Cardano price holds strongly against the US dollar while exchanging hands at $0.374. ADA, the token powering the Cardano ecosystem, is up 52% in 30 days and has managed to hold onto a 7% increase in value over the last 14 days.
Despite this bullish report, the launch of Djed, the first stablecoin on the Cardano blockchain failed to cause a positive price change. Nevertheless, its impact cannot be brushed off immediately and may eventually trigger a rally as investors gradually embrace Djed.
Cardano is a $12.9 billion crypto ecosystem, currently holding in the eighth position and commanding over $400 billion in trading volume. Although ADA price has remained relatively unchanged over the last 24 hours, its bullish outlook seems intact.
Therefore, bulls only need to reach above $0.40, where they are likely to unlock the bullish potential and open the door to gains first aiming for $1.00 in the coming weeks, possibly months, and $3 by the end of 2023.
Cardano price has been dealing with resistance at $0.40 for a few days, although it is teetering at $0.374 at the time of writing. The smart contracts token has sustained an uptrend for over three weeks in January, with this week being the only one in the red.
ADA is not the only token lacking the momentum to carry on with the uptrend, considering all the top ten cryptocurrencies are in the red on Tuesday, apart from Dogecoin, whose price is up 7.4%.
Across the board investors are waiting with bated breath on the outcome of the United States Federal Open Market Committee (FOMC) meeting, kicking off today. Market watchers expect an interest rate hike of 25 basis points, down from the previous 50 basis points. This change would reflect the overall feeling that inflation is going downRead more on cryptonews.com