Cryptocurrency analyst Jay Turner predicted this Cardano (ADA) A can be tried Huge price rise very soon. The analyst also provided insight into the price levels the cryptocurrency token could reach when this happens.
Cardano rises to $1
in video Turner mentioned this on his YouTube channel ADA could go up Up to $1, as this is the next important level of resistance. The analyst's forecast is based on the fact that the weekly chart of ADA indicates that the crypto token is in the process of painting a picture Taurus flag.
The rise to $1 does not seem as impressive to the analyst as it implied Sol price, which has seen incredible gains from its past lows. The cryptocurrency analyst highlighted Cardano's fundamentals as one of the reasons for the continued poor performance. According to him, the supply of the token appears to exceed the demand for it.
He also mentioned Cardano's founding entities, IOG, imorgoand the Cardano Foundation, for contributing a lot of selling pressure for the crypto token. These organizations are said to be selling a significant portion of their ADA holdings to fund their operations. The bright side is that supply and demand dynamics don't seem to have affected the price of ADA much, Turner said.
At the same time, he appeared optimistic about Cardano in the long term as he noted that interest rates, which had a greater impact on… ADA price, and is likely to continue to decline. As such, the cryptocurrency analyst believes that the cryptocurrency token can continue to rise along with the rest of the broader cryptocurrency market despite its weak fundamentals.
ADA price at $0.51 | Source: ADAUSD on Tradingview.com
Will ADA reach all-time highs this year?
Turner also stated that whether or not the ADA reaches all-time highs this year will depend on that Upcoming milestones. One of them happens to be CIB1694, a proposal that has been in focus in the Cardano ecosystem over the past year. After being voted on and approved, CIP 1694 is scheduled to be implemented with Chang Hard Fork Scheduled for early this year.
Another milestone, which Turner considers the most important of all, is the potential introduction of Cardano's first fiat-backed stablecoin this year. It is said that IOG Working on their own stablecoin project, which could be released soon enough. Mehen Stablecoin's USDM, which Turner referenced in his video, is also scheduled to launch in the first quarter of this year.
Following the release of Turner's video, Mehen provided further updates on the USDM launch. they advertiser The stablecoin is currently in the final stage of vetting. Once that is completed, they plan to announce the final launch date.
The introduction of the fiat-backed stablecoin Cardano is an important milestone as it could further strengthen the coin DeFi landscape on the network. The cryptocurrency analyst highlighted that it is “very difficult” to develop decentralized applications (dApps) on the network without the help of liquid stable fiat currencies.
Featured image from FX Empire, chart from Tradingview.com
