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Cardano Price Forecast – ADA Spikes Up 1%, Can Cardano Reach $5 in November?

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Cardano price forecast appears to be shifting from bullish to bearish, particularly below the 50-day moving average line at $0.4225. Earlier, ADA recovered above the $0.3365 level and moved toward the $0.4315 target, but failed to break above this, implying a bearish correction.

Cardano’s price has jumped by more than 15% in the last seven days. Can we expect the Cardano price forecast to be bullish, and can Cardano reach $5 in November? Let’s find out! 

Cardano Price & Tokenomics 

Cardano’s current price is $0.39, with a 24-hour trading volume of $712 million. In the last 24 hours, Cardano has dropped over 2% but has gained over 15% in the last seven days. CoinMarketCap now ranks #8 with a live market cap of $13 billion. 

Cardano Price & Tokenomics – Source: coinmarketcap

It has a total quantity of 45,000,000,000 ADA coins and a circulating circulation of 34,318,114,044 ADA coins.

Cardano Price Prediction by Charles Hoskinson 

Charles Hoskinson, founder of Cardano (ADA), has made a far-sighted forecast for the development of the ecosystem surrounding his Ethereum (ETH) competitor.

Hoskinson, in a recent video update, argues that claims that proof-of-stake blockchains like Cardano are less accessible to the average person than proof-of-work chains are typically false. 

The power of Cardano is that you can efficiently run a world financial operating system as an SPO on an $800 PC https://t.co/4GGdSJuPTl

— Charles Hoskinson (@IOHK_Charles) October 25, 2022

Hoskinson believes that someday Cardano will develop into a big ecosystem of blockchains and sidechains running in parallel with each other, in part because of its accessibility to the masses.

”Cardano will eventually be a network of blockchains so it’s not just going to be Cardano, but when you think about the sidechain side of things, there’s potentially going to be dozens, potentially hundreds of sidechains running in parallel all tuned to pacific things. So it’s like ‘The Borg’ going around and absorbing technology, every sidechain is a blockchain and blockchain partnership. This type of hardware can run all of that, and this type of ecosystem can run all of that. It’s so cool and it’s just the fruits of our labors.”

Cardano’s Market Cap Rose $2.3 Billion in Days

According to data published by Cardano every day, Cardano’s market cap increased by approximately $2.3 billion during the past three days. Among the top 10 cryptocurrencies, Cardano (ADA) had the biggest increase on October 26 (up to 15%).

This comes after on-chain analytics company Santiment said that Cardano has never been undervalued as much as it has been since January 2019. After Ethereum’s $3.3 billion in inflows over seven days, Cardano daily reports that it has seen the most growth among similar Layer 1 blockchains.

Cardano’s social metrics improved significantly during the past week, too. LunarCrush reports that Cardano had a surge of 8.44% in social mentions and a 12.78% increase in social engagement.

Cardano Price Forecast –  Can Cardano Reach $5 in November?

This week, the ADA/USD pair has been trading significantly bullish, breaking a weekly bearish trend and producing bullish engulfing candles. However, the ADA/USD pair is now struggling to break above the major resistance level of $0.4320. 

On October 11, the ADA/USD pair broke through a descending triangle pattern at $0.3990. A bearish breakout of a descending triangle pattern usually results in a continuation of the selling trend, followed by a bullish correction. As a result, a Doji candle below the 50-day moving average line of $0.4260 is concerning for Cardano buyers. 

Cardano may trade a bearish unit for $0.3570 or $3365 under this scenario. A further bearish breakout could push ADA to $0.3020.

Cardano Price Chart – Source: Tradingview

Leading indicators such as MACD and RSI are still in the buying zone. However, the 50-day moving average points to a selling bias. Therefore, a bullish breakout above the $0.4320 level can provide further room for buying until $0.5190 or $0.5850  

Cardano is unlikely to reach $5 anytime soon, but a breakout and close of candles outside $0.43 may drive a further buying trend.

New Crypto Presales

Traders expecting a quick profit may be disappointed, as Cardano price forecasts indicate a slow bullish recovery in 2022. Dash 2 Trade’s presale has already raised over $2.9 million in less than a week, making it one of the year’s largest token sales.

Dash 2 Trade, an Ethereum-based platform, aims to provide users with access to a wide range of real-time analytics and social trading signals. The amount of money raised thus far is a massive show of support for the system.

After the presale concludes and before the platform’s launch in the first quarter of 2023, the company intends to list its D2T token on multiple exchanges. If previous presales this year are any indication, D2T has solid foundations to propel it to even greater success.

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