• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

ADA Price Analysis: Cardano’s Growing Ecosystem Trigger Bullish Momentum! Analyst Marks Breakout Levels

in Altcoin, Crypto Exchanges, Crypto Price Analysis
Reading Time: 2 mins read
ADA Price Analysis: Cardano’s Growing Ecosystem Trigger Bullish Momentum! Analyst Marks Breakout Levels
9
VIEWS
Share on Facebook

Cardano has become the favorite network for investors as it is making headlines in the crypto market with its robust announcements. Moreover, its unique approach to fulfilling its development goals has garnered a lot of attention in recent months.

With the launch of the much-anticipated stablecoin DJED, Cardano is looking to challenge the dominance of Ethereum as the go-to platform for decentralized applications (dApps). Furthermore, as the Cardano ecosystem continues to grow, investors are getting increasingly excited about the future price trend of the ADA token.

Cardano Sends Bullish Waves To The Altcoin Market

With the launch of the Valentine upgrade and stablecoin DJED on the Cardano network, ADA price has gained massive support in making a potential breakout level. In addition, Cardano’s over-collateralized stablecoin, Djed, received an overwhelming response just one week after its launch. The stablecoin, which is based on the Cardano blockchain, has already gained over 30 million ADA tokens as backing, indicating strong investor confidence in the project.

The launch of Djed was a highly anticipated event, and it is the result of months of development by IOG, the Cardano code maintainer, and COTI, a fintech platform that specializes in creating price-stable coins. The stablecoin aims to provide a secure and reliable alternative to traditional cryptocurrencies known for their volatile nature.

The development team behind Djed stablecoin is planning to introduce several new features to the platform. One of the most promising developments is the upcoming release of “Djed Pay,” a payment system similar to Ada Pay but based on a stablecoin.

The introduction of Djed Pay is expected to increase the adoption rate of the stablecoin as it will allow users to transact easily. Cardano developers are also looking to establish a functionality that will allow traders to add more native assets to their portfolio, including wrapped Ether and wrapped BTC, which can be deposited into the Djed smart contract. This function will help to build up the collateral for the stablecoin, making it more stable and reliable.

What Lies Ahead For ADA Price?

ADA price has formed support near $0.39 after facing rejection at the EMA-200 trend line at $0.42. However, the buying volume is rising as buyers gain confidence from the recent developments in the Cardano network.

According to CoinMarketCap, ADA’s price trades at $0.4, with a downtrend of 1.27% from yesterday’s price. A well-known crypto trader, BitDoctor, predicts a smooth bull run for ADA token in the upcoming days if it breaks above the 23.6% Fib level. As the ADA price trend has formed a ‘head and shoulder’ pattern, it may soon pave its way to $0.75 if it breaks above the resistance of EMA-200 and holds its price near $0.43.

Conversely, a bearish reversal may emerge if ADA price trades below the weekly RSI level at $0.375, from which the token may pave its way to the bottom level of $0.31.

Source link

10 Best crypto trading platforms in Europe


  • Trending
  • Comments
  • Latest
SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

24 March 2023
New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App – Wallets Bitcoin News

New Feature Enables Nigerian Metamask Wallet Users to Buy Crypto Assets Within the App – Wallets Bitcoin News

23 March 2023
Federal Reserve Hikes Rates Up by 25 Basis Points Despite Banking Turmoil

Federal Reserve Hikes Rates Up by 25 Basis Points Despite Banking Turmoil

23 March 2023
Nexon picks Polygon Supernets for “MapleStory Universe” and NFT ecosystem expansion

Nexon picks Polygon Supernets for “MapleStory Universe” and NFT ecosystem expansion

23 March 2023
TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud

TRX, HT, BTT Crashed After SEC Accused Justin Sun of Securities Fraud

23 March 2023
Yuga Labs to Launch Art Collection on Bitcoin

Yuga Labs to Launch Art Collection on Bitcoin

27 March 2023
Allocation Update Q3 2022 | Ethereum Foundation Blog

Allocation Update Q3 2022 | Ethereum Foundation Blog

27 March 2023
Empowerment Over Fear: Bitcoin, Home Birth And Responsible Sovereignty

Empowerment Over Fear: Bitcoin, Home Birth And Responsible Sovereignty

27 March 2023
Terra’s Do Kwon Arrested in Montenegro

Terra’s Do Kwon Arrested in Montenegro

27 March 2023
Confirm You’re Dealing with the Real Otherside Meta

Confirm You’re Dealing with the Real Otherside Meta

27 March 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}