{"id":491570,"date":"2022-05-28T07:35:20","date_gmt":"2022-05-28T07:35:20","guid":{"rendered":"https:\/\/wncen.com\/?p=491570"},"modified":"2022-05-28T07:56:18","modified_gmt":"2022-05-28T07:56:18","slug":"cardano-tvl-sheds-205-million","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano-tvl-sheds-205-million\/","title":{"rendered":"Cardano TVL Sheds $205 Million Since Hitting All-Time High"},"content":{"rendered":"
Cardano TVL has spiraled downward the past few days mainly because of the intensified crypto market correction and decline in investor interest.<\/span><\/p>\n To date, the crypto has plunged to $120.86 million. With the rate it\u2019s going, Cardano has chucked over $205 million in TVL since its all-time high of $326 million on March 24, 2022.<\/span><\/p>\n Dubbed to be the eighth largest crypto by market cap, Cardano is said to be the blockchain platform patented for rainmakers and innovators. It\u2019s a POS network that strengthens and provides sustainability to dApps and systems.<\/span><\/p>\n Suggested Reading | XRP Whales Boost Accumulation Appetite, Register 2-Month Peak Holding Supply<\/a><\/em><\/strong><\/p>\n Cardano is slipping away and has even breached its support level. It dipped by 7% today as the crypto market continues to collapse. Increased selling pressure on the support can easily give away a steep correction of $0.34.<\/span><\/p>\n Cardano has lost more than 65% of its TVL. This week, ADA started moving towards a bearish trend and dipped further down the support level on Thursday. The low crypto trading volumes may result in incremental losses along the way.<\/span><\/p>\n And it\u2019s not just Cardano; other decentralized exchanges like WingRiders have also shaved off more than 50% of their TVL within the same period. SundaeSwap also suffered the same fate losing 41% of its TVL.<\/span><\/p>\n <\/p>\n Cardano is stumbling and dropping after breaking the critical area of support. The severe downswing has triggered the downward movement of ADA right below the $0.50 support level, which precipitated $1.40 million worth of liquidations in varied exchanges.<\/span><\/p>\n It\u2019s expected to go further down to $0.34 or even much lower. Considering the current TVL, we see a more pessimistic or bearish outlook as long as Cardano trades below $0.55.<\/span><\/p>\n On the other hand, people should most likely expect the reverse with a four-hour candlestick positioned above the resistance barrier. Breaking through the supply wall can increase the number of buy orders for Cardano, thus pushing the prices to $0.61.<\/span><\/p>\nCardano Loses Over 65% of TVL<\/b><\/h2>\n
ADA total market cap at $15.48 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\n