In a recent episode of the popular crypto market commentary YouTube series “Cheeky Crypto,” the host (Nick) got into an in-depth analysis of Cardano’s ADA.

Nick started by discussing the total value locked (TVL) in Cardano, which currently stands at about $155 million. He pointed out that despite the dollar value of ADA decreasing, the amount of ADA being locked up has remained stable. Specifically, around 600 million ADA is currently locked up in DeFi and other platforms. Nick sees this as a positive sign for Cardano’s future.

Nick also discussed the wallet counts for Cardano. He mentioned that there are 2,832 wallets with over 1 million ADA, which are primarily held by large institutional players. These wallet holders have been relatively stable, showing no significant increase or decrease over the past year. On the other hand, wallets holding around 100 ADA have increased by about 5.81% in the last 365 days, indicating ongoing accumulation.

Nick highlighted recent developments with Jed stablecoins issued by Coty. The stablecoins have seen upgrades and improvements, including additional functionality and flow optimizations. The minimum requirements for minting and burning Jed have also been lowered to 200. Nick believes these developments will positively impact Cardano and ADA’s price action in the near term.

Switching to technical analysis, Nick observed that ADA is currently in a zigzag pattern, indicating potential downside. He also discussed the possibility of an extension in a wave 5 position. Despite the bearish short-term outlook, Nick remains optimistic about ADA’s long-term prospects. He targets a buying range between $15.21 to $18.11 and even suggests that ADA could reach up to $26 if the right conditions are met.

Source: YouTube

Nick emphasized that with 1,200 dApps being built on Cardano and the total value locked growing at the ADA level, the ecosystem has a recipe for success. However, he noted that achieving this success will require hard work and won’t happen overnight.

Image Credit

Featured Image via Unsplash