The Cardano price has risen by 1.5% in the past 24 hours, in line with a 2% rise for the cryptocurrency market as a whole. At $0.315694, it’s basically flat in the past week but down by 15% in the last 30 days.
However, such falls are part of the market-wide decline crypto has witnessed ever since the FTX collapse last month, with Cardano itself having more reasons to be optimistic. In particular, new data has revealed that the layer-one blockchain network leads the rest of ecosystem in terms of development activity, with more daily GitHub commits that other platforms on most days of the week.
And with the platform seeing its ecosystem grow with each passing week, such data points to a bright future for Cardano in which it’s one of the busiest and most popular layer-one blockchains. In turn, this suggests that ADA is dramatically underpriced at the moment, with substantial rallies predicted for it once the market returns to more bullish conditions.
Cardano Price Prediction as Cardano is Named Top Blockchain For Daily Development Activity – ADA to the Moon?
ADA’s chart suggests that the altcoin is ripe for a rally. Its relative strength index (purple) has risen from close to 30 in Novemer to around 45 now, and looks set to continue gaining momentum.
At the same time, the coin’s 30-day moving average (red) has remained comfortably below its 200-day average (blue) for most of the year. In purely technical terms, this means that ADA is long overdue for a big rebound and further increase.
Needless to say, the weak global macroeconomic situation means that investors may still have to wait for a really strong ADA rally to finally arrive. The same goes with regards to the FTX situation, which also continues to depress the market and investor sentiment, with other struggling firms likely following in FTX’s wake.
But once such negative factors are resolved, Cardano’s very strong fundamentals put it in a position where ADA can continue to enjoy substantial gains.
For example, even with this 2022’s bear market, the Cardano ecosystem has been steadily growing over the past few months, with more than 1,100 apps and projects now building on its network, as well as more than 100 projects already launched.
What’s interesting to note about Cardano’s recent growth is that since the network enabled smart contracts last September, over 3,900 Plutus scripts (i.e. Cardano’s version of smart contracts) have been deployed. This highlights how developers are indeed building on its network, which is slowly gaining a critical mass.
This impression is further reinforced by the aforementioned data coming out of GitHub, which consistently shows Cardano as either the network with the most daily activity, or among the most active.
While Cardano doesn’t lead such rankings on every day of the week, it tends to lead on most days, showing how it’s growing at a faster rate than most other networks. In turn, this suggests that it will come to be one of the most active and widely used platforms in the not-too distant future, with ADA benefitting as a result.
Cardano’s total value locked figure now stands at $60 million. While this is still a modest figure, it’s important to remember that it was more or less $0 a year ago and only around $1 million at the start of the year, when ADA’s price was much higher.
The point here is that, even with a low TVL, ADA is still the ninth-biggest coin in the market by cap. As such, once Cardano develops more and attracts more adoption ADA will become even more valuable, potentially nearing ethereum (ETH).
Assuming its cap nears ETH’s (which is currently $150 billion), ADA could potentially have a price of around $4.40 in the not-too distant future. Of course, if the market enters a new bullish phase, it could rise even higher, with some experts having set a long-term target of around $5.30 for the coin.
Then again, such price levels will require a significant improvement in the global financial picture, which isn’t likely to arrive anytime soon, especially with the Ukraine-Russia war still waging on.
That said, some altcoins have been able to do well even with this year’s downturn. For the most part, this has mainly included presale coins, which after holding their sales have gone on to list on exchanges and post some impressive returns.
This includes Tamadoge (TAMA), whicbh gained by as much as 1,800% (relative to its presale price) in October, when it listed on the major exchange OKX. It also includes Lucky Block (LBLOCK), which rose as high as 6,000% compared to its sale price of $0.00015.
While both of these coins have obviously finished their respective presales, the three tokens below are still holding their sales right now, with listings due very soon.
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trading intelligence platform that offers investors real-time analytics and social trading data, so that they can make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform (there are two subscription tiers).
Now in its fourth and final stage, Dash 2 Trade’s presale has already raised more than $9 million. It has also announced listings on Uniswap, BitMart and LBANK Exchange for early next year, meaning that early investors will soon be able to lock in some profits.
Also using Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world. This includes NFT-based land, buildings, and other in-game items, with the game also planning to let players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale.
IMPT is a carbon-credit marketplace that will reward consumers for shopping with eco-friendly merchants. Once it launches next year, it will issue carbon offsets as NFTs on the Ethereum blockchain, with users able to purchase such NFT-based offsets using the IMPT tokens they receive as a reward for shopping using the platform.
Since opening its sale in October, IMPT has raised more than $16.7 million, with 1 IMPT currently being sold at a price of $0.023. The sale is due to end in just over two days, with listings on Uniswap, LBANK Exchange and Changelly Pro due to follow very soon after.