The Cardano ecosystem is riding a bullish wave, with more DeFi projects hopping on board and its total value locked (TVL) surpassing the $300 million mark. Crypto analyst, Paul, highlights in particular the role the potential approval of Bitcoin ETFs might play in driving this bullish trend in early January.
In the Cardano ecosystem, Cardano projects like COPI and IAGON are seeing meaningful value upticks as the DeFi expansion continues. With the ADA price also taking a leap and more DeFi projects and protocols heading to the network, Cardano’s TVL has shot up to an impressive $302.39 million.
Some of these new projects, such as DexHunter, Cherrylend, and IUSD, however, have faced a mixed bag of outcomes. DexHunter, for example, has seen a rise of 57% in just the past week. Yet Cherrylend and stablecoin IUSD have run into challenges due to supply and demand imbalances.
Dan Gambardello, another popular crypto trader and analyst, has made a bullish prediction for Cardano’s ADA, setting a target of $0.85. Fresh from breaking out of a descending triangle pattern on its weekly chart, ADA was recently trading at $0.60, recording a 25% gain. Gambardello believes ADA might be on the verge of a bullish pivot, reminiscent of its movement before the last Bitcoin halving.
Though Gambardello does caution of a potential correction that could see ADA fall to around $0.30-0.35, he remains optimistic about ADA’s undervalued fundamental perspective and its potential in the next bull run.