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Cardano (ADA) Forms Crucial Support, Targets 'Higher Highs' from Here: Analyst

Mon, 01/30/2023 - 10:26
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Yuri Molchan
Crypto analyst has explained how ADA price can reach higher level from where it is trading at the moment
Cardano (ADA) Forms Crucial Support, Targets 'Higher Highs' from Here: Analyst
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Crypto analyst and trader Ali Martinez took to his Twitter handle to share his take on the path that the ADA price may take soon. He shared a screenshot with data provided by IntoTheBlock analytics company.

Cardano forms crucial support area, "higher highs" may be on horizon

According to data shared by IntoTheBlock, Cardano's native cryptocurrency ADA has created a major area of support between the $0.365 and $0.376 price levels.

Martinez added that between these two price marks, approximately 4.40 billion ADA were acquired by almost 92,000 wallets. He did not specify how long ago and during what period of time those purchases took place.

Now, the analyst adds, should this demand wall continue to hold, ADA may have big chances to reach higher levels in the near future.

Bitcoin (BTC) Completes “Extremely Rare” Chart Pattern, Peter Brandt Says

Djed stablecoin launch expected this week

This week is going to be important for Cardano as Input Output (the platform that created Cardano) and COTI (a decentralized platform for payments) are going to finally launch the much-anticipated stablecoin, Djed.

The release of this overcollateralized stablecoin is expected to add more fuel to the struggling DeFi system of Cardano by bringing a lot more liquidity into it.

The collateral range for Djed currently stands at 400-800%. Should it drop below the 400% level, the minting of new Djed stablecoins will become impossible.

SHEN coin will be able to help Djed hold its peg to the USD. Aside from this long-expected Djed release, Cardano founder Charles Hoskinson has recently stated that tons of dApps based on Cardano were to emerge online soon.

At the time of this writing, ADA is changing hands at $0.3788, showing a 2% drop in the past 24 hours. The community expects the ADA price to react to the launch of Djed and become another possible driver for a rise, in addition to the "demand wall" for ADA mentioned above.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at