One day after the official launch, Djed stablecoin, a Cardano-based overcollateralized stable asset, attracted over 27 million in ADA base reserves on Wednesday.Developed by IOG and powered by COTI, the Djed stablecoin is backed by ADA and SHEN tokens as reserve coins.As such, Djed users can rest assured the stablecoin cannot de-peg from the programmed price as observed with Terra Luna UST.Notably, the Djed stablecoins have a total value locked (TVL) on the Cardano network of about $10.39 million.
The Cardano-based algorithmic stablecoin will have to convince both regulators and traders that its infrastructure is not similar to Terra Luna which led to over $30 billion being wiped out of the market.In a bid to ensure trust with users, the Djed stablecoin has a collateral ratio in the range of 400-800 percent.Technically, for every Djed minted, the system ensures that there is more than 4 times the value of ADA in the reserve pool.In order to ensure a healthy market, COTI has noted that SHEN tokens cannot be minted anymore and traders can only access them through DEXs.
Future Outlook of Djed Stablecoin on Cardano Network The Cardano network has provided the crypto market with a decentralized stablecoin after the implosion of Terra Luna last year.As such, ADA price has gained approximately 2.2 percent today to traders around $0.381992.“Not only do we need a stablecoin, but we need one that is decentralized, and has on-chain proof of reserves,” Shahaf Bar-Geffen, the CEO of Coti noted.Meanwhile, the Djed stablecoins may not be available to the United States market as regulators seek to interject future developments of decentralized stablecoins.
Moreover, the existing stablecoins Circle’s USDC and Tether’s USDT are heavily regulated and audited by government agencies.Was this writing helpful? No Yes It looks like the crypto market is all set to enjoy a bullish weekend as the star cryptocurrency, Bitcoin has surpassed yet another important resistance of $22,000 area.Ethereum is on a similar pace leading other top ten altcoins including BNB, XRP, Cardano and others.Among these altcoins, Cardano is considered to be among the top currencies that will enter the bullish momentum.
Cardano’s ADA attained its ATH in 2021 and since then the altcoin has not spiked that level.However, the Cardano network’s boosts of strong fundamental and development activity.Meanwhile, the experts claim that the upcoming updates of Cardano network will fuel ADA prices.As per the reports, the update is scheduled to take place on Feb 11 and is set to happen on test networks.
While immediately after three days, that is Feb 14 the next update will be introduced.Once the update is successful, the smart contract developers on Plutus will have multi-threshold signature designs.Charles Hoskinson : Token Burn Increase Market Volatility On the other hand, Cardano has a total supply of 45 billion ADA which is more than Bitcoin’s supply positioned at 21 million.Hence, the community is under discussion regarding token burn which will push ADA’s price rally.
This token burning is a method used to reduce the total supply of a particular currency so that it creates demand.This in turn will fuel the currency’s price action.However, even though this method has helped many currencies, Cardano founder Charles Hoskinson has opposed token burning.This is because he believes this method doesn’t create any fundamental value to the network and also he views this method as manipulative.Moreover, Hoskinson claims token burn will bring down liquidity and increase market volatility impacting investors.Hence, the Cardano network mainly focuses on upgrading its technology rather than token burning which is a short term solution.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
– ADA hit a volume level that it last experienced in November – The RSI metric, however, indicated that there might be a price reversal soon After what felt like a turbulent 2022, Cardano [ADA] appeared walked into 2023 on the green side of the market.As 2023 begins, the asset’s rally accumulated significant value and also witnessed other indicators rally.Is the upswing sustainable, and if so, for how long? Also, is there any reason(s) for the current upswing being witnessed by the asset? Read Cardano’s [ADA] Price Prediction 2023-2024 Whales Transaction and Volume Metrics Up Since its inception, the peer-reviewed blockchain has been exerting great energy to establish itself as a genuine and practicable alternative smart contracts platform.Cardano [ADA], the native token of the platform, has also been experiencing price oscillations.
These oscillations are indicative of both the overall trend of the market and the mood regarding the coin.Recent statistics from Santiment indicated that interest in the ADA coin witnessed a recent surge.In the same time frame, it had also become clear that whale transactions had ramped up.According to the amount seen on the Santiment table, ADA’s volume reached approximately 1 billion on 9 January.
It last reached a higher volume in November 2022.The volume was over 500 million at the time of writing, which was also more than what was observed in December 2022.Creating relatable utility Although the immediate cause of the recent price increase may not be fully understood, the recent general market trend that was spurred by the Bitcoin rally may be one theory.Furthermore, a recent tweet from Charles Hoskinson might be another explanation for the rally.The CEO of Cardano announced the launch of a hospital planned for February in a tweet on 6 January.He responded to a reply by saying that ADA can be used to pay in the hospital, which was the most noteworthy part of the tweet.The ability to accept ADA payments at the hospital may be a relevant utility for investors, which might explain the buzz surrounding the asset.27% increase, but RSI blinks caution in a daily timeframe On a daily timeframe, from the end of 2022 to the time of writing, ADA’s value had increased by over 27%.
It had increased in value by around 7% in the preceding trading period and was currently trading at about $0.3.However, a glance at the Relative Strength Index (RSI) statistic suggested what holders and investors could anticipate in terms of price movements.
At the time of writing, the RSI line was visible in the overbought area.When the buying pressure subsides, a price reversal may be imminent based on the location of the RSI line.Until the volatility decreases, prospective buyers might want to hold off on expanding their holdings.Are your holdings flashing green? Check the ADA Profit Calculator In the past 30 days, the present surge has helped holders make some money.ADA was operating at a profit of 11.14% based on the 30-day Market Value to Realized Value (MVRV) ratio that was observed.
Investors who purchased and held the asset throughout the past 30 days made a profit of 11% on their investments.
ada price prediction Cardano: Why a push beyond this level is a requisite for ADA bulls to see profits Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – Cardano [ADA] was bullish on the three-hour chart – A break below the 13-period EMA of $0.2750 would invalidate the above forecast Cardano [ADA] made new highs since the start of 2023.The altcoin rose from $0.2409 to $0.2785, gaining over 15%.At press time, ADA was trading at $0.2773 and facing a bearish order block at $0.2785.After a short-term rejection of Bitcoin [BTC] at $16,950, ADA bulls could try to retest $0.2785, but stretching beyond this level could seem difficult.
Read Cardano’s [ADA] Price Prediction 2023-24 The $0.2785 obstacle: can ADA bulls overcome it? ADA faced a bearish order block at $0.2785 on the three-hour chart.ADA may only overcome the obstacle and trade sideways if BTC takes a definitive direction.The Relative Strength Index (RSI) pulled back from the overbought zone but moved within a range.The On-Balance Volume (OBV) also fell but moved sideways and reached almost the same lows.This showed that the buying pressure eased, but later, opposing selling pressure forced ADA to fluctuate within a range.
The bulls had more influence overall.It was worth noting that despite the decline, the overall bullish momentum was still strong, as shown by the Average Directional Movement Index (ADX) of 42.Thus, the bulls could attempt to retest the $0.2785 level.However, given BTC’s short-term sideways trading pattern, a break above this level might be unlikely.Are your holdings flashing green or red? Check with ADA Profit Calculator Alternatively, the obstacle at $0.2785 could tip the scales in favor of the bears.This could cause ADA bears to break below the 13-period exponential moving average (EMA) of $0.2750, rendering the above forecast invalid.ADA trading volume fell alongside an increasingly bearish outlook ADA saw a decline in hourly and daily active addresses, which could undermine further upside momentum.
In addition, weighted sentiment sank deeper into negative territory.This indicated an extremely bearish outlook for the asset in the near term.However, a bullish BTC, especially a break above $16,950, could spur ADA bulls to overcome the $0.2785 obstacle.Therefore, investors should follow the movements of BTC to get a more reliable ADA price trend.Top posts Crypto2 hours ago Britain Announces Plans For ‘Robust’ Crypto Rules, Launches Consultation The U.K.has unveiled “ambitious plans” to “robustly regulate” various crypto activities, while seeking to protect customers and grow its…0.25%3 hours ago Federal Reserve Raises Benchmark Interest Rate By 0.25%, Disinflationary Process ‘Early,’ Says Powell The U.S.Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100%…
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