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Cardano Price Prediction: Today’s ADA Price, 3rd Nov 2022

Cardano Price Prediction: Today’s ADA Price, 3rd Nov 2022

Cardano Price Prediction: Today’s ADA Price, 3rd Nov 2022

Cardano Price Prediction: Today’s ADA Price, 3rd Nov 2022

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Cardano’s price has increased by 2.5% today, rising to $0.412737 in the last day. This reflects a 15% increase over the previous week as ADA benefits from market gains brought on by an uptick in investor mood.

The global stock markets and the larger cryptocurrency market have both recovered as a result of a string of encouraging earnings announcements that gave hope that the macroeconomic situation may not be as dire as anticipated. ADA is well-positioned to benefit from such an improvement in market mood, and its fundamentals suggest that it might have a very successful 2023, providing that conditions considerably improve next year.

Today’s Cardano Price

DATEADAUSD
Today010.3936239

Cardano Price Prediction

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Despite today’s advances, the 30-day performance of ADA is still down by 4%. However, according to its technical indicators, an upswing has already started, and more gains could be on the horizon in the near and medium term.

The relative strength index (purple) for ADA increased from from 20 to almost 60 today during the last few weeks. This indicates increasing momentum, which may easily last if general market circumstances keep becoming better.

The altcoin has lots of lost ground to make up and is due for a rebound, but at the same time, its 30-day moving average (red) is still below its 200-day average (blue).

Such an anticipation is undoubtedly justified when taking a look at Cardano’s fundamentals. This is due to the fact that the Cardano ecosystem has experienced continuous growth over the past few months, with more than 1,100 apps and projects currently relying on its network, despite this year’s bear market.

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Cardano, which released smart contract capabilities in September 2021, has already seen the launch of 100 projects. Since then, more than 3,500 Plutus scripts (smart contracts) have been implemented, indicating the blockchain’s increasing activity.

Cardano’s gradually rising total value locked figure reflects this. This amount, at $70 million, is still little in comparison to chains with a larger user base, like Ethereum and Binance Chain, but it’s important to remember that it was only $1 million at the beginning of the year.

Cardano also keeps releasing significant technological improvements. This includes the Vasil improvement from this past September, which increases throughput (by lowering the delay of block transfer) and facilitates dapp development (via changes to the Plutus smart contract language).

Cardano is currently significantly undervalued as a result of these changes. Even while it only has a small portion of Ethereum’s TVL, it ranks as the ninth-largest cryptocurrency by market value, suggesting that once crypto returns to an expansionary phase, it might easily surge much higher.

In fact, it’s likely that ADA will rise over its current ATH of $3.09 during the following bull market (set last September). While it’s difficult to forecast just how much it might surpass this record, some experts have put the coin’s long-term aim at about $5.30.

The final price of ADA for this year will depend on how much the market rallies at the conclusion of the year. It is quite likely to finish above $0.50 assuming a large advance, while stronger rallies may push it as high as $1, which it last reached in early April.

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