Cardano Price Forecast – Is ADA Preparing for a Move Toward $1?
Cardano’s ADA token continues to navigate the current market downturn, with recent developments giving investors hope that it could see a pump in the long term.
But how high can ADA really go?
ADA currently trades at $0.3513, marking an uptrend of 0.46% in the past 24 hours. ADA has outperformed the broader market, which is down by 1% in the same period.
However, ADA’s price has failed to break through any of its top moving average (MA) indicators despite the 24-hour increase. It trails every major metric, ranging from the 10-day MA of $0.3522 to the 200-day MA of $0.3530.
ADA’s moving average convergence divergence (MACD) is negative. However, the crypto asset’s reactive strength index (RSI) of 40.48 shows that it is approaching the oversold region, making it perfect for long-term investors.
Buy ADA on eToro
ADA has some impressive fundamentals that can support long-term growth.
Recently, the Cardano blockchain successfully implemented the Vasil hard fork. The upgrade has been touted as a necessary shift for the blockchain, bringing benefits such as increased transaction speed and reduced fees.
Vasil is the biggest network upgrade since Alonzo, which added smart contracts to the blockchain in September 2021. Cardano looks set to remain competitive, and Vasil is a major part of that.
Another strong fundamental factor appears to be the surge in network activity on the Cardano chain. According to data, network transactions on Cardano rose to 97,959 on October 19; this is the highest point since the start of the month and a 75% jump on a month-to-month basis.
The blockchain has also seen a jump in non-fungible token (NFT) activity, with volumes hitting 3 million ADA on October 17. This placed the blockchain in the third
Read more on cryptonews.com
