Why Cardano is on the verge of a bullish breakout and how you can benefit from price growth

Why Cardano is on the verge of a bullish breakout and how you can benefit from price growth

According to a report from bitcoin-2go.de, Cardano is close to confirming a bullish breakout that could take the ADA price above $0.80. Fundamental metrics such as TVL and developer activity are recording new highs, supporting the bullish sentiment.

Developer activity alone does not drive price increases, but it is a strong indication of long-term trust in the Cardano blockchain. Together with other metrics such as Total Value Locked (TVL), this could lead to a strong indicator of ADA's explosive price growth. The TVL has increased almost tenfold since the beginning of the year from almost 49 million US dollars to currently 435.89 US dollars and reached new highs in December.

The enormous developments in Cardano's DeFi ecosystem have not left their mark on the ADA price. The price rose by 73.49 percent last month and recorded an annual gain of almost 160 percent. With a 24-hour performance of almost 6 percent, the price was able to successfully break through a formation and is currently trading at $0.65.

The positive developments and the expectation of a bullish breakout are also reflected in the technical chart analysis, which signals a symmetrical triangle and shows price targets from 0.78 to over 1.00 US dollars. Renowned crypto analysts such as Ivan on Tech also share these bullish assessments and expect the ADA price to rise to the $1 mark.

Overall, the momentum for Cardano could hardly be better, which is also reflected in the enormous price gains of some Cardano native tokens. The positive development of the DeFi ecosystem and the increasing demand for ADA could attract more investors and thus ensure further price gains. As bitcoin-2go.de reports, there is currently a good opportunity to invest in Cardano and benefit from the developments.