Cardano Price Forecast – Can ADA 10x in 2023?
The price of ADA, Cardano's native cryptocurrency, has dropped significantly from yesterday. However, crypto analysts and enthusiasts believe the asset will see major gains once the market flips bullish.
Can ADA pump 10x by next year?
ADA Price Movement
Currently, the ADA token trades at $0.3355, a downtrend of 1.25% in the past 24 hours, in line with the broader market and its 1.7% plunge.
ADA is now trading below all of its major moving average (MA) indicators. With its 10-day MA of $0.3363 and 200-day MA of $0.3395, ADA appears to be in for a sustained bearish streak.
Similarly, ADA's moving average convergence divergence (MACD) has slid into the negative zone. However, its relative strength index of 44.27 indicates that the asset is approaching the underbought region.
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Successful Vasil Hard Fork Bolsters Long-Term Hopes
Although ADA is in a downturn, the crypto asset remains a profitable one. The Cardano blockchain's fundamentals remain strong, especially following the launch of its Vasil hard fork last month.
Vasil has been touted as an important update that will make the Cardano blockchain much faster and cheaper. The upgrade should improve the blockchain's functionality, thus making it ideal for developers.
And as Cardano's adoption grows, so should the price of ADA over time.
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Improved Network Activity
The Cardano blockchain has been experiencing impressive user numbers recently. Network transactions on the blockchain hit 97,959 on October 19: the highest point since the start of the month and a 75% jump on a month-to-month basis.
Data has also shown that the blockchain's non-fungible token (NFT) activity has spiked. Volumes hit 3 million ADA on October 17, with Cardano as the third-largest blockchain for NFT activity.
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