Cardano Price Forecast – Is ADA Preparing for a Move Toward $1?

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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October 22, 2023

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Cardano’s ADA token continues to navigate the current market downturn, with recent developments giving investors hope that it could see a pump in the long term. 

But how high can ADA really go? 

ADA Price Action

ADA currently trades at $0.3513, marking an uptrend of 0.46% in the past 24 hours. ADA has outperformed the broader market, which is down by 1% in the same period. 

However, ADA’s price has failed to break through any of its top moving average (MA) indicators despite the 24-hour increase. It trails every major metric, ranging from the 10-day MA of $0.3522 to the 200-day MA of $0.3530.
 

ADA’s moving average convergence divergence (MACD) is negative. However, the crypto asset’s reactive strength index (RSI) of 40.48 shows that it is approaching the oversold region, making it perfect for long-term investors. 

Vasil Hard Fork Gives Hope for Long-Term Gains 

ADA has some impressive fundamentals that can support long-term growth. 

Recently, the Cardano blockchain successfully implemented the Vasil hard fork. The upgrade has been touted as a necessary shift for the blockchain, bringing benefits such as increased transaction speed and reduced fees. 

#Vasil mainnet HFC event successful!🍾

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
🧶1/5

— Input Output (@InputOutputHK) September 22, 2022

Vasil is the biggest network upgrade since Alonzo, which added smart contracts to the blockchain in September 2021. Cardano looks set to remain competitive, and Vasil is a major part of that. 

Network Activity Spikes 

Another strong fundamental factor appears to be the surge in network activity on the Cardano chain. According to data, network transactions on Cardano rose to 97,959 on October 19; this is the highest point since the start of the month and a 75% jump on a month-to-month basis. 

4/Cardano activity is growing:
– NFT volume hit 3.0m and 2.8m ADA on 17/18th Oct, solidifying Cardano as the 3rd largest NFT protocol @opencnft

– Network transactions on 19th Oct hit 97,959, up ~+75% MoM @cardanoscanio

– @MinswapDEX volume highest in half a year at 3m+ daily pic.twitter.com/KSL9x2Qu8i

— ADA whale (@cardano_whale) October 19, 2022

The blockchain has also seen a jump in non-fungible token (NFT) activity, with volumes hitting 3 million ADA on October 17. This placed the blockchain in the third position among NFT protocols. 

The daily NFT market update is a wild one today👀

🚀Cardano breaking into the top 3 with @the_ape_society @DerpBirdsNFT @claymates leading the way!
🐂Hedera gets on the left side of the chart for the first time as @HangryBarboons does 2m HBAR volume!
🦎 @Gekofam back on top! pic.twitter.com/6FczXG3yPE

— Chain Gab (@ChainGab) October 17, 2022

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