The crypto community sets a bullish Cardano price for October 31, 2022
Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee end of month prices.
As a result of the recent Vasil upgrade to the blockchain implemented by Cardano (ADA), there has been much speculation regarding the future price of the digital asset and the question of whether or not the latest hard fork will act as a catalyst for further development of the ADA token.
Cardano is expected to trade at an average price of $0.5873 by October 31, 2022, according to data collected by Finbold on September 28 using the community predictions from CoinMarketCap’s ‘Price Estimates’ tool.
The price forecast that the community has decided to be optimistic for the decentralized finance (DeFi) token is the result of 10,386 votes that were cast. This forecast shows an increase of $0.15, or 36.21%, from the price of ADA, which at the time of publication was trading at $0.432.
A cryptanalyst’s perspective
As a result of the long-awaited implementation of the Vasil update on the Cardano network, cryptocurrency investors and traders are examining the market activity of the Cardano token in order to predict the movements in the near future and choose the optimal moment to buy.
According to well-known cryptocurrency trading expert Michaël van de Poppe, the best moment to buy Cardano would be when the price is in the range from $0.30 to $0.375.
In his view, “the ultimate range to buy from is the $0.30-0.375 region.” Furthermore, Van de Poppe also noted that the cryptocurrency’s chart “looks like we’re rallying.”
Furthermore, the trading expert predicted that a reversal in Cardano’s current negative trend would lead to an increase in long positions.
“But do we want to see it up front and people are already stacking? If so, a downtrend break is your long trigger.”
In a remarkable development, the price of Cardano did not experience a price explosion, although the LunarCrush data showed a huge increase in the number of social mentions of Cardano in the days leading up to the Vasil update.
Cardano Price Analysis
According to statistics provided by CoinMarketCap, the token was trading at $0.4384 at the time of writing. This represents a decrease of 4.95% on the day, while it represents an increase of 4.15% over the previous seven days.
Finally, one factor that could influence the price of Cardano in the future is the fact that the creator of ADA, Charles Hoskinson, continues to provide new ideas aimed at improving the DeFi blockchain. Hoskinson has expressed agreement with Cardano’s long-term goal of developing an ADA-certified wallet.
During a September 28 videocast, Hoskinson said that Cardano intends to do away with the original wallet idea in favor of having a blueprint with predetermined requirements that will guide developers to create certified wallets.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
