Thursday, April 18, 2024

Cardano ADA Likely to Touch $1 in February.

With its accelerated network development, the Cardano network is among the most promising cryptocurrency projects. It aims to do better than established entities like Ethereum. Analysts expect the Cardano network’s activity to positively take ADA’s value up.

The native token has shown a bullish trend since the beginning of 2023. ADA reached a yearly high of around $0.39, despite the bears trying to push the price lower. At the time of writing this article, ADA was trading at $0.3783. The altcoin was down by 2.84% in the last 24 hours. It faces resistance at the $0.40 level.

If ADA manages to surpass this level, it will likely continue to gain and touch the high of $1. ADA investors are cautious of the $0.40 resistance despite the bullish sentiments. The $0.40 mark is a crucial barrier and ADA needs to cross it smoothly to touch $1.

Analysts believe the launch of Djed stablecoin in the last week of January could push up the value of the altcoin. The new stablecoin will significantly improve the prospects of Cardano by boosting the network’s Total Value Locked (TVL) metric. Cardano ranks in the top 10 at the 8th position among the cryptocurrencies but its TVL among DeFi projects is 27th. Analysts say a surge in TVL could make Cardano more attractive to investors.

There is also uncertainty surrounding the Djed. The cryptocurrency market has already recorded significant losses to stablecoin collapses such as Terra (LUNA) crash.

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Azeem
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