{"id":568384,"date":"2024-01-06T20:00:14","date_gmt":"2024-01-06T20:00:14","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=568384"},"modified":"2024-01-06T11:50:15","modified_gmt":"2024-01-06T11:50:15","slug":"dramatic-rise-in-cardano-ada","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/cardano\/dramatic-rise-in-cardano-ada\/","title":{"rendered":"Crypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, Here\u2019s The Target"},"content":{"rendered":"

Crypto analyst Guy Turner has predicted that <\/span>Cardano (ADA)<\/span><\/a> could experience a <\/span>significant price surge<\/span><\/a> soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens.\u00a0<\/span><\/p>\n

Cardano To Rise To $1<\/h2>\n

In a <\/span>video<\/span><\/a> posted on his YouTube channel, Turner mentioned that <\/span>ADA could rally<\/span><\/a> to as high as $1 as that is the next significant level of resistance. The analyst\u2019s projection is based on the fact that ADA\u2019s weekly chart suggests that the crypto token is in the process of painting a <\/span>bull flag<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner<\/a><\/div>\n

A rise to $1 doesn\u2019t seem impressive to the analyst as he alluded to <\/span>SOL\u2019s price<\/span><\/a>, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano\u2019s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it.<\/span><\/p>\n

He also singled out Cardano\u2019s founding entities, IOG, <\/span>EMURGO<\/span><\/a>, and the <\/span>Cardano Foundation<\/span><\/a>, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn\u2019t look to have impacted ADA\u2019s price too much, Turner said.<\/span><\/p>\n

Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on <\/span>ADA\u2019s price<\/span><\/a>, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals.\u00a0<\/span><\/p>\n

\"Cardano<\/p>\n

ADA price at $0.51 | Source: ADAUSD on Tradingview.com<\/a><\/pre>\n
Will ADA Hit New All-Time Highs This Year?<\/h2>\n
Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its <\/span>upcoming milestones<\/span><\/a>. One of them happens to be the <\/span>CIP 1694<\/span><\/a>, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the <\/span>Chang Hard Fork<\/span><\/a> set to take place early this year.<\/span><\/p>\n
Related Reading: Ethereum Layer 2 Networks Just Set A New Record<\/a><\/div>\n
Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano\u2019s first fiat-backed stablecoin this year. IOG is said to be <\/span>working on their stablecoin project<\/span><\/a>, which could be released soon enough. Mehen Stablecoin\u2019s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year.\u00a0<\/span><\/p>\n
Following the release of Turner\u2019s video, Mehen provided further updates on the USDM launch. They <\/span>stated<\/span><\/a> that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date.\u00a0<\/span><\/p>\n
The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the <\/span>DeFi landscape on the network<\/span><\/a>. The crypto analyst highlighted that it is \u201cvery difficult\u201d to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins.\u00a0<\/span><\/p>\n
Featured image from FX Empire, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Crypto analyst Guy Turner has predicted that Cardano (ADA) could experience a significant price surge soon enough. The analyst also gave an insight into what price levels the crypto token could hit when this happens.\u00a0 Cardano To Rise To $1 In a video posted on his YouTube channel, Turner mentioned that ADA could rally to as high as $1 as that is the next significant level of resistance. The analyst\u2019s projection is based on the fact that ADA\u2019s weekly chart suggests that the crypto token is in the process of painting a bull flag.\u00a0 Related Reading: BlackRock $10 Million Bitcoin Purchase Will Happen Today, Expert Says SEC Is Backed Into A Corner A rise to $1 doesn\u2019t seem impressive to the analyst as he alluded to SOL\u2019s price, which has seen incredible gains from its past lows. The crypto analyst highlighted Cardano\u2019s fundamentals as one reason why it has continued to underperform. According to him, the supply of the token seems to be outweighing the demand for it. He also singled out Cardano\u2019s founding entities, IOG, EMURGO, and the Cardano Foundation, for contributing to a lot of sell pressure for the crypto token. These organizations are said to be selling a huge chunk of their ADA holdings to fund their operations. The silver lining is that this supply and demand dynamics doesn\u2019t look to have impacted ADA\u2019s price too much, Turner said. Meanwhile, he sounded bullish on Cardano in the long term as he noted that the interest rates, which have had more impact on ADA\u2019s price, are likely to keep declining. As such, the crypto analyst believes that the crypto token could continue to rally alongside the rest of the broader crypto market despite its poor fundamentals.\u00a0 ADA price at $0.51 | Source: ADAUSD on Tradingview.com Will ADA Hit New All-Time Highs This Year? Turner further stated that whether or not ADA will hit new all-time highs this year will depend on its upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been in focus in the Cardano ecosystem over the last year. Having been voted upon and passed, the CIP 1694 is set to be implemented with the Chang Hard Fork set to take place early this year. Related Reading: Ethereum Layer 2 Networks Just Set A New Record Another milestone, which Turner considers the most important of them all, is the likely introduction of Cardano\u2019s first fiat-backed stablecoin this year. IOG is said to be working on their stablecoin project, which could be released soon enough. Mehen Stablecoin\u2019s USDM, which Turner referenced in his video, is also billed to launch in the first quarter of this year.\u00a0 Following the release of Turner\u2019s video, Mehen provided further updates on the USDM launch. They stated that the stablecoin is currently at the final stage of the audit. Once that is done, they plan to announce a final launch date.\u00a0 The introduction of Cardano fiat-backed stablecoin is an important milestone as it can further boost the DeFi landscape on the network. The crypto analyst highlighted that it is \u201cvery difficult\u201d to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins.\u00a0 Featured image from FX Empire, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":568390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,89347,84005,14643,79508,167,12332,89230,12329,6664,26263,14690],"class_list":["post-568384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-ada-news","tag-ada-price","tag-adausd","tag-adausdt","tag-analyst","tag-cardano","tag-cardano-news","tag-cardano-price","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nCrypto Analyst Predicts Dramatic Rise In Cardano (ADA) Price, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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