ADA-denominated value of coin held within the Cardano blockchain has reportedly reached an all-time high of 341 million ADA, according to statistics from DeFi Llama, showing increased platform use.
The cryptocurrency known as ADA fuels Cardano’s high-performance, smart-contract enabled blockchain, which is viewed as a competitor to the Ethereum blockchain.
The Djed over-collateralized algorithmic stablecoin’s debut earlier this year gave the ecosystem a boost and created new opportunities for yield farming within the Cardano DeFi ecosystem.
According to the project’s website, there are already about 2.1 million Djeds in circulation, and the protocol has a reserve ratio of 471%.
Today’s Cardano Price
| DATE | ADA | USD |
|---|---|---|
| Today | 01 | 0.3073735 |
Cardano Price Prediction
Cardano’s loss this week means the cryptocurrency has dropped below all of its main moving averages. In addition, it indicates that the cryptocurrency is currently in a downward trend that dates all the way back to June 2022.
Another indication that there wasn’t enough momentum for a meaningful improvement in the short-term price outlook is ADA/inability USD’s to break convincingly above its 200-Day Moving Average last month.
Theoretically, there isn’t much hope for the cryptocurrency in the foreseeable future; a slump beneath $0.30 seems quite probable. That might lead to a slide of another 24% from current levels, returning to late-2022 lows in the $0.24 region.
It won’t, however, be a straight line lower as it has been in recent weeks because the 14-Day Relative Strength Index (RSI) is getting close to oversold territory.
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