In recent months, the Cardano (ADA) ecosystem has shown remarkable resilience despite the setbacks of several geographic fronts. The United States in particular labeled this smart contract platform as highly centralized and accused it of violating securities laws.
As a result, the leading cryptocurrency exchange, Binance, removed ADA perpetual contracts from its offering on August 17, 2023. However, Cardano enthusiasts need not worry as quarterly Cardano futures contracts and regular ADA spot charts remain accessible to traders and investors.
Cardano price potential recovery
CryptoBusy, a UK-based digital asset analyst with a significant following of more than 121,000 followers on the X platform, believes that the current market conditions present an opportune time to buy and collect more Cardano (ADA). This assessment is based on an extensive analysis of both fundamental and technical factors.
According to CryptoBusy, the price of Cardano is currently testing a support level for the third time this year, after significant losses in the previous year. In addition, the weekly Relative Strength Index (RSI) indicates increasing divergence, suggesting the possibility of an imminent breakout.
The crypto analyst also highlighted the remarkable performance of the Cardano network, with a staggering 1,700 percent increase in on-chain transactions. This wave has been propelled by the rapidly growing DeFi (Decentralized Finance) ecosystem. Data from defillama shows that Cardano’s Total Value Locked (TVL) has experienced exponential growth, reaching approximately $160 million to date.