Cardano Blockchain Sees a Surge in New Wallets
Cardano’s price has shown a remarkable upward trend over the last several days. Despite a little decline in price, this investment remains quite promising. One of the causes contributing to this surge is the network’s recent sidechain toolkit announcement, which demonstrates its development progress.
The Cardano Network has evolved into a centre for developers and enables users to create Decentralized Applications (dApps) on its blockchain. The project’s popularity may have increased due to its increasing usefulness. Cardano’s market share has increased significantly, with over 50,000 wallets added to its system this month. Yevhen, a Cardano advocate, was ecstatic to tweet these data. He claimed that the overall number of registered Cardano wallets climbed from 3,842,867 on January 1 to 3,894,735 on January 25, 2023.
This expansion is a result of higher ADA use and more on-chain engagement among users. In addition, Cardano’s market capitalization has grown from $8.48 billion in late 2022 to $13 billion today. Cardano programmers signaled at a release date for its Djed stablecoin initiative after the debut of their Sidechain Toolkit.
In an announcement from the COTI network, Shahaf Bar-Geffen revealed on January 25 that the Cardano stablecoin Djed will debut the following week. A chronology was established for the Cardano community, despite the date being unknown. The makers of Djed want for it to fuel the Cardano ecosystem. COTI, in collaboration with the Input Output (IOG) team of Cardano, has created the stablecoin. The not-yet-launched currency is connected to more than 40 partners for its optimal use.
The COTI network said that it was completing the final touches on the chain index synchronization procedure, which began more than a week ago. The programmers stated that they want to include a snapshot function in their User Interface (UI). Other attributes have been included and will be revealed with the introduction of the token.
Today, ADA’s strong momentum has paused as the cryptocurrency sits around the $0.385366 barrier zone. In spite of this, the price performance over the previous week has been favorable, with an upward trend forming on the charts. Cardano is trading with a drop at $0.3860 per token. Nevertheless, this price adjustment will certainly be temporary.
ADA’s 50-day Simple moving average (SMA) is above its 200-day SMA, but still below its 50-day SMA. In the following weeks, it is expected that the asset’s price will post short-term increases and move above its 200-day simple moving average (SMA). The levels of support are $0.358996, $0.365308, and $0.372181, while the levels of resistance are $0.385366, $0.391677, and $0.398550. Historically, ADA overcame these resistance levels when it reached its all-time high price of $3.10. With the network’s developing progress, it may approach its ATH value.
The Relative Strength Index (RSI) is towards the overbought area at 69.26. Nonetheless, if bearish pressure remains, this indicator might return to its channel. Moving Average Convergence Divergence (MACD) is well above its signal line, yet convergence is evident. It represents the negative pressure seen on today’s price charts. Anticipate that ADA’s price would decline before resuming its climb. The introduction of its Stablecoin, acceptability, and acceptance may contribute to its price growth.