Cardano: Where is the Price Headed with the Addition of New Wallets?

Cardano records 50,000 new wallets as the ADA market cap increases by US$4.5 billion

Cardano’s price has been rising steadily in recent days. Despite a slight price drop, it continues to show enormous promise. One of the factors driving this charge is the network’s recent development strides, as it recently launched its sidechain toolkit. The Cardano Network has evolved into a developer’s paradise, allowing users to create Decentralized Applications (dApps) on its blockchain. Its growing usefulness may have translated into increased interest in the project.

Cardano market share has grown significantly this month, with over 50,000 wallets joining its protocol. Cardano ambassador Yevhen was overjoyed to share these statistics on Twitter. The total number of Cardano wallets has risen from 3,842,867 on January 1 to 3,894,735 registered wallets by January 25, 2023. This increase reflects increased ADA adoption and increased on-chain activity among users. Cardano’s market cap has also risen from US$8.48 billion in late 2017 to US$13 billion today. Cardano developers hinted at a launch date for its Djed stablecoin project following the release of its Sidechain Toolkit.

In a COTI network update on January 25, Shahaf Bar-Geffen announced that the Cardano stablecoin Djed would launch next week. Even though the exact date was unknown, a timeline was created for the Cardano community. Djed is a stablecoin created by the Cardano developers to power the Cardano ecosystem. COTI created the stablecoin in collaboration with Cardano’s Input Output (IOG) team. The yet-to-be-launched coin is linked with over 40 partners to ensure proper usage. As the chain index syncing process began more than a week ago, the COTI network stated that it was finishing it.

The developers stated that they plan to incorporate a snapshot mechanism into their User Interface (UI). Other features have been added and will be revealed when the token is released. ADA’s positive momentum has slowed as it approaches the US$0.385366 resistance zone. Nonetheless, price performance has been positive in the last week, with an uptrend forming on the charts. Cardano is currently trading at US$0.3860, down. However, this price correction will most likely be temporary. ADA is currently trading above its 50-day SMA but below its 200-day SMA. Expect the asset’s price to rise in the short term and trade above its 200-day simple moving average (SMA) in the coming weeks. The levels of support are US$0.358996, US$0.365308, and US$0.372181, while the levels of resistance are US$0.385366, US$0.391677, and US$0.398550. ADA surpassed these resistance levels when it reached an all-time high of US$3.10. The network’s development strides may bring it closer to its ATH value. The Relative Strength Index (RSI) is 69.26, which is close to the overbought zone. If bearish pressure persists, this indicator may retrace into its channel. The Moving Average Convergence Divergence (MACD) is above its signal line but indicates convergence. It reflects the bearish pressure seen on today’s price charts. Expect the price of ADA to fall before it resumes its upward trend. The launch of its Stablecoin, as well as its acceptance and adoption, can help its price momentum. However, keep in mind that crypto assets are highly volatile and can deviate from previous price history. As a result, thorough research and analysis are required before investing.

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