Cardano Price Prediction as Smart Contracts on Platform Grow Over 300% in 2022
Cardano price prediction is bearish, but the double bottom pattern will likely support it around $0.2960. A bullish reversal could be triggered by candles closing above this level.
Since the introduction of the smart contracts feature, the Cardano (ADA) network has grown significantly. It moves it closer to competing with established platforms such as Ethereum.
On November 27, 3,811 distinct smart contracts were running on Cardano’s Plutus smart contracts platform. According to Cardano Blockchain Insights data, after registering 947 smart contracts on January 1, the value has increased by more than 300%, or 2,864, in 2022.
As per data collected from #Cardano Blockchain Insights, the total number of smart contracts based on Plutus, a smart contracts platform by Cardano, stood at 3,791. The value represented a growth of 300% or 2,844 in 2022 after recording 947 smart contracts on 1 January.— Dr Martin Hiesboeck (@MHiesboeck) November 28, 2022
The increase in Cardano smart contracts follows additional network development to improve the feature’s usability. Cardano claims that the team has been focusing on expanding script capacity, the Plutus Debugger MVP, and completing the spread of full Babbage support in the Plutus tools prior to its release.
Cardano has also launched its Plutus DApp developer resource website. Developers can now learn how to create decentralized applications (DApps) using Plutus smart contracts, while beginners can learn about DApps.
Given the ongoing network development activities, the Cardano community believes that the expected adoption will increase the value of ADA/USD.
Smart Contracts Growth
Following the official September 22 rollout of the Vasil hard fork upgrade, the number of Cardano smart contracts has increased. The hard fork is intended to improve the scalability of the DeFi network.
Furthermore, despite initial concerns about Vasil’s impact on functionality, the smart contract has grown in scope. The community feared the upgrade would disrupt the smart contract’s operation.
Cardano creator Charles Hoskinson stated that the team had taken the necessary precautions to ensure that smart contracts are compatible with the changes, eliminating the need for re-writing.
Cardano’s Active Addresses have Increased by 90% Per Day
On November 24, Adverse News tweeted that the Cardano network had experienced a 90% increase in daily address activity. This was the network’s second major milestone, following the achievement of 1.2 million delegated wallet addresses.
Cardano is well-known for its fundamental growth, but the price of its underlying asset, ADA/USD, remains unchanged. However, there is frequently a strong correlation between holders’ network engagement and asset price performance.
#Cardano network sees 90% jump in daily active address activity— Dr. Shweta 🦅 (@Dr_shwetaPHD) November 28, 2022
✅Number of Plutus-based smart contracts created on the blockchain experienced a spike in early November
✅Number of delegated wallets on the blockchain rose to 1.2 million #ADA pic.twitter.com/Kp6mMZ2Xaq
Cardano Price Prediction – ADA to $1 Soon?
Cardano’s current price is $0.3073, with a 24-hour trading volume of $281 million. Cardano has fallen by more than 3.5% in the last 24 hours. CoinMarketCap currently ranks #9, with a live market cap of $10 billion. There are 34,433,894,588 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.
The ADA/USD exchange rate opened at $0.3125 on November 28 and reached a high of $0.3138 and a low of $0.3006. On the technical front, Cardano’s immediate support is at $0.2960, and a bearish breakout of this level could expose Cardano’s price to $0.2620.
On the upside, Cardano’s immediate resistance remains at $0.3320, and a break above this level has the potential to push the price of Cardano up to $0.3775. The RSI and MACD are diverging; the RSI is in a selling zone, while the MACD is in a buying zone, indicating market indecision.
Cardano must break out of the $0.2960 to $0.3320 trading range to determine the next price action.
New Crypto Presales
Given the market’s fear, there may be fewer opportunities in Cardano, but there are coins on pre-sale that are making headlines. Let us take a look.
Dash 2 Trade (D2T)
Dash 2 Trade is a trading intelligence platform that offers real-time analytics and social trading data to investors, allowing them to make more informed trading decisions.
The sale of its native D2T token has already raised more than $7.3 million in advance of its launch in the first quarter of 2023.
It has also announced BitMart and LBANK Exchange listings for early next year, giving early investors a good chance to make some decent returns.
RobotEra (TARO) is a Sandbox-style Metaverse that will launch its alpha version in the first quarter of 2023. Gamers will be able to play as robots and contribute to the creation of its virtual world, which will include NFT-based land, buildings, and other in-game items, on its Ethereum-based platform.
1 TARO is currently being sold for 0.020 USDT (it can be purchased with either USDT or ETH), but this price will rise to $0.025 during the second stage of its presale, which will begin soon.
Visit RobotEra Now
For a cryptocurrency to have long-term potential, it must also have real-world utility, which distinguishes IMPT. This is a one-of-a-kind and revolutionary cryptocurrency project that tries to combat climate change through a carbon offset program.
After selling out its phase 1 presale in three weeks, a month ahead of schedule, this Ethereum-based coin has now sold more than $13 million in tokens. Tokens cost $0.023 in the second phase but will rise to $0.028 in the third phase.