What’s Next for Cardano Price As Djed, an Algorithmic Stablecoin, Enters the Market?
Cardano’s Djed is live! It hits the mainnet at times when most of them have been undergoing frightful days. Meanwhile, the launch did offer a notable push to the ADA price but it was only a short-lived rally that appears to have settled.
The token has been attempting rigorously to slice through the crucial $0.4 resistance levels but is constantly failing to do so. However, the rally continues to trade in an ascending trend, indicating that it is confident of reviving a bullish trend.
The ADA price has been trading below the 200-day MA levels since the beginning of 2022 and has never attempted to test these levels. However, since the beginning of 2023, the price has inflated and raised close to MA levels. Woefully, the price has been facing constant hindrances at these levels, but bulls appear to be poised to keep up the momentum of the rally and reach the desired target at the earliest.
Cardano Active Address See Notable Swing
However, the bears may certainly not hold the dominance for a long time as the market participants have intensified their activity on the platform. The Daily Active Address(DAA) that tracks the number of addresses contacting the platform is maintaining a notable upswing.
Presently, the levels have rebounded from the bottom at around 52K and raised beyond 85.5K, and heading towards 100K. In the meantime, the ADA price also maintained a significant upswing. With the jump in the DAA, the transaction volume also spiked, indicating the shift of focus of the market participants over the platform.
Another indicator that is pointing toward a giant price action is the MVRV ratio trending within the negative levels for quite a long time. The MVRV ratio is the comparison between the market value to its realized value that further determines whether the token is undervalued or overvalued.
Presently, the MVRV ratio has been trading within the negative levels for quite a long time, hence indicating the traders accumulating the tokens constantly as the ADA price, currently is undervalued.
Collectively, Cardano’s price appears to have been preparing for a notable rally, where-in the rally may catch up, regardless of whether the bullish market sentiments prevail within the market or not. Therefore, after accumulating some strength, the ADA bulls are believed to uplift the price beyond the pivotal resistance soon.