Cardano Price Forecast – Can ADA Reach $5 in November?
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Cardano’s native token, ADA, is one of the market’s most popular coins. The digital asset has seen some gains in the past few days, with crypto analysts optimistic about further surges in the future. How high can ADA go?
ADA Price Action
ADA currently trades at $0.3824, a downtrend of 1.36% in the past 24 hours. However, the digital asset's price pumped by 14% over the past week. The crypto market experienced a significant price resurgence earlier this week, with many major coins crossing resistance points. As a large-cap coin, ADA also experienced a price bump.
With its current price, ADA has mixed technicals. The crypto asset is trading above its short-term moving average(MA) indicators, but it is trading above its 100-day and 200-day MA metrics - at $0.38 and $0.39.
ADA’s moving average convergence divergence (MACD) is negative, but its relative strength index (RSI) of 52.16 indicates it is underbought.
Ambitious Objectives Ahead for Cardano
Over the past few months, the Cardano blockchain has seen significant growth, and its developers are setting new lofty goals.
Recently, Cardano creator Charles Hoskinson explained that they are working on making Cardano a “network of blockchains.” Hoskinson explained that they would create a full ecosystem of interconnected blockchains, which would be able to share data and resources seamlessly.
This will mean that Cardano will expand to become a full repository for developers looking to build. And as expected, it should spur the price of ADA in the long term.
Market Still Uncertain in the Short-Term
Although coin prices are looking to stage a recovery, investors remain wary of additional pressure from the traditional economy. Fears of inflation are still present. The Federal Reserve is highly expected to hike interest rates by at least 75 basis points by its next Federal Open Market Committee (FOMC) meeting in November. This will be a continuation of aggressive interest rate hikes — a trajectory on which the Fed began earlier this year.
If this happens, additional pressure will be placed on the market, and coin prices could slide.
Looking for Easy Gains? Buy D2T
While ADA looks to stage a comeback, investors looking to enjoy low-risk gains in the market can buy D2T tokens.
D2T is the utility token for Dash 2 Trade. The platform focuses on helping investors optimize profitability with a simple funnel that offers several critical tools, including a trading application program interface (API), notifications on presales, and new coin listings. D2T is available at a presale price of $0.05, and it has a significant chance of raking in massive gains soon.
With a user base that’s already over 70,000, Dash 2 Trade is primed for massive growth - especially as the market is also expected to surge in the near future. This makes D2T an especially good investment for market participants.