Cardano Starts Strengthening, Trading Volume Increases 33 Percent

JAKARTA Cardano crypto asset (ADA) has shown a significant increase in trading activity in the last 24 hours. Data from CoinClass recorded a surge in ADA's futures trading volume (perpetual futures) of up to 33 percent, with total transaction value reaching more than 450 million US dollars or around Rp. 6.75 trillion.

Not only that, in the spot market, ADA's trading volume also rose 23.85 percent, reaching nearly 350 million US dollars or Rp5.25 trillion. Combined, ADA's total trading volume from these two markets reached around 800 million US dollars or Rp12 trillion.

This surge in trading volume is an indicator of the increasing attention of market participants to ADA. This increase in trading activity cannot be separated from ADA price movements which recorded an increase of 8.3 percent in the last 24 hours, reaching a key resistance level at 0.38 US dollars or around Rp5,700.

This price level is an important point that has been monitored since 2018, especially after ADA was registered with Binance and experienced a jump of more than 60 percent in the following two weeks. However, the increase has stalled at this level, making it a critical level that investors need to pay attention to.

If ADA manages to break the resistance level of 0.38 US dollars (Rp5,700), this token is expected to continue strengthening with this level potentially becoming a new support. However, if it fails to penetrate, then the selling pressure can dominate again and trigger bearish bias in ADA price movements.

A report from CoinDesk also revealed that the total value locked (TVL) in the DeFi Cardano ecosystem has reached more than 450 million US dollars or around Rp. 6.75 trillion.

This figure shows a significant increase from the previous peak of US$330 million or Rp4.95 trillion in April. This growth was largely driven by the loan protocol of Indigo and the Minswap on-chain exchange, which recorded a TVL spike of more than 50 percent to nearly 100 million US dollars or Rp1.5 trillion in the past week.

Djed's stablecoin (DJED) pegged to the US dollar also saw an increase in supply of more than 45 percent in the past week, indicating a significant flow of capital towards this token. Meanwhile, smaller protocols such as LendFi and Spectrum Finance also recorded a 90 percent spike in TVL, signaling that users are starting to take higher risks.