Cardano Price Prediction

According to the ADA chart, the altcoin is ready to rally. Its relative strength index (purple) has increased from over 30 in November to around 45 at the moment and appears to be picking up steam.

At the same time, for the majority of the year, the coin’s 30-day moving average (red) has been comfortably lower than its 200-day average (blue). Technically speaking, this indicates that ADA is overdue for a significant resurgence and continued growth.

It goes without saying that investors may still have to wait for a really significant ADA surge to materialise because to the fragile global macroeconomic environment. The same is true of the FTX problem, which also continues to harm investor confidence and the market, with additional troubled companies probably following in FTX’s footsteps.

However, once these drawbacks are addressed, Cardano’s extremely solid fundamentals position it in a way that ADA can continue to experience significant growth.

For instance, the Cardano ecosystem has been rapidly expanding over the past several months, with more than 1,100 apps and projects presently building on its network and more than 100 projects having released, despite the bear market of 2022.

It’s interesting to note that Cardano has had recent growth since more than 3,900 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network enabled smart contracts last September. This demonstrates how builders are in fact constructing on the network, which is gradually reaching a critical mass.

The aforementioned GitHub data, which constantly identifies Cardano as either the network with the highest daily activity or among the highest, serves to support this perception.

Even while Cardano doesn’t top these rankings every day of the week, it usually does, demonstrating how it is expanding more quickly than most other networks. This implies that it will thereafter become one of the busiest and most popular platforms in the not-too-distant future, benefiting ADA in the process.

The current total value locked for Cardano is $60 million. Despite the fact that this is still a little sum, it is crucial to keep in mind that it was essentially $0 a year ago and only a little over $1 million in the beginning of the year, when ADA’s price was significantly higher.

The key aspect is that ADA is still the ninth-largest coin in the market by cap, despite having a low TVL. As a result, ADA will increase in value as Cardano grows and gains greater adoption, possibly approaching Ethereum (ETH).

In the not-too-distant future, ADA might trade for about $4.40 if its cap approaches that of ETH, which is now $150 billion. Naturally, if the market enters a new bullish phase, it might increase even further; some analysts have placed the coin’s long-term target price at about $5.30.

Notably, a $10 ADA coin may be attainable in the future, but it might take some time to get there, assuming Cardano maintains its current trajectory and demand for the platform keeps growing.

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