Cardano Price Forecast As 7,000,000 Native Tokens Launch On Blockchain – ADA To $1 Soon?
ADA, the native token of the Cardano blockchain, last traded about 1.5% higher on Wednesday, according to TradingView. Cardano’s native token is higher in line with a broad rally across crypto markets, which comes despite a more tentative sense of broader macro trading ahead of upcoming risk events. The cryptocurrency last changed hands in the mid-$0.31s, meaning it is now trading back in the green on the week and is up just over 6% compared to the fresh yearly lows it hit below $0.30 last week.
Cardano Native Tokens hit the 7 million mark
Trends remain strong in the Cardano blockchain’s underlying fundamentals. A few days ago, the number of native tokens distributed to the world’s sixth largest blockchain by market capitalization crossed the 7 million mark for the first time.
The speed at which new tokens are issued on the Cardano blockchain is impressive. The blockchain only hit 6 million native tokens in September. At its current pace, Cardano should have over 10 million native tokens changing hands on its blockchain by mid-2023.
Elsewhere, according to the latest update from Cardano Blockchain Insights earlier this week, the number of smart contracts deployed on Cardano’s Plutus platform was last up 300% in 2022. 3,791 smart contracts are now deployed on Plutus compared to 947 at the start of the year.
According to crypto GitHub development tracker @ProofofGitHub, Cardano ranked as the number one blockchain by daily development activity on November 30, beating out the likes of Ethereum and Cosmos. Cardano consistently ranks as one of the top cryptocurrencies when it comes to development, and investors are optimistic that this will translate into the emergence of a strong Cardano DeFi and utility ecosystem in the coming years.
Cardano Price Forecast – Where Next for ADA?
Despite Cardano’s underlying blockchain development fundamentals looking strong, Cardano’s native ADA token remains locked in a bearish trend, despite a modest upside over the past two days. As a result, near-term ADA price forecasts remain down. At current levels in the mid-$0.31s per token, ADA continues to trade at a roughly 25% discount compared to pre-FTX collapse levels of the low $0.40s earlier this month.
ADA/USD technical outlook looks bearish on several fronts. First, the cryptocurrency is trading below all the major moving averages, all of which are pointed and heading lower. Meanwhile, ADA has been locked within a downtrend channel now since mid-August.
The cryptocurrency tried to break above this downtrend earlier this month, but was rejected when it tested a key uptrend that had previously offered support in mid-2022. Technically, there is very little support before the summer 2020 highs in the $0.17 area, which will mark a further drop of 45% from current levels. In the short term, unless there is a significant uptick in broader crypto sentiment, ADA looks set to return to the $0.20s. A rally to $1.0 in the near term looks unlikely right now.
Will Cardano benefit from Elon Musk’s Twitter takeover?
Cardano founder Charles Hoskinson said at an event earlier this month that he believes Elon Musk has “every intention” of integrating crypto into Twitter following the billionaire’s recent takeover of the social media site. This could bring 200 million new users to crypto, Hoskinson said.
The Cardano founder speculated, as many others have, that Musk may choose to integrate Dogecoin in some way, but warned that Dogecoin lacked the technology to scale to support so many users of the blockchain. He suggested that Dogecoin could be integrated as a sidechain of Cardano to help it scale, but admitted that there would be a lot of competition for this role.
Hoskinson noted that Binance’s $500 million investment in Musk’s purchase of Twitter means that Binance’s own blockchain, the Binance Smart Chain, will likely end up taking a bigger role in any future Twitter crypto-based payment system.
That suggests the immediate benefits of the Musk Twitter takeover for Cardano may not be that great. But if it increases crypto adoption, all major projects in the crypto space are winners in the long run.
Altcoins bring faster gains
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