Cardano (ADA) Predicted to Hit $10 Amid Rising Confidence
The Essentials in Brief
The cryptocurrency Cardano (ADA) could reach the $10 mark in this bull cycle. The on-chain metrics and technical indicators point to a price increase. However, ADA could undergo a correction before rising to $10.
Cardano: A Cryptocurrency on the Rise
In December 2021, the price of ADA was still at 15 cents. But within ten months, the price rose and reached a value of $3 in September 2021. This year, Cardano seems determined to improve its rather disappointing performance in 2023 when it had difficulty following Bitcoin’s (BTC) upward trend. In the last 30 days, the price of ADA has increased by 53.28% and is currently at 77 cents.
Development and Social Dominance
Cardano has particularly distinguished itself in terms of development activity, which served as a steady bullish indicator. ADA’s social dominance, which measures the extent of discussions about a project compared to others in the top 100, has dropped to 0.30%. This suggests that traders are diverting their attention away from ADA.
Price Forecast and Correction
The Fibonacci extension suggests that the price of ADA could rise to up to $1.40 in the near future. The Money Flow Index (MFI), which measures the capital flow into ADA, also shows an increase. A high MFI value suggests that a lot of capital has flowed into ADA.
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Confidence in the Cardano Ecosystem
The total value locked (TVL) in Cardano signals that confidence in the ecosystem has returned. Currently, the TVL is at $495.14 million, suggesting that market participants have tied more assets into the protocol.
Our Assessment
The prospects for Cardano are promising. The technical indicators and on-chain metrics point to a price increase. However, it is important to note that there could be a correction before a possible rise to $10. Nevertheless, the return of confidence in the Cardano ecosystem is a positive sign.
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Sources: Victor Olanrewaju, Ann Maria Shibu, Ali Martinez, AMBCrypto, Santiment, TradingView, DeFiLlama
| Symbol | ADA |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
|
| Price | $1.02 |
| 24h % | -4.43 % |
| 7d % | 42.01 % |
| 30d % | 198.40 % |
| 60d % | 169.27 % |
| 1y % | 163.04 % |
| Market Cap | $36,709,727,708.00 |
| Max. Supply | 45,000,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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