As the Christmas festive season draws near, there is usually an increase in investor interest in the cryptocurrency market, with many actively seeking promising opportunities to achieve significant returns.
In what was a notably positive year for Cardano (ADA), as its price increased over 70%, it has also recently surpassed a threshold of $370 million in total value locked (TVL), an increase of 520% since the start of 2023.
Historically, specific cryptocurrencies have demonstrated an increase in value during this timeframe, fostering expectations among investors for similar trends. Assets such as ADA have garnered attention from those aiming to capitalize on short-term movements.
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Considering these dynamics, Finbold employed PricePredictions and its AI-driven machine learning algorithms. These algorithms meticulously assess the ever-changing market conditions and analyze relevant indicators to forecast the likelihood of ADA seeing gains by Christmas day.
The algorithms project that Cardano will increase to $0.578835 by December 25, representing a 3.69% increase from the current asset price at the time of publication.
Cardano price analysis
In addition to the increases in price and total value locked, ADA is showcasing a significant uptick in the trading volume in the recent period. A surge in decentralized exchange (DEX) volume, surpassing $12 million, coincided shortly after ADA hit the $0.50 mark.
According to data from DefiLlama, trading volume on Cardano DEXs exceeded $12 million on December 9, experiencing a 140% weekly surge to reach $50 million within 24 hours.
At the time of publication, ADA was changing hands at $0.5582, showcasing a decrease of -2.87% in the previous day, contrary to the gains made over the past week, which amount to a 36.15% price increase, adding to the 45.62% positive change in value in the previous month.
This crypto is showcasing solid fundamentals, with a price increase of 78% in the last year, which allowed it to outperform 69% of the top 100 crypto assets in the same period.
Additionally, it is trading above its 200-day simple moving average and has recorded 17 green days in the last 30 days.
However, it is essential to note that this cryptocurrency is still down from its all-time high by a considerable percentage of -82%.
Despite the recent strong performance, substantial market capitalization, and high trading volume of this digital asset, it’s crucial to bear in mind the inherent volatility of the cryptocurrency market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
