Key Insights:
- Cardano community members are optimistic about a Bullish run by year-end
- The prediction is that ADA will surge by 50%
- There are expectations Hydra upgrade will help ADA’s price movement
Amidst the bear market and crypto winter that has impacted the Cardano token (ADA), the community remains optimistic. The Cardano community members have a bullish outlook for its native token, ADA. Similarly, the investors expect the price value to jump to 50% by the end of 2022.
According to Coinmarketcap, the Cardano community has shown a bullish outlook for the future. The data analytics has a price estimates feature that allows users to input an estimated value for a digital asset. Users can input a price value they expect an asset to reach, the period, and an average price.
Therefore, the Cardano community deployed this price estimates feature. Since the poll went live earlier this month, over 5,000 people have voted. The votes showed that the average estimation stood at $0.4788 by the end of 2022. This estimation shows that the community believes the price value of ADA will surge by 57% before the end of the year.
Similarly, the community users expect the outlook to extend to January 2023. They expect that ADA would jump to $0.5, signaling a 65% increase from the current level. Significantly, they expect that ADA will remain in the green for the next six months— and will continue to trade higher than its current value. NewsAsia tweeted the possibility of Cardano reaching $3 by 2023.
Cardano Price Prediction – Can ADA Reach $3 by 2023? https://t.co/2RIMOZPrk2
— NewsAsia (@newsasia360) December 12, 2022
Cardano (ADA) Outlook For The Future
Even though the Cardano community is bullish on ADA’s future, there are indicators of a bearish trend for digital assets. Industry players have engaged in market analysis and doubt if ADA can pull it off.
Furthermore, an important metric to predict a bullish phase is for the token to trade above its moving average. However, Cardano has consistently traded below its 50-day moving average, — which is a vital technical level for any cryptocurrency to record a bullish trend.
Similarly, the ADA continues to hold above $0.3 having fallen off this level earlier in November. This price value is not only precarious for the community but also, any fall signals resistance to the estimated growth. That is, if the daily close drops below $0.31, it will be a critical blow to the Cardano community which is still trying to move out of the shadow of its 52-week low.
Furthermore, experts say ADA continues to hover around $0.306 ahead of the opening of the trading day. If it maintains this level or goes higher, it could mean some strength if the trading volume picks up by midday trading hours.
Cardano Price Prediction For 2023
The Cardano community is bullish due to the upcoming Hydra Upgrade. The community says the upgrade is a layer-2 scalability solution and will increase the transaction speed on the network.
However, Cardano (ADA) has not seen a positive price action since the Hydra announcement; the price declines constantly. The community user still believes it is a good time for investors to buy and hold. They said the low price value will have a high potential in the coming days.
