Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest.
To date, the crypto has plunged to $120.86 million. With the rate it’s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022.
Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It’s a POS network that strengthens and provides sustainability to dApps and systems.
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Cardano Loses Over 65% of TVL
Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34.
Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way.
And it’s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL.
ADA total market cap at $15.48 billion on the weekend chart | Source: TradingView.com
Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges.
It’s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55.
On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance…
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