Cardano Blockchain Records All-Time High in ADA Value Held Within the Network
According to DeFi Llama’s statistics, the value of ADA coins held within the Cardano blockchain has reached a record high of 341 million ADA, indicating increased usage of the platform.
ADA is the cryptocurrency that powers Cardano’s high-performance, smart-contract enabled blockchain, which is seen as a competitor to Ethereum’s blockchain.
The debut of the Djed over-collateralized algorithmic stablecoin earlier this year provided a boost to the ecosystem, creating new yield farming opportunities within the Cardano DeFi ecosystem.
The project’s website states that there are currently approximately 2.1 million Djed coins in circulation, with a reserve ratio of 471%.
Today’s Cardano Price
DATE ADA USD Today 01 0.3445316
Cardano Price Forecast
Cardano has fallen below all of its primary moving averages this week, indicating that the cryptocurrency is in a downward trend that dates back to June 2022.
Furthermore, ADA’s inability to break convincingly above its 200-Day Moving Average last month suggests that there was insufficient momentum for a significant improvement in the short-term price outlook.
In the near future, there does not appear to be much hope for the cryptocurrency, with a potential drop below $0.30 seeming quite likely. This could result in a further 24% slide from current levels, returning to late-2022 lows in the $0.24 area.
However, it will not be a straight line down, as has been the case in recent weeks, as the 14-Day Relative Strength Index (RSI) is approaching oversold territory.
