$ADA Contents

DEX Volume on ADA

Technical View in ADA

Cardano (ADA) holders have had a tough time as prices have dropped over the past week. However, when considered from the perspective of the DeFi sector, an increase in interest was observed. Cardano's decentralized exchange (DEX) daily volume exceeded 23 million ADA.

DEX Volume on ADA

Despite the increase in DEX volumes, TVL (total value locked) for Cardano has decreased. Artemis' data revealed that Cardano's TVL dropped from $430 million to $230 million. This drop in TVL may be due to a lack of interest in dApps on the Cardano network. Another factor that could negatively impact Cardano could be NFT transactions occurring on the network. Over the past month, there has been a massive decline in the base price and overall transaction volume of popular NFTs on the Cardano network.

Reduced interest in Cardano's ecosystem could seriously impact the protocol and also have a negative impact on ADA's price movement. At the time of writing, ADA is trading at $0.4489. Over the past few weeks, ADA price has exhibited multiple lower lows and lower highs, indicating a bearish trend. Later, ADA price traded between the $0.512 and $0.421 levels. The $0.512 level was tested many times during this period.