ADA price has skyrocketed since establishment as the community behind the project remained robust. Following the roadmap of the project, many considered the project as one of the blockchain with enormous potential. Although many investors in the cryosphere are bullish on the coin, the cryptocurrency has been witnessing its 7th straight monthly red candle. As the red candle is taking shape, Cardano is trading well below $1 and marking a continuation of the long bearish period for the largest Proof-of-Stake (PoS) asset.
ADA price shows bearish sentiment
The closing ADA price remains both below the price at which it opened and previously closed. Notably such a pattern is being observed over the past six consecutive straight months. Furthermore, analysts in the cryptosphere have highlighted that the scenario shows such similar patterns look to be on track to occur for a seventh month as well.
According to data from CoinMarketCap, the monthly red candle streak has been following the largest Proof-of-Stake project since September last year. Notably, in August 2021, the project witnessed a green candle for the last time.
Spiking TVL on Cardano network
The ADA price has been following a steady downward trend since August 2021 regardless of the latest network upgrades.
On the other hand, we have observed that over the past month, the asset is trading well below the level of $1. Cardano has recorded an approximately 4.92% decrease over the previous seven days. Such a trend shows another dramatic plunge since August last year when the asset was trading above $2.5.
However, we have noted although the price of the project is steeply declining, the total value locked (TVL) has been making strides. The trend of TVL has been continuing to advance on the network. At the time of writing, the total TVL on Cardano is more than $139.7 million, which is outdoing the previous ATHs, when it stood at $133.3 million.
It is noteworthy that the data from the DefiLlama shows that the record of March last year has itself beaten its previous ATH.
Skyrocketing smart contracts
Since Cardano began to support smart contracts, after increasing the scalability and pace of ADA, more than 1k smart contracts have been added with more than 3 million ADA wallets.
However, the investors are closely observing the cryptocurrency whether it will avoid a seventh consecutive red candle, or whether they can figure out the best entry point.