ADA becomes one of the strongest assets on the market with massive growth in recent days
Cardano’s fundamental growth has caused another peak in the price of the coin, which is already trading above the $1 threshold. Previously, U.Today noted substantial growth in fundamental metrics such as TVL, transaction volume, and development activity.
Cardano breaking out
With the massive growth of the TVL, trading volume and other fundamental metrics on Cardano, the price of the underlying asset of the network, ADA, broke through numerous resistance lines and entered a wide range between the 50 and 200 day moving averages.
The most significant move ADA made was the rapid breakout of the 50-day moving average, which was not successfully tested in February, when ADA’s price surged to $1.20. But despite the strong price action, it lost all momentum and fell to $0.70.
The complete shift of the global trend will most likely happen only after ADA manages to break through the next resistance line of the 200-day moving average.
The fundamental growth of ADA
But while market sentiment in the altcoin industry remains the main fuel for coins like Cardano, the fundamental context of the asset is more important here, as metrics like TVL (total value locked) give traders more information about using cryptocurrency.
The TVL on Cardano spiked massively, reaching more than $300 million in a matter of days. The intensive growth began at the beginning of March when the TVL sat at approximately $130 million. It almost doubled shortly after the release of Minswap.
In addition to the financial growth of the network, development activity on Cardano is also booming with over 300 commits tracked monthly on GitHub. The massive spike in development activity was noticed after the company behind Cardano announced the hiring of around 200 new developers.
