Is it Too Late to Buy Cardano? Crypto Experts Give Their ADA Predictions
The price of Cardano (ADA) has fallen by 0.5% in the past 24 hours, reaching $0.264293 following a bad weekend for the cryptocurrency market as a whole. Its current price marks a 14% drop in a week and a 19% decline in the last 30 days, with ongoing market negativity serving to depress financial markets worldwide.
Given such losses, ADA holders may be hoping that the altcoin has reached a bottom and is due for recovery anytime soon, especially in light of its fundamentals and ongoing development. However, some analysts suspect that the cryptocurrency still has further losses in store before it ends the descent it has witnessed for much of 2022.
Is it Too Late to Buy Cardano? Crypto Experts Give Their ADA Predictions
Based solely on its technical indicators, observers could be forgiven for concluding that ADA really has hit a bottom. In particular, its relative strength index (purple) has fallen below 40 in the past day or so, signaling that it’s oversold relative to previous movements this year.
Similarly, ADA’s 30-day moving average (red) has remained decisively below its 200-day average (blue) for all of 2022, again signaling that a more positive correction is due sooner or later.
That said, opinion is mixed as to whether ADA has finished suffering. For some analysts outside of its community, there’s a chance of further falls, both in the shorter and longer term.
https://www.twitter.com/MindSetCrypto_/status/1604790369920684037Self-described value investor Mike Alfred remains decidedly bearish on ADA, recently repeating his prediction that it will eventually fall close to $0.06 or $0.05.
When Cardano's ADA token was trading at $3.00 I announced a price target of 5 cents. Given the uptick in activity recently and the strength of the community I am becoming increasingly constructive on the name. Consequently, today I am raising my price target to 6 cents.
— Mike Alfred (@mikealfred) December 17, 2022
On the other hand, people within the Cardano ecosystem and community continue to affirm that ADA’s fundamentals will eventually help push its price upwards, particularly when the market returns to more bullish conditions.
I can't understand how Cardano, with all its features, is behaving in price the same of DOGE, DOT, SOL.
— Cardano Hieronymus (@CardanoHumpback) December 16, 2022
To Mr. Market, ADA was just a fashion, now on shipwreck.
We have show proofs they're wrong. But they're blind, deaf, narrow-minded.
Marketing, marketing, marketing. Or sink.
There may be something to this claim, insofar as Cardano has enjoyed steady development and numerous updates over the course of 2022’s bear market. Its ecosystem now boasts over 1,100 apps and projects building on its network, as well as more than 100 projects already launched.
ICYMI: Our weekly #Cardano development update is live on #EssentialCardano!
— Input Output (@InputOutputHK) December 4, 2022
Check out what our dev team has been up to and get the latest on our development progress.
As always, we welcome your feedback and comments👇 https://t.co/bjDiJCtkSx
Interestingly, GitHub has repeatedly shown that Cardano tends to be the layer-one blockchain with the most day-by-day development activity, in terms of commits and changes.
GitHub Daily Development Activity:
— ProofofGitHub (@ProofofGitHub) December 8, 2022
#1: 938 Cardano
#2: 712 Cosmos
#3: 539 Ethereum
#4: 472 Polkadot / Kusama
#5: 399 Internet Computer
#6: 373 Uniswap
#7: 368 Livepeer
#8: 363 Decentraland
#9: 347 Flow
#10: 326 Immutable X pic.twitter.com/K5EY0XvdT6
Again, this reinforces the perception that Cardano is growing faster than its rivals, and that ADA is currently undervalued. The thing is, despite being undervalued, it’s still the ninth-biggest coin in the market by cap.
It has reached this position despite having a total value locked in of only $51 million, which is only 2% of Ethereum’s TVL. This suggests ADA could potentially have massive gains in store, particularly is Cardano manages to attract organic growth.
Presale Gains
Of course, such gains may take more than a few months to arrive, meaning that any trader searching for more immediate returns would probably be advised to look elsewhere.
Despite the downturn, one particularly fruitful area has been presales, which have seen some coins rise by substantial percentages after listing for the first time.
This includes Tamadoge (TAMA), which gained by as much as 1,800% (relative to its presale price) in October, when it was listed on the major exchange OKX. It also includes Lucky Block (LBLOCK), which rose as high as 6,000% compared to its sale price of $0.00015.
It may also include the three coins below. These tokens are currently holding their respective presales, and given their promising fundamentals and roadmaps, may be due to some above-average returns once they list in the New Year.
FightOut (FGHT)
Running on Ethereum, FightOut (FGHT) is a move-to-earn fitness app that combines real-life workouts with Web3. Building on the foundations laid by earlier M2E platforms such as STEPN, it tracks and rewards not only steps taken but all manner of workouts, including boxing, weightlifting and yoga. It also offers in-app and physical courses, helping users to lead much more active lifestyles.
Launched last week, its token sale has already raised over $2.1 million, with $1 currently buying you 60.06 FGHT tokens.
Visit FightOut Now
Dash 2 Trade (D2T)
Also based on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping to build stronger portfolios and arrive at more informed decisions.
The sale of its D2T token has raised over $10 million and is now in its final stage. It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy market-beating returns.
Calvaria (RIA)
Calvaria (RIA) is a blockchain-based game in which players can collect, trade and do battle with NFT-based cards. A play-to-earn game, it also has the distinction of enabling users to play it without holding any cryptocurrency, something which could open it up to a wider audience.
80% in! Huge news coming soon, stay tuned!#calvariagang pic.twitter.com/bOJl5Ni8Ju
— Calvaria: Duels of Eternity! ✨ (@CalvariaP2E) December 19, 2022
RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised just over $2.4 million and is currently in its fifth – and final – stage.
Visit Calvaria Now