The cardano price has risen by 1% in the past 24 hours, reaching $0.436511 as of writing. This is also a 2% rise over ADA’s seven-day low of $0.427901, with the altcoin recovering slightly after this week’s minor selloff, which was brought on by the ongoing negative macroeconomic environment.
In terms of fundamentals, ADA remains arguably one of the strongest cryptocurrencies in the market, given the depth and breadth of the Cardano ecosystem, which has continued to grow during 2022’s bear market. And with the market continuing to undervalue and oversell it, a significant rise of around 10% or 20% is more than foreseeable in the short-term, with ADA already having witnessed such spurts this year.
Cardano Price Prediction
ADA’s current price represents a 5% drop in the past week and a 6% fall in the last 14 days. In other words, it’s still at a low ebb, with its chart alone suggesting an upswing sooner or later.
ADA’s indicators support this interpretation, insofar as they reveal overselling. Its relative strength index (purple) is hovering around the 40 level, while its 30-day moving average (red) is below its 200-day (blue), signalling a greater likelihood of rises rather than further falls.
Looking at ADA’s price chart over the past 12 months, observers will find numerous instances where the altcoin has risen by more than 10%.
For example, with its price at $0.429619 on August 29, ADA climbed to $0.521808 by September 10, completing a 21% jump. Even more impressively, it rose by 40% between July 14 and August 14, when it reached $0.594002.
Other examples aren’t hard to find, with ADA moving up by 51% between March 16 of this year and April 5, when it stood at $1.21. Obviously, its price and the wider cryptocurrency market have subsided significantly since then, but the point is that substantial upswings are still possible for ADA even longer term decline.
Looking to the more distant future and the return of more bullish conditions, ADA’s price could potentially outdo even the increases noted above. That’s because Cardano has undergone a number of important upgrades and improvements over the past year, all of which will make it more attractive to developers and users in the coming months.
Most recently, Cardano’s developers implemented the important Vasil upgrade/fork last week, something which its network more scalable and robust, while also enhancing smart contract and app development.
Vasil joins a relatively long list of updates stretching back as far as last September (when Cardano introduced smart contracts), and it’s seemingly because of such improvements that Cardano’s ecosystem has witnessed significant growth in recent months.
For example, just over 1,100 projects are now building on Cardano, with 99 already launched. And in recognition of this fact of operating projects, DappRadar has begun tracking some of Cardano’s biggest applications, including JPG Store, MuesliSwap and Minswap.
This ecosystem is also very likely to grow in the short- and long-term, with founding development lab Emurgo committing $200 million in funding yesterday to support its growth.
As such, we can expect Cardano’s current total value locked — of $77.6 million — to grow substantially in the not-soo distant future. Even if it were to reach the size of, say, Fantom and gain a TVL of $500 million, a 1:1 correlation between TVL and price would imply ADA at just over $2.80.
Of course, such a rise would depend on an improvement in the macroeconomic picture, what with inflation still high and rates rising. But as ADA’s price history over the past year has shown, even a downturn doesn’t rule out short-lived rallies of 20% or more.
Source: Crypto News