Cardano’s price has increased 0.9% in the last 24 hours, while at the same time there was a 2% increase compared to the overall cryptocurrency market. At $0.2981, it is actually moving sideways over the past week, but is down 20% in the last 30 days.
However, such declines are part of the downturn the entire crypto market has experienced since last month’s FTX collapse, with Cardano itself having more reasons to be optimistic. New data has shown that the layer-one blockchain network leads the rest of the ecosystem in terms of development activity, with more daily GitHub interactions than other platforms on most days of the week.
And with the platform seeing its ecosystem grow with each passing week, such data points bode well for Cardano as it is one of the most crowded and popular layer-1 blockchains.
In turn, this suggests that ADA is currently dramatically undervalued, with significant gains predicted as the market returns to more bullish conditions.
Cardano Price Forecast as Cardano Named Top Blockchain for Daily Development Activity – ADA to the Moon?
The chart from ADA suggests that the altcoin is ripe for a rally. His relative strength index (purple) has risen from around 30 in November to 45 now and looks to continue to gain momentum.
At the same time, the 30-day moving average (red) had stayed well below the 200-day moving average (blue) for most of this year. Technically, this means that ADA has a long wait for a major recovery and further increase.
The weak global global macroeconomic situation means that investors still have to wait for a strong ADA rally to take place. The same goes for the FTX situation, which also continues to weigh on market and investor sentiment, with other struggling companies likely to follow in FTX’s footsteps.
However, once the negative factors are resolved, Cardano’s strong fundamentals put it in a position where ADA can continue to enjoy significant gains.
For example, even with the bear market in 2022, the Cardano ecosystem has grown steadily over the past few months, with over 1,100 apps and projects now building on the network, and over 100 projects already launched.
What is interesting to note about Cardano’s recent growth is that since the network activated smart contracts in September, more than 3,900 Plutus scripts (i.e. Cardano’s version of smart contracts) have been activated. This shows how developers are actually building on the platform, which is slowly building critical mass.
This impression is further reinforced by the aforementioned data coming from GitHub, which consistently shows Cardano as either the most active network with the most activity or among the most active networks.
While Cardano doesn’t peak every day of the week, it seems to do so on most days. It shows how it is growing faster than other networks. In turn, this suggests that it will be one of the most active and widespread platforms in the not-too-distant future, with the ADA benefiting as a result.
Cardano’s total registered value is now $60 million. While this is still a modest number, it is important to remember that it was around $0 a year ago and only $1 million early this year, while ADA’s price was much higher.
The point here is that even with a low TVL, ADA is still the ninth largest coin by market cap. As Cardano develops more awareness and attracts more ADA adoption, it will potentially rise in value, possibly near Ethereum (ETH).
Assuming its capitalization approaches that of ETH (which is currently $150 billion), ADA could potentially fetch 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 more, with a few experts setting a long-term target for the coin around $5.30.
If Cardano maintains its current trajectory and demand for the platform continues to rise, then a $10 ADA token is possible in the future, although it may take a while to get there.
Indeed, such rate levels will require remarkable improvements in the global financial world, which is unlikely to happen in the near future, especially when the war between Russia and Ukraine is still raging.
That said, some altcoins are doing well even with this year’s bad conditions. Mostly these are pre-sale coins which after holding their sale are listed and have shown impressive returns.
This includes Tamadoge (TAMA), which is up more than 1,800% from its price in October when it listed on the major exchange OKX. This includes Lucky Block (LBLOCK), which is up 6,000% from the sale price of $0.00015.
While both coins have ended their respective presales, the presales of the three tokens mentioned below are still ongoing, with some presales ending soon.
IMPT (IMPT) – Only 2 days left for the pre-sale
IMPT is a carbon credit marketplace that will reward consumers for trading with environmentally friendly providers. When it launches next year, it will release carbon offsets as NFTs on the Ethereum blockchain, where users can purchase such NFT-based offsets with IMPT tokens they receive as a reward for trading on the platform.
Since the sale opened in October, IMPT has already raised more than $16.7 million, with 1 IMPT currently selling for $0.023. The sale ends in two days with listings on Uniswap, LBANK Exchange and Changelly Pro shortly after.
Visit IMPT now
Dash 2 Trade (D2T) – Pre-sale in final phase
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides investors with real-time analytics and social trading data to help them make more informed trading decisions. It will go live in early 2023, with its D2T token used to pay the monthly subscriber fees for its platform (there are two plans).
Now in its fourth and final phase, the Dash 2 Trade pre-sale already has raised more than 9 million dollars. Listings on Uniswap, BitMart and LBANK Exchange have also been announced early next year. This means that investors will soon be able to get their profits paid out.
Visit Dash 2 Trade now
Robot Era (TARO)
Also on Ethereum, RobotEra (TARO) is a Sandbox-like Metaverse where players can play as robots and participate in the creation of its virtual world. This includes NFT-based land, buildings, and other objects in the game, with the game also planning to let players connect to other metaverses and create an interoperable multiverse.
1 TARO is currently worth 0.020 USDT (it can be bought with USDT or ETH), although this price will increase to $0.025 in the second phase of the presale.
Visit RobotEra now