Cardano Price Prediction – Is ADA Preparing For a 45% Rally This Week?
Cardano (ADA) price predictions have been mostly positive lately, as the token started seeing an encouraging increase in value over the past several days after a month-and-a-half-long, continuous price drop. Cardano seemingly hit bottom last Friday, October 21st, when it sank to $0.33. Since then, its price has been on the rise throughout the weekend, and things did not change much on Monday, October 24th.
Apart from short-term fluctuations, the price has been seeing steady growth for the last three days, currently sitting at $0.46, or 3.10% higher than 24 hours ago. However, there are indications that ADA could see a massive 45% rally as the week progresses due to a recent announcement by Cardano’s Charles Hoskinson, who hinted at “something big” coming in November.
FTX intends to add spot Cardano (ADA) pair
Sam Bankman-Fried, the CEO of one of the largest global crypto exchanges, FTX, recently responded to a tweet that said that FTX won’t list ADA because they view Cardano as a “threat to everything they want to control.” Bankman-Fried decided to handle the matter personally responding that this is “definitely not the case,” and adding that ADA is already listed on the exchange internationally.
Furthermore, he added that adding spot ADA is on the platform’s roadmap, as well. The revelation was posted yesterday, and it seemingly gave a boost to Cardano’s price which started seeing a small correction at the time.
For the time being, FTX currently offers perpetual futures tied to Cardano, and they are, as its CEO noted, available to international users. And, while Cardano is the only coin of the exchange’s top 25 listed currencies without a spot listing, this will reportedly change soon.
Charles Hoskinson: Something special is coming in November
In the past 12 months, Cardano has seen a great amount of growth as a network. After launching smart contracts and concluding its Shelley Era, the project has seen the launch of countless projects in search of a reliable, scalable network to call home. Input Output, a research and development company that uses blockchain technology’s P2P innovation to build accessible financial services, recently posted a development update on Cardano, showing some of the highlights of the project.
The report includes over 100 projects launched on Cardano, more than 6.4 million native tokens, 52.4 million transactions, 1,122 additional projects that are building on Cardano right now, and more.
However, that is not the end for Cardano, as its founder, Charles Hoskinson, hinted recently that something big is coming in November. He did not give any details about what or when other than that it will happen next month and that it will be really special for Cardano.
Cardano NFT volume surges by over 300%
Another big development for Cardano concerns its NFT sector. Recent reports have shown that Cardano’s trading volume — a metric used to measure the total number of NFTs being traded in a marketplace — has seen considerable growth in October after seeing low levels between June and the end of September.
On October 14th, the metric’s value climbed up to 943k ADA, but by October 22nd, it skyrocketed to over 4 million ADA, which represents a 320% surge.
Cardano price prediction
According to a recent study conducted by Santiment, Cardano is currently extremely undervalued. The value of the coin right now is comparatively lower in comparison to the same period in 2019. In fact, the MVRV Z-Score is at -1.35, which puts it at the lowest position it has seen in the last 45 months.
According to CoinMarketCap, at the time of writing, ADA value is at $0.3609, which puts it at 3.10% higher than 24 hours ago. The project’s 24h volume is at $403.02 million, which is around $60 million higher than yesterday during the same period.
The project has seen quite a significant amount of development, but despite that, holders did not see a significant upward trend since November 2021. In order to return to its pre-ATH value of 2021, Cardano would have to see an 88% rally. While this might not happen in the near future, experts do expect to see a rally that is about half of that, or 45%, as the week unfolds; not only because of Hoskinson’s announcement but also due to Cardano, alongside Bitcoin, XRP, and BNB, flashing bullish signals, as reported by Santiment.
Alternative Coins - D2T Presale
Another project that is important to mention is Dash 2 Trade (D2T) — a growing, cutting-edge crypto market platform dedicated to research and analytics. The platform was developed by Learn 2 Trade, which features the largest crypto-learning community in the world, containing over 70,000 members.
The platform offers everything that traders could ever need in order to accurately monitor the market in real time, including on-chain analytics, trading signals, notifications involving exchange listings, trading competitions, and more.
D2T is currently in the middle of a presale that has already raised over $1 million in less than 3 days since the start, and is currently nearing its second million, sitting at $1,937,460.4 USDT raised at the time of writing. The goal of the presale is to raise $5.166 million, and presently, only 64,570,792 D2T tokens remain.