•After the price of the Cardano currency (Cardano-ADA) recently approached recording new lows for this year below the $0.47 level, it then recovered to reach the $0.50 mark again, but its movements are still limited within a limited corrective range; The current ADA price levels represent a decline of approximately 27% compared to its multi-year high of $0.60, which was recorded last December. After this rise and the hype surrounding Cardano's third web technical system, the Total Reserved Value (TVL) of the blockchain is going through a period of stagnation, knowing that TVL means the total value in dollars of the digital currencies reserved within the mechanism of smart contracts on the blockchain. TVL on the Cardano blockchain recently recorded approximately $427 million, down from highs of nearly $500 million in December.
•The TVL stalemate comes at a time when the crypto sector as a whole is suffering from the “sell on the news” reaction to the approval of the creation of Bitcoin Spot ETFs last week amid an atmosphere of... adverse to the overall economy; Is it likely that the price of Cardano (ADA) will take an upward or downward path?
•Cardano Price Forecast: Which Direction Will ADA Go?
•Since the beginning of 2014, the price of Cardano has been trending downward as its short-term uptrend lacked momentum.
•This downward path deepened last week when Cardano price failed to breach the previous ascending support line and stabilize above it, so it now faces the risk of falling below the main long-term support level at $0.46, which could give a more negative outlook to its short-term movements in the future, but if... The collective mood of the crypto market in general has improved, and this may be accompanied by a recovery in the price of Cardano as well.
•Disclaimer: Cryptocurrencies belong to a high-risk asset class and this article represents information only and cannot be considered as investment advice in any way; This type of investment may lead to you losing your entire investment.
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