Cardano Price May Likely Surge To Recover Its Former Highs, According To Technical Analysis
Cardano (ADA) is on the verge of recovering its former highs, according to the most recent technical analysis by famous crypto trading expert Michael van de Poppe.
This prediction is based on the ADA/BTC chart and the cryptocurrency’s previous performance.
Although ADA is now trading at 0.00004 BTC, which is near to its current price range, Poppe predicts that ADA will break through and exceed the 0.00005 BTC mark as it returns to its previous highs.
This news came with a report released by the digital asset management firm Grayscale, saying that Cardano is already executing more than 100,000 transactions per day, indicating a more than ten-fold growth since early 2021.
Furthermore, Grayscale firm believes that Cardano’s network expansion will be critical in maintaining and attracting new investors to buy, trade, and hold the cryptocurrency. The ADA coin currently has nearly 3 million members, seven times bigger since the start of the year.
Grayscale also noted that if decentralised applications (dApp), and other new use cases attract more users, these variables may allow a fundamental value rotation into ADA by existing and external investors. Hence, this will also increase the overall sector of the ADA network.
Cardano’s ability to create a compelling cloud super app platform and dApp ecosystem for consumers will decide whether or not the protocol is a long-term success in the cryptocurrency market.
A Part Of Investors Are Sceptical of Cardano’s Current Price
Following the dramatic ADA price rise to $3.00 as the Alonzo hard fork neared in August 2021, and also the huge crypto market crash in September 2021, some investors had conflicting hopes for the currency.
They think the price is too excessive, and that the price increase is only motivated by a huge fascination among the public investors with Charles Hoskinson, founder of Cardano.
In fact, Cardano has a lengthy project plan that is far from complete.
Furthermore, there is considerable disagreement among public investors regarding whether or not Cardano has a functioning product. Given that smart contracts were just recently implemented on the mainnet, it is likely that the project will have a lot of catching up to do with competing proof-of-stake networks.
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Cardano’s Deals With Other Organizations Bring More Confidence
However, news of Chainlink integrations and ground-breaking collaborations with companies such as Veritree, Dish Telecommunication, and Rival gaming company has kept Cardano holders upbeat.
It is also worth mentioning that Cardano has just recently announced a $100 million investment from EMURGO, held a successful conference, and has enabled the deployment of smart contracts on its mainnet.
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