the most bullish leading indicator in all of crypto.” Despite the excitement around ADA’s record TVL, this development doesn’t seem to have reflected in the asset’s market price. CoinMarketCap data revealed a 0.45% decline in ADA’s price over the previous day’s trading.
ADA’s Market Performance
At the close of the market, ADA traded at $0.2892, which is closer to its daily low of $0.2885 than its 24-hour high point of $0.2921. The asset’s 24-hour trading volume mirrored its price trend, declining by more than 16% and leaving its intraday volume at approximately $122,846,630.
Additional statistics showcase ADA’s less-than-desirable weekly performance, which was down by 1.10% although its market cap of $10,131,822,627 placed it as the 9th largest cryptocurrency.
Significant Ranking Tables
| Cryptocurrency | Ranking |
|---|---|
| Solana | 8th |
| Cardano | 9th |
| Tron | 10th |
ADA was sandwiched between Solana (SOL) which took the 8th spot and Tron (TRX) coming in at the 10th position.
Daily chart for ADA/USDT (Source: TradingView)
Price Prediction from a Technical Standpoint
Technically, ADA continues to hover below the 9-day EMA line. A deeper analysis into the 9, 20, and 50 EMA lines present on ADA’s daily chart suggests that the short-term and medium-term momentum leaned in favor of sellers, which might result in a price drop for ADA within the next 24-48 hours.
Possible Outcomes:
- If the bearish prediction holds, ADA’s price might retest the support level of $0.2760 in the succeeding days. If the price dips below this primary level, ADA may risk falling to $0.2585 if the selling pressure carries on.
- If a daily candle closes above the 9-day EMA line around $0.2931 within the next 48 hours, it will render the bearish prediction null. In this case, ADA’s price might look to transition the $0.2995 resistance into a support line in the days that follow, possibly paving the way for ADA’s price to rise to $0.3210 in the week that follows after breaking above $0.2995.
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