Cardano Price Forecast – Can ADA Become 2022 Best Performer?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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October 23, 2023

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Cardano price forecast is mostly neutral as the altcoin consolidates near the $0.4166 triple bottom support area. ADA has formed a descending triangle pattern on the daily timeframe, indicating a bearish bias among investors. 

Cardano was among the few digital currencies hit particularly hard during the second and third quarters’ bear market. The value of ADA has fallen dramatically during the previous two months, falling more than 25%. 

Can ADA become the best performer in 2022? Let’s find out!

Cardano Seeks NFT Community’s Interest  

Despite unfavorable market conditions, the ADA team has been striving to attract attention from the NFT groups. Unfortunately for Cardano, their efforts were futile because the blockchain couldn’t generate significant NFT sales.

I'm really excited to go to CNFTCon https://t.co/bu5T3PcOQT

— Charles Hoskinson (@IOHK_Charles) October 7, 2022

According to the graph, Cardano NFT sales have been relatively flat since September 28th. NFT sales skyrocketed on this date. The launch of a Cardano NFT gaming project could explain the rise.

Cardano’s DeFi Activity Continues to Decline

Declining DeFi activity could be another aspect working against ADA’s development. There was a significant drop in ADA’s TVL (total volume locked) value during the past month. Cardano’s total TVL was $135.39 million on August 1st, which peaked at $326 million on March 24th.

As of this writing, its TVL was $75.32 million, down 0.31% from the previous day. The Cardano team can increase the project’s survival prospects by focusing on expansion in the NFT and DeFi industries. Bearish indicators currently exceed bullish ones, making a bright future for Cardano seem unlikely.

Cardano’s Founder Bashes the XRP Community

In a recent tweet, Cardano co-founder and chief architect Charles Hoskinson vented his anger at the XRP community, saying he no longer wanted to interact with them. 

After XRP supporters on Twitter started posting about “digging dirt” on the Input-Output CEO, Hoskinson accused them of propagating “conspiracies” about him.

Great now the conspiracy has spread to me. I guess the guy at ethereum for only six months prior to launch who proposed a different distribution and fundraising model is somehow connected to the years after I left. This is really sad and shameful. Really XRP Army? https://t.co/H4kMfmjHYi

— Charles Hoskinson (@IOHK_Charles) October 8, 2022

Whereas the Ethereum co-founder has stated his opinion that most layer-1 protocols aren’t securities, he has criticized people who target current and former government workers and accuse the US Securities and Exchange Commission of corruption without providing evidence.

Hoskinson argued, “Howie has nothing to do with individual corruption.” 
The founder of Cardano emphasized the futility of anger, adding that “cynicism” and “bullying” are similarly fruitless.

Cardano Price Review & Tokenomics 

Cardano’s current price is $0.423166, with a 24-hour trading volume of $288 million. Cardano has fallen by 0.46% in the last 24 hours. 

CoinMarketCap currently ranks #8 with a live market cap of $14.5 billion. There are 34.26 billion ADA coins in circulation, with a maximum supply of 45 ADA coins.

Cardano Price Forecast – Can ADA Become 2022 Best Performer?

Cardano has formed a descending triangle pattern, providing immediate support near $0.4166. Because descending triangle patterns tend to break on the lower side, the odds of a bearish breakout remain fairly strong.

The lagging indicator, the 50-day moving average, is extending an immediate resistance near the $0.4560 level, keeping Cardano in a bearish trend. The leading indicators RSI and MACD, on the other hand, are also indicating a bearish bias.

A spike in selling pressure could push the downtrend all the way to the $0.3915 or $0.3660 support levels.  

On the upside, the downward trendline may extend resistance near $0.4466, and a break above this can push ADA towards resistance levels of $0.4689, $0.4895, or $0.5245.

Cardano does not appear to be the best performer in 2022 based on the fundamental indicators discussed above; however, a few altcoins are staying in the spotlight due to their massive performance. Let’s go over them quickly.

Cardano Alternatives – Tamadoge & IMPT Pumping

Over 165% from its yearly low of $0.01683, the meme coin Tamadoge is gaining popularity. OpenSea now sells the Ultra-rare Tamadoge NFTs, with a start price of 1 WETH. Tamadoge has become the 3rd biggest meme coin in the crypto space.

After only six days of the presale, the project’s native currency, the IMPT token, has already raised an incredible $2.4 million, having sold 133.36 tokens. 

Even though the blockchain-based carbon credit marketplace began its auction during a bear market for cryptocurrencies, demand for the marketplace token remained high.