Cardano Price Forecast – Can ADA Be Top Performer in 2022?
The Cardano price forecast is largely neutral as the altcoin consolidates near the $0.4166 triple bottom support area. ADA has formed a descending triangle pattern on the daily timeframe, indicating a bearish bias among investors.
Cardano was among the few digital currencies that were particularly hard hit during the second and third quarter bear markets. The value of ADA has fallen dramatically over the past two months, falling more than 25%.
Can ADA be the top performer in 2022? Let’s find out!
Cardano seeks the interest of the NFT community
Despite unfavorable market conditions, the ADA team has been trying to attract the attention of the NFT groups. Unfortunately for Cardano, their efforts were futile because the blockchain could not generate significant NFT sales.
According to the graph, Cardano NFT sales have been relatively flat since September 28th. NFT sales skyrocketed on this date. The launch of a Cardano NFT gaming project may explain the upswing.
Cardano’s DeFi activity continues to slow
Declining DeFi activity may be another aspect that works against ADA’s development. There was a significant drop in ADA’s TVL value (total volume locked) in the last month. Cardano’s total TVL was $135.39 million on August 1st, which peaked at $326 million on March 24th.
As of this writing, TVL was $75.32 million, down 0.31% from the previous day. The Cardano team can increase the project’s survival chances by focusing on expansion in the NFT and DeFi industry. Bearish indicators are currently outpacing bullish ones, making a bright future for Cardano seem unlikely.
Cardano’s founder bashes the XRP community
In a recent tweet, Cardano’s co-founder and chief architect Charles Hoskinson expressed his anger towards the XRP community, saying he no longer wanted to interact with them.
After XRP supporters on Twitter began posting about “digging dirt” on the Input-Output boss, Hoskinson accused them of propagating “conspiracies” about him.
While the Ethereum co-founder has stated his opinion that most layer-1 protocols are not securities, he has criticized people who target current and former government workers and accuse the US Securities and Exchange Commission of corruption without providing evidence.
Hoskinson claimed: “Howie has nothing to do with individual corruption.”
The founder of Cardano emphasized the futility of anger, adding that “cynicism” and “bullying” are equally fruitless.
Cardano Price Review and Tokenomics
Cardano’s current price is $0.423166, with a 24-hour trading volume of $288 million. Cardano has fallen by 0.46% in the last 24 hours.
CoinMarketCap currently ranks #8 with a live market cap of $14.5 billion. There are 34.26 billion ADA coins in circulation, with a maximum supply of 45 ADA coins.
Cardano Price Forecast – Can ADA Be Top Performer in 2022?
Cardano has formed a descending triangle pattern, providing immediate support near $0.4166. Because descending triangle patterns tend to break on the downside, the odds of a bearish breakout remain quite strong.
The lagging indicator, the 50-day moving average, is extending an immediate resistance near the $0.4560 level, keeping Cardano in a bearish trend. The leading indicators RSI and MACD, on the other hand, also indicate a bearish bias.
An increase in selling pressure could push the downtrend all the way to the $0.3915 or $0.3660 support levels.
On the upside, the downtrend line could extend resistance near $0.4466 and a break above it could push ADA towards resistance levels of $0.4689, $0.4895 or $0.5245.
Cardano does not appear to be the best performer in 2022 based on the fundamental indicators discussed above; However, a few altcoins remain in the spotlight due to their tremendous performance. Let’s go over them quickly.
Cardano Alternatives – Tamadoge & IMPT Pumping
Up 165% from its yearly low of $0.01683, meme coin Tamadoge is gaining popularity. OpenSea is now selling the ultra-rare Tamadoge NFTs, with a starting price of 1 WETH. Tamadoge has become the third largest meme coin in the crypto space.
After just six days of the presale, the project’s native currency, the IMPT token, has already raised an incredible $2.4 million, having sold 133.36 tokens.
Although the blockchain-based carbon credit market began its auction during a bear market for cryptocurrencies, demand for the marketplace token remained high.
