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Cardano Price Prediction: Today’s ADA Price, 1st Feb 2023

Cardano Price Prediction: Today’s ADA Price, 1st Feb 2023

Cardano Price Prediction: Today’s ADA Price, 1st Feb 2023

Cardano Price Prediction: Today’s ADA Price, 1st Feb 2023

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Cardano’s price is stable against the US dollar and is currently trading at $0.374. The coin driving the Cardano ecosystem, ADA, has increased in value by 7% over the past 14 days and by 52% over the past 30 days.

Despite this upbeat report, Djed, the first stablecoin to be released on the Cardano blockchain, did not result in a rise in price. However, its impact cannot be ignored right away and could ultimately lead to a rally as investors come to accept Djed.

Cardano is a $12.9 billion cryptocurrency ecosystem that presently ranks seventh and has a trading volume of over $400 billion. Although the price of ADA has largely remained steady over the past day, its positive prognosis appears to be unaffected.

As a result, bulls only need to climb over $0.40, where they are likely to realise their full bullish potential and start seeing returns. They should aim for $1.00 in the coming days, potentially months, and $3 by the end of 2023.

Today’s Cardano Price

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DATEADAUSD
Today010.3881718
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Cardano Price Prediction

Cardano’s price has been bumping up against resistance at $0.40 for a few days, though it is currently balancing at $0.374. In January, the smart contracts token has maintained an upward trend for more than three weeks; this week is the only exception.

Given that all 10 of the top cryptocurrencies on Tuesday, with the exception of Dogecoin, whose price is up 7.4%, are in the red, ADA is not the only token missing the momentum to continue the ascent.

Investors around the world are anxiously awaiting the conclusion of the US Federal Open Market Committee (FOMC) meeting, which begins today. Market observers anticipate a 25 basis point increase in interest rates, down from the prior 50 basis points. The broad perception that inflation is declining in the dollar nation would be reflected in this change.

According to the US Consumer Price Index (CPI), which measures inflation yearly, it fell from 7.1% in November to 6.5% in December. Although the data is not entirely encouraging for the world economy, it does indicate that things are beginning to move in the right direction, which is likely to lead to small rate increases in the future.

A decline in rate increases is an indication that investors should start allocating more capital to riskier investments like cryptocurrencies. Therefore, before the Fed decides on interest rates later on Wednesday, crypto assets like Cardano may face a decline in liquidity.

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