Cardano Price Prediction – ADA Nears $0.45, Can it Reach $1?
Cardano price prediction seems slightly bearish as the coin has reached a triple bottom level of $0.4150 and has formed a descending triangle pattern. After completing yet another significant upgrade, Cardano is operating flawlessly once again. The Cardano team has always tried to enhance the network and its users' overall experience.
However, the episode was quite the opposite of what the community expected, as people thought ADA's price would surge after the hard fork, but eventually, it was under selling pressure.
During the weekend, Cardano was in bearish mode, having difficulty recording encouraging gains after the much-anticipated Vasil hard fork that was pushed earlier in September.
Curiously, Cardano developers have just released yet another update, koios-go-client v2.0.0. Positive environmental changes aside, ADA's indicators pointed to gloomy times ahead.
Charles Hoskinson, ADA is Entering New Era
Charles Hoskinson, maintaining his custom, used Twitter to inform his fans of forthcoming developments. The creator of Cardano has recently declared a new epoch for the network. His proposed "Age of Voltaire" could help spread network decentralization.
Hoskinson's tweet says this new era is geared toward the people who create and use networks. He argues that Cardano aspires to develop decentralized governance in a manner that 'shows' the remainder of the space how to do it right.
Facing Down Rivals
Cardano has taken a lot of flak in the crypto community since many traders and investors think the network is not expanding quickly enough. In the most recent instance, Ethereum guru Evan Van Ness referred to the blockchain as a "zombie chain."
Van Ness noted, despite Uniswap's far smaller market price, it experienced more transactions than Cardano. These aren't the ideal projects to use as an example because of the vast differences in how they operate and generate revenue.
But in terms of decentralized financial activity, Cardano is behind other networks. Hence, this criticism adds downward pressure on Cardano's price.
Cardano Price Review & Tokenomics
At the time of writing, Cardano's current price is $0.4267, with a 24-hour trading volume of $478,371,258. Cardano has fallen by 0.25% in the last 24 hours and 3.84% in seven days.
CoinMarketCap currently ranks #8 with a live market cap of $14,618,490,093. It has a total supply of 45,000,000,000 ADA coins and a circulating supply of 34,253,127,048 ADA coins.
Cardano Price Prediction
The ADA/USD has formed a descending triangle pattern, extending support near the $0.4181 level. Because descending triangles are likely to break on the lower side, it's critical to keep an eye on the $0.4181 level.
A break below this level can cause downward pressure, leading the ADA price to an immediate support level of $0.3675. Alternatively, if the ADA/USD coin remains above $0.4180, the triple bottom support level may continue to rise towards $0.4850.
On the daily timeframe, a downward trendline at $0.4850 may obstruct Cardano's upward movement. However, increased demand for Cardano could cut through this level and extend the uptrend until $0.5275 or $0.5835.
Leading technical indicators like the RSI and MACD remain below 50 and 0, respectively, indicating a bearish trend in Cardano. The 50-day moving average, on the other hand, is likely to keep the ADA price below $0.4600.
As a result, reaching $1 will be a significant challenge for Cardano.