Cardano Price Prediction – How High Can ADA Go in 2022?

cryptonews.com:

The cardano price has risen by 2.5% today, reaching $0.412737 in the past 24 hours. This represents a 15% gain the past week, as ADA capitalizes on market-wide gains brought about by improving investor sentiment.

The wider cryptocurrency market has rebounded along with global stock markets, which have been buoyed by a round of positive earnings reports that have suggested the macroeconomic situation may not be as bad as feared. ADA is well-positioned to profit from such an uplift in market sentiment, and assuming that conditions improve significantly next year, its fundamentals mean it could have a very good 2023.

Despite today's gains, ADA remains down by 4% in the last 30 days. However, its technical indicators suggest that it has begun an upswing, with potentially more gains in store in the short- and medium-term.

ADA's relative strength index (purple) has risen from nearly 20 in the past couple of weeks to almost 60 today. This reveals growing momentum, something which could easily continue if wider market conditions continuing improving.

At the same time, ADA's 30-day moving average (red) remains below its 200-day average (blue), suggesting that the altcoin has plenty of lost ground to recover and is due a rebound.

Looking at Cardano's fundamentals, such an expectation is certainly justified. That's because, even with this year's bear market, the Cardano ecosystem has seen steady growth over the past few months, with more than 1,100 apps and projects now building on its network.

100 projects have already launched on Cardano, which introduced smart contract capabilities in September 2021. Since then, over 3,500 Plutus scripts (i.e. smart contracts) have been deployed, testifying to growing activity on its blockchain.

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