Cardano Price Prediction: Total Value Locked on Blockchain Surges 300% in 2023 - ADA to Reach $10 this Year?
The Cardano price has dropped by 2.5% in the past 24 hours, dipping to $0.364249 as the market falls by 0.5%.
ADA's current price marks a 1.5% gain in the past week and a 5.5% loss in the last 30 days, although the altcoin has appreciated by 47% since the beginning of the year.
More encouragingly, Cardano's total value locked in -- a measure of the total amount of cryptocurrency locked in its smart contracts -- has now reached $170 million, a figure which represents a nearly 300% gain since January 1.
This increase marks the steady growth Cardano has been enjoying over the past few months, and even if it doesn't steal the headlines like certain altcoins (and meme tokens), its gradual evolution provides ADA with the perfect conditions for future gains.
ADA's chart suggests that it's due a rebound in the not-too distant future, with its indicators all in oversold positions.
The coin's relative strength index (purple) has spent the past few days teetering around 30, yet encouragingly it has just begun rising again, signalling an influx of momentum.
At the same time, ADA's 30-day moving average (yellow) is just about to fall below its 200-day (blue), and once it does the market can expect the altcoin to begin rising again.
Another encouraging sign is that the altcoin's support level (green) has refused to fall below $0.3622, a price around which it has consolidated.
Such technical positioning has taken place amid a steady increase in Cardano's total value locked in, which essentially measures how active its ecosystem is and, by extension, how much use and adoption the network has attracted.
According to DefiLlama, Cardano is now the 17th-biggest layer-one platform in the ecosystem, with the platform not even in the top 20 as recently
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