Cardano (ADA) Price Prediction, 11th Feb 2023 - ELEVENEWS

Cardano’s price increased by 2.5% in the last day to reach $0.398260, outpacing the market’s 1.5% increase. With the debut of the Cardano-based stablecoin Djed last week, the price of ADA has increased by 11% over the past two weeks and by 35% over the past 30 days.

An increase in demand for ADA, one of the primary reserve tokens for the new algorithmic stablecoin, has been sparked by the introduction of Djed. Additionally, Cardano has been used more frequently as a result, with the layer-one network’s total value locked (TVL) increasing by more than 100% since the beginning of January.

Today’s Cardano Price

DATE	ADA	USD
Today	01	0.3593607

Cardano Price Prediction

ADA’s indicators show that it’s a good moment for the cryptocurrency right now, with its 30-day moving average (red) approaching its 200-day moving average (blue). The currency might be in line for more gains if it does soar above the longer-term average and forms a golden cross.

Meanwhile, the ADA’s relative strength index (purple) has remained close to 60. Given that the RSI is currently bouncing back every time it has a dip, it appears to be in a position to continue increasing once more.

The introduction of the Djed (DJED) stablecoin has been a major factor in the success of ADA, as was already mentioned. Djed’s reserve has already removed 30.5 million ADA from circulation, and this number is probably going to keep increasing over the next few days and weeks.

In other words, there is a growing demand for ADA but a decreasing supply. The recent rallies are a result, but it’s crucial to remember that DJED only has a $2 million supply right now, suggesting that there is still room for significant expansion.

Cardano’s TVL has increased from roughly $50 million on January 1 of this year to $108 million, as of writing, in part as a result of Djed’s entry. This shows that Djed has stimulated more Cardano adoption, as the new stablecoin is already listed on the Cardano-based DEXes MuesliSwap and Minswap.

It’s conceivable that Djed’s beneficial influence on Cardano adoption is just getting started. Since Terra’s demise in May, the cryptocurrency industry has undoubtedly been begging for a dependable stablecoin, and it appears that Djed fills that need.

For instance, Djed will have a 400% to 800% over-collateralization ratio and is backed by a reserve of several cryptocurrencies. A scheme like this is designed to shield Djed from unexpected drops in the value of the coins that support it.

And the point is, there’s a very high potential that Djed might draw use from beyond the Cardano ecosystem given that an impending Cardano upgrade is planned to boost its cross-chain compatibility. From the Bitcoin and Ethereum domains are included in this.

The upcoming update will specifically “enable ECDSA and Schnorr cryptographic signatures to make it easier for developers to construct cross-chain apps,” according to the announcement. Djed might therefore wind up seeing a lot of use.

In a broader sense, Cardano may become more widely used. With more than 1,100 apps and projects currently developing on its network and more than 110 projects already released, its ecosystem has already been expanding in the setting of a bear market.

The rise of Cardano could actually pick up steam in 2023, though, as the market seems to be progressively rebounding.

As a result, there is a good likelihood that ADA will reach $1 by the middle of the year. Who knows where it will go from there, however some analysts have set a long-term target price for the token of about $5.30.