Price Forecast: Ada Eye $1 Mark as 24H Trading Volume Surpasses $600 Million

ADA, the native coin of Cardona Network could be on its way to $1 mark as 24 hours trading volume surpasses $600 million, data from TradingView reveals.

The eighth-largest cryptocurrency by market cap is up by 8% in the last 24H, trading at $0.4050 at the time of writing this report. 

Ada, which is often touted as the Ethereum (ETH) killer because of its perceived competition with ETH, is up by 59.82% in the last 30 days and 10.43% in the past 7 days, data from the Binance platform shows. 

A closer look at the indicators shows that Ada could be on its way to the $1 mark in the mid-term as its Relative Strength Index (RSI) shows an upswing movement, provided that bitcoin rises or stable. 

Similarly, the launch of the Cardano-based stablecoin Djed (DJED) which has caused a massive spike in demand for ADA reiterated the optimism for an upside movement. Djed already has 23.75 million Ada in its reserve with the potential to add more as the Cardano-based stablecoin continues to see more demand. 

Interestingly, it is understood that when more Ada is taken from the market and put into the reserves, it will reduce the circulation of Ada and subsequently boost its price. 

Additionally, Cardano ecosystem continues to expand considerably with its cross-chain compatibility. No less than 110 projects have already been launched on the Cardano ecosystem with more than 1000 apps and projects in the pipeline while more than 5000 smart contracts (Plutus Scripts) have also been built on its Network. 

In light of this, Investors King understands that a medium-term upswing movement of $1 for Cardano native token Ada is not out of reach. 

It could be recalled that Ada set a record high of $3.10 in September 2021 before retracing back alongside other cryptocurrencies. Nonetheless, the Cardano team continue to build a solid use case for the ecosystem.