Crypto analyst Guy Turner has predicted that Cardano (ADA) might experience one significant price increase soon enough. The analyst also provided insight into what price levels the crypto token could reach if this happens.
Cardano rises to $1
In a video posted on his YouTube channel, Turner said that ADA could rally as high as $1 as that is the next significant level of resistance. The analyst’s projection is based on the fact that ADA’s weekly chart suggests the crypto token is in the process of painting a picture. bull flag.
An increase to $1 does not seem impressive to the analyst, as he said The price of SOL, which has posted incredible gains from its previous lows. The crypto analyst highlighted Cardano’s fundamentals as one of the reasons why the company is underperforming. According to him, the supply of the token appears to be greater than the demand for it.
He also mentioned Cardano’s founders, IOG, EMURGOand the Cardano Foundation, as it has contributed to a lot of selling pressure for the crypto token. These organizations would sell a large portion of their ADA assets to finance their operations. The silver lining is that these supply and demand dynamics don’t appear to have affected the price of ADA too much, Turner said.
Meanwhile, he sounded optimistic about Cardano in the long term, as he noted that interest rates, which have had more influence on the The price of ADA, will likely continue to decline. As such, the crypto analyst believes that the crypto token could continue to develop alongside the rest of the broader crypto market despite its poor fundamentals.
ADA price at $0.51 | Source: ADAUSD on Tradingview.com
Will ADA reach new all-time highs this year?
Turner further stated that whether ADA will reach new all-time highs this year will depend on it upcoming milestones. One of them happens to be the CIP 1694, a proposal that has been central to the Cardano ecosystem over the past year. Once voted on and adopted, CIP 1694 will be implemented with the Chang hard fork will take place early this year.
Another milestone, which Turner sees as the most important of all, is the likely launch of Cardano’s first fiat-backed stablecoin this year. It is said that IOG is working on their stablecoin project, which could be released soon enough. Mehen Stablecoin’s USDM, which Turner referenced in his video, is also expected to launch in the first quarter of this year.
Following the release of Turner’s video, Mehen provided further updates on the launch of USDM. She declared that the stablecoin is currently in the final stages of audit. Once that’s done, they plan to announce a final launch date.
The introduction of the Cardano fiat-backed stablecoin is an important milestone as it could further boost the currency DeFi landscape on the network. The crypto analyst emphasized that it is “very difficult” to grow decentralized applications (dApps) on the network without the help of liquid fiat stablecoins.
Featured image of FX Empire, chart from Tradingview.com
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