Cardano’s native token ADA is down 7% today, trading around $0.55.
This drop comes amidst a broader decline in crypto markets, with Bitcoin down 2% and Ethereum down 3%. However, ADA investors likely have little reason for concern given Cardano’s expanding real-world utility and influence.
Cardano has seen extremely strong growth in decentralized finance (DeFi) adoption recently. Its total value locked (TVL), a metric tracking assets deposited in DeFi apps, has skyrocketed 180% from $188 million to over $430 million, reports DeFiLlama. This explosive expansion cements Cardano as a top 12 DeFi chain globally.
Several protocols are responsible for driving Cardano’s soaring TVL. Leading the pack is Indigo, a synthetic assets platform, with over $100 million locked. Decentralized exchange Minswap and lending protocol Liqwid also contribute substantially at nearly $95 million and $48 million locked respectively.
As more developers build real-world decentralized apps on Cardano, its ecosystem expands. And as more value flows into these apps, ADA demand rises long-term despite short-term price volatility.
According to technical analysis from altFINS, Cardano remains in a clear long-term uptrend across short, medium and long timeframes. Recently, the ADA price broke out bullishly from an ascending triangle pattern and resumed its uptrend.
However, as price reached resistance around $0.65, it became very overbought (with an RSI above 75). This led to some profit taking and a pullback on December 14th.
Now, altFINS is watching to see if price will:
- Break back above $0.65 resistance. This would signal a continuation of the uptrend with upside towards $0.75 next.
- Pull back closer to $0.46 support. This would allow for a swing trade entry to play the ongoing uptrend, with upside potential back to $0.65 or possibly $0.75.
So while some near-term consolidation is underway, the core bullish trend across short, medium and long timeframes remains intact according to altFINS. Key support and resistance levels they are watching are:
- Support: $0.46 (previous resistance), $0.40-$0.42
- Resistance: $0.65 (previous 2021 highs), $0.75
While momentum indicators like the MACD suggest bullish momentum may be slowing in the near-term, Cardano’s core uptrend remains intact.
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$BTCMTX works by enabling users who stake the tokens to generate “mining credits”. These credits provide access to cloud mining power, allowing token holders to earn Bitcoin without personally operating mining rigs. This cloud mining approach opens up Bitcoin mining to a much wider audience beyond specialized miners.
As the dominant cryptocurrency continues gaining adoption, Bitcoin Minetrix offers an easy way for retail investors to profit from BTC price rises. Users simply need to purchase and stake BTCMTX to start automating Bitcoin mining rewards. Costs to get started are low, especially given the current token presale. And staking payouts can compound quickly over time.
The Bitcoin Minetrix tokenized model brings much-needed transparency to cloud mining – investors can unstake and sell tokens freely at any point. It’s this unique value proposition that has already attracted over $5.4 million in presale investments.
Acquiring BTCMTX is straightforward with Ethereum-compatible wallets like MetaMask. The project focuses on user-friendly interfaces for buying, staking, and earning tokens. For investors seeking passive Bitcoin exposure, Bitcoin Minetrix presents a compelling opportunity.
However, BTCMTX presale is ending in just 3 days. Afterwards, tokens get listed on DEX’s like Uniswap. As mining credits unlock and payouts commence, many analysts project substantial ROI for early BTCMTX adopters.
While short-term price action brings some fluctuations, Cardano continues strengthening its real-world utility with booming DeFi adoption. Its long-term growth trajectory remains intact. Meanwhile Bitcoin Minetrix offers crypto investors a smart way to earn Bitcoin passive income.
Disclaimer
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