Cardano Hits 85% Constitution Approval as ADA Battles $0.83 Resistance; DeFi TVL Surges 94%
Cardano (ADA) finds itself at a critical juncture as the cryptocurrency celebrates a major governance milestone while wrestling with mixed technical signals.
The blockchain platform recently achieved a significant step toward decentralization with the ratification of its first official constitution, even as the token continues to navigate challenging price action below the psychological $1 mark.
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108,000+ Cardano Delegators Ratify First Constitution with 85% Approval
Cardanoโs community recently approved its first official constitution with an overwhelming 85% rating, above the needed 75% threshold in a historic development. Announced by founder Charles Hoskinson on a February 18 webcast, the success marks the result of much community involvement involving 65 sessions and 1,800 attendees.
With over 800,000 delegates and more than 108,000 delegated representatives (DReps), the new governance structure presents what Hoskinson calls as a โliving ecosystemโ able of adaptation through future revisions. Introduced by the Chang hard fork in September 2024, this governance layer sets Cardano apart from other blockchain systems by combining built-in upgrading ability with Bitcoin-like decentralization.
Cardanoโs DeFi TVL Hits $448.9M, Network Fees Surge 254% to $1.8M
With distributed finance (DeFi) activity blazing 94% quarter-over-quarter to reach $448.9 million in total value locked (TVL) by Q4 2024, the network has shown amazing expansion in recent months. Between Q3 and Q4 2024, network fees rose significantly by 254% to $1.8 million, signifying rising network usage and acceptance.
ADA/USD Technical Analysis: Price Consolidates Between $0.65-$0.83 Range
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ADA/USDโs technical indicators provide a mixed picture notwithstanding these basic improvements. Trading at $0.73 right now, the token immediately encounters opposition at $0.83 and support at $0.65. Recovering from a recent fall to -0.77, the BBTrend indicator has returned to positive territory at 1.12, but much below its mid-February top of 12.3.
The Ichimoku Cloud study suggests an uncertain market phase with green cloud-contained price activity. The Tenkan-senโs position below the Kijun-sen points to weak short-term momentum, however the Chikou Spanโs location implies possible positive development.
Trading Outlook: Key Levels at $0.83 Resistance and $0.65 Support
For investors, Cardanoโs technical ambiguity and increasing fundamentals create both possibilities and hazards. The successful execution of its constitution and expanding DeFi ecosystem point to long-term possibilities; the present technical picture calls for careful placement.
Traders should be alert for a possible breakout over $0.83, which would indicate a shift toward $0.90 and maybe challenge the most recent high of $0.98. On the other hand, a break below $0.65 support would cause a drop towards the $0.50 level, thereby reflecting a notable 34% loss from present values.
Cardano Price Prediction: Analysts Target $0.92 by February End
With CoinCodex estimating a price objective of $0.92 by the end of February 2025, market analysts believe ADA will show possible upward movement in the short term. Technical indicators, meantime, are currently negative; the Fear & Greed Index comes out as neutral at 47. Over the past month, the asset has showed notable volatility with a 13.38% price change.
Growing interest in cryptocurrencies ETFs could lead to other catalysts as Grayscaleโs recent application for a Cardano spot ETF reveals a fresh possible driver for institutional adoption.
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