Cardano Price Forecast: Why ADA Grows Slower Than Other Coins
Cardano’s price has risen 28% since its low for the year. The recovery is not as impressive as that of other popular coins like Solana and Ether. What the growth of the ecosystem means for ADA
Cardano’s price is rising, but not as much as the prices of other cryptocurrencies. The native token ADA is trading at $1.1742, which is about 28% above its lowest level this year. Other coins like Ethereum, Solana, Terra, and NEAR have seen their prices rise by more than 30%.
If you want to find more details about Cardano’s price and to read the latest financial news, download for free our companion app Born2Invest.
Cardano is one of the largest blockchain projects in the world. According to CoinGecko, the crypto coin has a market capitalization of more than $37 billion, making it the seventh-largest cryptocurrency in the world. Bitcoin, Ethereum, Tether, Binance, and USDC are larger.
However, Cardano has been an embattled blockchain project. Some have referred to it as a ghost chain. This means that there are still no major projects on this network. This was partly because Cardano did not have smart contracts for years.
The situation changed in 2021 with Alonzo hardfork. Since then, the ecosystem has grown and developers have launched DeFi, Non-Fungible Tokens (NFT), and Metaverse projects.
Some of the largest DEX exchanges in Cardano are AdaSwap, DOEX, Cardax, and ADAX. At the same time, there are several DeFi projects currently being developed on the blockchain, such as Cardano Mixer, Atomic Swap, and Ada Finance. Nevertheless, these DeFi projects are still small.
Other parts of the ecosystem include Ardano, Cardahub, and SingularityHub. Cardano also has projects in Launchpad, crypto lending, and infrastructure.
Analysts point out that it is too early to tell if Cardano will become a viable alternative to existing blockchains such as Ethereum, Solana, and Polkadot.
The next major catalyst for the Cardano price will be the upcoming U.S. consumer inflation data. Analysts expect the data to show US inflation rising to 7.3% in January and core inflation to 5.3%. These figures are important because they affect interest rates.
Cardano Price Forecast
The four-hour chart shows that the ADA price fell to a low of $0.9235 in January this year. Since then, the coin has recovered spectacularly and is trading at $1.1765. The recovery has been in line with the general performance of stocks and cryptocurrencies.
Along the way, the Coin has formed an ascending channel, shown in red. The current price is slightly below the top of this channel. It is also below the Fibonacci retracement level of 38.2% and above the moving average of the last 25 days.
Therefore, I suspect that the price of Cardano will continue to fall as the bears target the bottom of the ascending channel at around $1.
(Featured image by GO223BANQ1MAL via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Ephion Health Raises €300,000 and Plans the Launch to Germany, France, and the UK
To date, Ephion has agreements with five hospitals for the implementation of its Ephion Mobility technology in neuromuscular diseases: the...
The First Application to Grow Medical Cannabis Was Received in Poland
Cultivation of cannabis for medical purposes is possible only under certain controlled conditions - in research institutes under the supervision...
This Was One of the Narrowest Based Stock Market Rallies We’ve Ever Seen
The stock market rallied this week but many lag. Gold was up then tanked following the jobs report. Oil rebounded...
A Look at Barron’s Bond Yields – 1934 to 2023
This inflation hurt the bondholders for both IG and BG bonds, those who lent dollars worth more, much more than...
Why Is Everyone So Afraid of ChatGPT?
ChatGPT is clearly the most popular AI tool today, not least in the marketing industry, and copywriting is a sector...
Crypto1 week ago
Coinbase Signs License Agreement to Provide Liquidity and Custody Services with Bitpanda
Cannabis6 days ago
Petro Government Asks Congress to Legalize Cannabis for Adult Use in Colombia
Crypto2 weeks ago
IOTA Reports Progress Toward Decentralization
Crowdfunding3 days ago
Bierzo Aire Limpio Starts Crowdfunding to Support the Legal Defense of the Environment