Cardano Prices have remained flat over the past few weeks despite other coins like Bitcoin, AAVE and Compound surging. The ADA token is trading at $0.2972 and remained at that level for some time. The price is about 27% above its June low and about 37% below its May high.

DeFi TVL Hits Record

Cardano has become one of the worst performing big cryptocurrencies in the past few weeks. A major reason for this performance is recent decisions by the Securities and Exchange Commission (SEC).

In the aftermath, financial services giant Robinhood decided to delist the coin. A successful SEC lawsuit against both exchanges would mean that Americans would lose access to Cardano.

The daily volume of Cardano traded on centralized exchanges has been declining over the past few weeks. It hit $171 million on Tuesday, down from a June peak of over $1 billion.

Despite this performance, the Cardano ecosystem is doing well. According to the data, the company’s total value locked (TVL) in the DeFi ecosystem exceeded 702 million ADA tokens, a record high. The figure was about 265 million ADA year-to-date. In dollar terms, his TVL on Cardano exceeds his $202 million.

Biggest DeFi dApps within the Cardano ecosystem include Minswap, Indigo, Liquid and VyFinance. TVL is a key metric that measures the value of digital assets locked on the blockchain.

At the same time, Cardano’s NFT ecosystem is not doing so well. Cardano NFT Total Sales came In June, it surpassed $8.6 million from the previous $8.23 million. Those numbers are good, but sales were $10 million last March and he was $23 million in October.

Cardano price prediction

The daily chart shows that the ADA price has been on a strong downtrend for some time. The fall has broken below the critical support of March’s low of $0.2972. It is currently retesting this level, following a pattern of bearish breaks and retests. Cardano is still below the 25-day and 50-day MAs.

It also formed a head and shoulders and a bearish pennant pattern. Therefore, the coin is likely to make a bearish breakout in the coming days. In this case, the next level to watch will be last month’s low of $0.23277.

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By Jules

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