Cardano Price Prediction – Is ADA Preparing For A 100% Move?
Given current cryptocurrency market conditions, one potential Cardano price prediction would be that ADA is bullish above a triple bottom at $0.4180. On the daily time frame, Cardano has closed a strong green light, indicating a strong possibility of a bullish reversal. However, a hybrid of mixed fundamentals limits ADA’s upside.
Still, its market cap of nearly $14.8 billion places it among the top 10 cryptocurrencies. Claims have been made that Cardano’s architecture makes it more efficient to run smart contracts than Ethereum. After all, ADA network creator Charles Hoskinson helped build the infrastructure for the cryptocurrency that is generally considered the “king of all altcoins.”
Hoskinson ensured that his improvements to Cardano’s smart contract performance would be as efficient as possible. However, it seems that this progress will not be enough to stimulate the growth of the digital currency, as the price remains relatively low.
Cardano Price Review and Tokenomics
Cardano’s current price is $0.433, with a 24-hour trading volume of $430 million. Cardano has increased by 1.50% in the last 24 hours. CoinMarketCap currently ranks #8 with a live market cap of $14.8 billion.
There are 34,253,098,140 ADA Coins in circulation, with a max supply of 45,000,000,000 ADA Coins. While the coin is on the watchlist of 2.2 million users.
Cardano Age of Voltaire
Cardano unveiled its Vasil hard fork at the end of September. After the fork, people still felt optimistic since the network continued to function normally. Now that everything seems to be going smoothly with Vasil, Cardano’s creator Charles Hoskinson said on October 3 that the next phase, the Age of Voltaire, was on the horizon.
According to a chirping by Hoskinson, the new era is designed for network builders and users. He claims Cardano’s goal is to create decentralized governance that will show the rest of the industry how to do it right.
Cardano Price Prediction – Is ADA Preparing For A 100% Move?
With such strong fundamentals, demand for Cardano is increasing and the ADA/USD price is likely to rise. ADA/USD has formed a descending triangle pattern, with support extending near $0.4181. Because descending triangles are more likely to break on the downside, the $0.4181 level should be closely watched.
A break below this level could result in downward pressure, causing the ADA price to fall to an immediate support level of $0.3678. If the ADA/USD coin remains above $0.4180, the triple bottom support level could rise further towards $0.4850.
A bearish trendline at $0.4850 on the daily time frame could hinder Cardano’s move up. On the other hand, increased demand for Cardano could break through this level and extend the uptrend to $0.5275 or $0.5835.
Leading technical indicators such as RSI and MACD remain below 50 and 0, indicating a bearish trend in Cardano, respectively. In contrast, the 50-day moving average is likely to keep the ADA price below $0.4660. As a result, Cardano will face significant difficulties in reaching $1.
The ADA/USD pair has the potential to move 40% above $0.4180 if it breaks through the $0.4660 level. On the other hand, a breakout of $0.5275 and $0.5835 could increase the chances of a 100% move above.
Cardano Alternatives – Tamadoge & IMPT Pumping
In other news, Tamadoge has outperformed the Terra Classic (LUNC) bull run from Q3 2022, during its first week of trading on the OKX exchange.
Coins with a low market cap often have higher upside potential than large companies like ADA. We also recently announced a new crypto presale, the IMPT token.
