Cardano Price Forecast as ADA Shoots Up 5% – Time to Buy?
The Cardano price has jumped by 5.5% in the past 24 hours, reaching $0.382443 and recovering from an inflation-induced selloff yesterday. However, it remains down by 11% in the last seven days, subdued by negative macroeconomic conditions weighing down the wider cryptocurrency market.
Since dropping to a seven-day low of $0.351706 yesterday, the ADA price is, in fact, up by 8.8%, although more rises are likely in store in the near future, given just how discounted the altcoin is relative to its fair value. And with the Cardano ecosystem expanding steadily over time, it's in a very good position to rise significantly once market conditions become more favorable.
Cardano Price Forecast as ADA Shoots Up 5%
Looking at ADA's chart, now really is a good time to buy, if only because the altcoin is currently oversold. This is revealed by its relative strength index (purple), which remains under 30 but looks like it has just begun turning upwards.
Based on previous instances where ADA's RSI has dropped below 30 in the past year, it's due a notable rise in price. Indeed, it's likely to continue increasing beyond its 5.5% rise today, even if the overarching negative macroeconomic conditions would suggest it could continue rising for too long.
Previous instances of rises from an RSI of under 30 would suggest that ADA is due to jump anywhere from 20% to 30%, relative to its low yesterday. This would indicate an ADA price between $0.423 and $0.457, although it's worth remembering that it may take the altcoin anything from several days to several weeks to rise to such levels.
As far as the longer-term picture, there's plenty of reason to suspect that the ADA price will rise well beyond such levels in the more distant future. This is largely because the Cardano network and ecosystem have enjoyed consistent growth over the past few months (if not years), with over 1,000 apps and projects now building on its blockchain.
Cardano's total value locked in is only a modest $68.3 million, but this figure needs to be seen in light of the fact that it enabled smart contracts only a year ago when its TVL was practically $0. As such, it has seen very encouraging growth in the past 12 months.
Not only is its ecosystem growing, but it continues to introduce important technical updates. This includes last month's Vasil upgrade, which improves throughput (by reducing the latency of block transmission) and makes programming dapps easier (via changes to the Plutus smart contract language).
Such improvements mean that Cardano is arguably very undervalued. Even with only a fraction of Ethereum's total value locked in, it remains the eighth-biggest crypto by market cap, implying that the ADA price could jump massively if it enjoys substantial organic growth and adoption.
In this respect, it's worth highlighting that ADA's current ATH is $3.09, set last September. There's little doubt that ADA will eventually beat this once more bullish market conditions return (most likely next year), and it could rise much higher in the longer term.
IMPT Offering Quicker Gains?
Waiting for the next bull market may not be every trader's idea of a good time, yet there are a handful of promising newer altcoins that have been enjoying big gains during the current bear market. With the exception of cryptos such as ApeCoin and LidoDAO, most of these are coins that have been through a presale.
Possibly the most promising presale happening right now is the Impact Project, which opened up its native IMPT token to buyers on October 3. It has since raised over $4 million, with its promise of an Ethereum-based carbon credit marketplace and eco-friendly shopping platform enticing ESG-minded investors.
Other coins in this mold include Battle Infinity (IBAT) and Tamadoge (TAMA), the latter of which raised $19 million in its presale and then saw gains of over 250% in a week after listing on OKX. Of course, there's no guarantee that IMPT (or any other presale this year) will match such a return, but with strong fundamentals, it has a good chance of earning something for its early backers.
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