Cardano Price Forecast as $600 Million Trading Volume Floods In – Can ADA Reach $1?
The Cardano price has risen by 6% in the past 24 hours, surging to $0.404805 as the coin's 24-hour trading volume surpasses $600 million. This is its highest in nearly two weeks, with ADA also up by 8% in seven days and by 59% in a month.
This makes ADA one of the best-performing major cryptocurrencies in the market, with growth in the usage of the Cardano-based stablecoin DJED one of the biggest factors in its recent growth. And with the rise of DJED also pointing to the growing utility of Cardano itself, it signals the possibility that ADA may end up being one of the biggest winners in the market this year.
ADA's indicators show that the altcoin is in the middle of a pronounced upswing. Its relative strength index (purple) has jumped to 70 or above in the past couple of weeks and it remains there, signaling ongoing positive momentum.
Even more promisingly, the coin's 30-day moving average (red) is getting closer to rising above its 200-day average (blue). If it were to cross the longer-term average, this would form a 'golden cross,' which potentially signals an even bigger breakout.
In other words, there's a real chance that ADA could easily rise beyond its current level in the next few days, moving from $0.404805 to $0.5 and beyond.
And there are plenty of reasons to be optimistic about ADA and Cardano right now. Most notably, the launch of the Cardano-based Djed (DJED) stablecoin has caused a massive spike in demand for ADA.
Because Djed is an over-collateralized stablecoin, this means it requires more backing in cryptocurrencies than it's nominally worth. Much of this backing is currently made up of ADA, with 28.3 million ADA currently sitting in its reserves (and rising).
Needless to say, Djed's reserves will grow with
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