Cardano Prices: It looks forward to a 60 % increase despite the issues of the ecosystem

Cardano Price held a fixed morning on Monday morning as merchants focused on the upcoming consensus event in Toronto, where Charles Hoskinson will be a major speaker. Ada Token was traded at $ 0.8092, an increase of 57 % of its lowest point in April. It is also hovering at the highest point since March.

Cardano has an ecosystem problem

Cardano is a better player in the Blockchain industry, where the distinctive code reached the maximum market more than $ 28 billion. It aims to be a better competitor to other popular chains such as Ethereum, SUI and Solana.

The most important advantages of Cardano are rapid transactions speeds, low costs, and decentralization. It is widely seen as the most decentralized blocs, thanks to their last vote.

However, the challenge is that Cardano has a problem with the ecological system in that it has not attracted many developers as the other chains face. A quick look at Defi Llama shows that Cardano has 42 Defi apps with a closed total value of $ 470 million.

TVL has recently jumped since it reached less than $ 320 million last month. Although this increase is noticeable, this happened due to the high price of ADA as it moved from 0.5072 dollars to $ 0.80 today. This number was in a declining direction in ADA, as it decreased from 770 million ADA in October last year to 562 million today.

In Cardano there are a few players in the decentralized drainage industry, where the most prominent players were Minswap, Splash and Muesliswap. These networks are not very popular because the volume of common transactions in the past 24 hours was only $ 3.28 million.

On the other hand, other DeX networks such as Base, Solana and Ethereum dealt with billions of dollars in the same period. This performance is primarily due to their MEME currencies, which dominates the encryption industry this year.

One of the scale for consideration when analyzing the encryption project is the amount of stablecoins in the ecosystem. The data indicates that Cardano has only $ 30 million in Stablecoins, which is a small amount given that the industry has more than 245 billion dollars.

Read more: Cardano from Charles Hoskinson and Crypto Ghosts Series 11 billion dollars

This week’s consensus happened

The next important catalyst for Cardano Price will be the next consensus event in Toronto, because Charles Hoskson will be a great speaker.

Hoskinson is likely to focus on the ongoing process of integrating Bitcoin into the environmental Cardano system, which is believed to be a change in the game.

Bitcoinos has already collected a transaction that moves Bitcoin transaction over the network, and now hopes to launch it on a large scale.

Cardano believes that this integration will be a changing toys because it will enable Bitcoin through the zero knowledge approach. When implemented completely, BTC holders will enable lending and currency sharing.

While this is a good progress, the reality is that the solutions for Bitcoin sharing are already present. For example, Babylon’s protocol provides a similar service and has already and has already It attracted 49,560 BTC At a value of more than $ 5.15 billion.

Lombard Finance LBTC, a liquid currency, offers backed by bitcoin. It has more than 114,000 pregnant women, and users are able to share Bitcoin.

Technical analysis of Cardano Price

The daily graph shows that the ADA price has increased from a decrease of $ 0.5093 to $ 0.81 today. It formed a reverse and shoulder pattern, and it was transferred over the averages of lower movement for 50 days and 100 days (EMA).

Cardano moved to the highest swing since March 7. It has also risen over the downward trend line that connects some of the highest fluctuations since December last year.

Therefore, despite the challenges of the ecological system, there is a possibility that the price of Cardano will continue to rise as the bulls target a 2024 increase at $ 1.3265, an increase of 63 % of its current level. A decrease below the descending trend line will nullify the upscale expectations.

Postcard Prices Cardano: It looks forward to an increase of a 60 % increase, although the ecological system problems first appeared on Invezz