19 Oct 2022 · 4 min read
Tom Sheen @tom-sheen
m
Cardano has endured another down day with ADA again falling and currently sitting 2.5% down in 24hrs at the time of writing.
There was a silver lining to the bad news, however, with the $0.35 support line continually tested and - so far - unbroken.
Cardano is now down 8.5% in the last seven days and 21% in 30 days,
Cardano remains in control of the bears and it looks as if there will be more short-term pain for ADA.
The Relative Strength Index (RSI) is just 25 on the 1-day chart, putting it in the weak category, and hints at even more downward movement to come - though soon it will move into oversold and undervalued territory.
The most bearish analysts have the chart breaking through support at $0.35 and even $0.25, with some believing there could be a local bottom of $0.15 before the end of the year.
Buy ADA on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Cardano's mid and long-term prospects remain extremely bullish, despite any short-term pain investors and traders will feel.
The protocol has as much potential as any in the whole space given its scalability, energy-efficiency, and speed.
As CryptoNews reported earlier this week, there are a number of favorable metrics that show Cardano could well break out in the next bull run - which is expected to come at some point in 2023 as the Bitcoin halving approaches and Ripple's court case against the SEC is settled.
Despite the downturn in price throughout 2022, Cardano has continued to build and evolve with a number of upgrades - including the Vasil hard fork in September - going live.
While they did not lead to a short-term turnaround in price, they have made the blockchain better and more friendly to decentralized app (dApp) developers than ever.
Messari data shows transactions, volume and on-chain activity has continued to increase in 2022.
The number of holders is also steadily increasing, with wallet holders of all sizes - from small holdings to whales - have continued to accumulate ADA throughout the bear market.
As CryptoNews has covered at length in the past the Plutus and Hydra updates are now being used on Cardano dApps.
Furthermore, Cardano now appears to be primed to become the main competitor to Ethereum in the NFT market.
Solana had long held that crown but an announcement from leading Solana marketplace Magic Eden - which sees royalties for creators now optional - has seen volume flock to Cardano.
Cardano had record volume this week and CoinMarketCap described it as the next NFT "gold rush" as one Ape Society Collection NFT sold for a record 180,000 ADA (approx. $65,000).
The rush to buy Cardano NFTs saw network activity increase to 97,959, a 75% month-on-month increase.
Founder Charles Hoskinson has also painted an unconcerned picture, despite his project dropping nearly 90% since its all-time high in 2021.
He said he expects venture capital billions to flow into the economy by "2023, 2024" when dApps built on the blockchain develop their own value.
Currently, Cardano Total Value Locked (TVL) - the value of projects built on the blockchain - remains relatively low, but the upgrades will only serve to encourage more developers and builders.
Despite the optimism for long-term growth, there do remain some concerns over whether Cardano could hit $15 in the next bull run.
First of all, Cardano has long been a protocol that has promised 'potential' but, as detractors will remind you, it is yet to realize that potential.
TVL for Cardano is down more than 20% in a month and the chain now sits 32nd overall with just $62 million - which pales in comparison to the likes of Ethereum ($30 billion), Tron ($5 billion), and Avalanche ($1.4 billion).
Secondly, a price of $15 would mark an increase of more than 4,000% - which seems perhaps fanciful given ADA's consistent place in the crypto top 10 in the last two years and the huge trading volume that would be needed to get there.
Buy ADA on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Much of Cardano's attractiveness comes because of its position as one of the most green and eco-friendly blockchains.
Another project that is extremely eco-friendly is IMPT, which has just launched the first phase of its presale, and already raised $6 million of investment in just two weeks.
The protocol will allow users to earn iMPT tokens while shopping, which can then be turned into carbon credits. The credits allow a company to emit a certain amount of greenhouse gas while offsetting to other conservation projects.
IMPT will make carbon credits fully tradeable and will also keep a scoreboard to encourage more carbon offsetting efforts.
The first phase of the presale runs until 25 November, or sell out, with the second and third phases seeing a raise in the token price.
Visit IMPT Presale
Tom Sheen @tom-sheen
m
Cardano Price Forecast for 2023 – Can ADA Pump to $15 in Next Bull Market?
Cardano has endured another down day with ADA again falling and currently sitting 2.5% down in 24hrs at the time of writing.
There was a silver lining to the bad news, however, with the $0.35 support line continually tested and - so far - unbroken.
Cardano is now down 8.5% in the last seven days and 21% in 30 days,
Cardano Short-Term Price Prediction
Cardano remains in control of the bears and it looks as if there will be more short-term pain for ADA.
The Relative Strength Index (RSI) is just 25 on the 1-day chart, putting it in the weak category, and hints at even more downward movement to come - though soon it will move into oversold and undervalued territory.
The most bearish analysts have the chart breaking through support at $0.35 and even $0.25, with some believing there could be a local bottom of $0.15 before the end of the year.
Buy ADA on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Cardano 2023 Price Prediction - Can ADA Reach $15 in the Next Bull Run?
Cardano's mid and long-term prospects remain extremely bullish, despite any short-term pain investors and traders will feel.
The protocol has as much potential as any in the whole space given its scalability, energy-efficiency, and speed.
As CryptoNews reported earlier this week, there are a number of favorable metrics that show Cardano could well break out in the next bull run - which is expected to come at some point in 2023 as the Bitcoin halving approaches and Ripple's court case against the SEC is settled.
Despite the downturn in price throughout 2022, Cardano has continued to build and evolve with a number of upgrades - including the Vasil hard fork in September - going live.
While they did not lead to a short-term turnaround in price, they have made the blockchain better and more friendly to decentralized app (dApp) developers than ever.
Messari data shows transactions, volume and on-chain activity has continued to increase in 2022.
The number of holders is also steadily increasing, with wallet holders of all sizes - from small holdings to whales - have continued to accumulate ADA throughout the bear market.
As CryptoNews has covered at length in the past the Plutus and Hydra updates are now being used on Cardano dApps.
Furthermore, Cardano now appears to be primed to become the main competitor to Ethereum in the NFT market.
Solana had long held that crown but an announcement from leading Solana marketplace Magic Eden - which sees royalties for creators now optional - has seen volume flock to Cardano.
Cardano had record volume this week and CoinMarketCap described it as the next NFT "gold rush" as one Ape Society Collection NFT sold for a record 180,000 ADA (approx. $65,000).
The rush to buy Cardano NFTs saw network activity increase to 97,959, a 75% month-on-month increase.
Founder Charles Hoskinson has also painted an unconcerned picture, despite his project dropping nearly 90% since its all-time high in 2021.
He said he expects venture capital billions to flow into the economy by "2023, 2024" when dApps built on the blockchain develop their own value.
Currently, Cardano Total Value Locked (TVL) - the value of projects built on the blockchain - remains relatively low, but the upgrades will only serve to encourage more developers and builders.
Despite the optimism for long-term growth, there do remain some concerns over whether Cardano could hit $15 in the next bull run.
First of all, Cardano has long been a protocol that has promised 'potential' but, as detractors will remind you, it is yet to realize that potential.
TVL for Cardano is down more than 20% in a month and the chain now sits 32nd overall with just $62 million - which pales in comparison to the likes of Ethereum ($30 billion), Tron ($5 billion), and Avalanche ($1.4 billion).
Secondly, a price of $15 would mark an increase of more than 4,000% - which seems perhaps fanciful given ADA's consistent place in the crypto top 10 in the last two years and the huge trading volume that would be needed to get there.
Buy ADA on eToro
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
IMPT - Cardano Alternative
Much of Cardano's attractiveness comes because of its position as one of the most green and eco-friendly blockchains.
Another project that is extremely eco-friendly is IMPT, which has just launched the first phase of its presale, and already raised $6 million of investment in just two weeks.
The protocol will allow users to earn iMPT tokens while shopping, which can then be turned into carbon credits. The credits allow a company to emit a certain amount of greenhouse gas while offsetting to other conservation projects.
IMPT will make carbon credits fully tradeable and will also keep a scoreboard to encourage more carbon offsetting efforts.
The first phase of the presale runs until 25 November, or sell out, with the second and third phases seeing a raise in the token price.
Visit IMPT Presale
