Cardano Price Prediction, will ADA’s price hit $0.46?
Cardano’s price at the same time last week was $0.37. It has moved by 1.88 % in the past week and is currently at $0.38. Infact, in the past 24 hours, ADA has pumped by 1.48 %. There is a slight bullish sentiment in the crypto market. The long term sentiment, however, remains bullish and ADA could hit $0.51 in 2024.
The total circulating supply of Cardano as of writing this article was $34984460286.05 and the marketcap of ADA remains at $13,385,714,312
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Cardano (ADA): An overview
Source: Cardano community/Twitter
Cardano (ADA) is a third-generation, fully open-sourced, decentralized public blockchain that operates on a Proof-of-Stake (PoS) consensus mechanism. It creates a platform for hosting smart contracts by developing advanced features that cater to the ever-dynamic nuances of various decentralized applications (dApps).
It is seemingly the first public blockchain platform to evolve out of scientific philosophy. Built on a foundation of high-assurance formal development methods, Cardano aims to achieve the scalability, interoperability, and sustainability needed for real-world applications.
The community/team has designed the smart contracts platform to be desirable for large-scale, mission-critical dApps that could foster the future needs of the economy.
Source: Cardano community/Twitter
ADA is the native token of the Cardano network. Simply put, it's a digital currency. It is a secure exchange of value, i.e. without requiring a third party to mediate the transfer. Herein, every transaction is permanently, securely, and transparently recorded on the Cardano blockchain.
Every ADA holder is considered to be a “stakeholder” of the Cardano network. Let’s take a look at it’s diverse utility
- Transaction fees: ADA is used to pay transaction fees on the Cardano network.
- Staking: ADA holders can "stake" their tokens to earn rewards while helping secure the network. By staking, they delegate their ADA to stake pools that participate in the network's consensus process.
- Collateral: ADA is used as collateral to ensure that contracts are executed correctly.
- Governance: ADA holders can use their tokens to vote on proposals for the Cardano platform's evolution.
The total supply of ADA is capped at 45 billion. The initial distribution of ADA, which served as a pre-launch sales event, was the first in the cryptocurrency industry to adopt Know Your Customer (KYC) guidelines. It took place between October 2015 to January 2017.
The genesis block distribution added an additional 20% of the ADA vouchers sold during the sale, totaling 5,185,414,108 ADA. This was distributed among three core entities of the Cardano ecosystem:
- Cardano Foundation: 648,176,761 ADA
- EMURGO: 2,074,165,644 ADA
- IOHK: 2,463,071,701 ADA
From the public sales, 25,927,070,538 ADA were distributed. Thus, the total ADA available at launch was 31,112,484,646 ADA. As of September 2023, 35.1 billion ADA are in circulation.
ADA is derived from the name of a 19th-century mathematician, Ada Lovelace. She is widely recognized as the first computer programmer and is the daughter of the poet Lord Byron.
How does Cardano function?
Let’s start with the basics. Cardano employs the groundbreaking Ouroboros PoS consensus mechanism, notable for being the first blockchain consensus protocol rooted in peer-reviewed research.
Complementing this innovative approach is Cardano's native smart contract language, Plutus. Derived from Haskell, Plutus is a Turing-complete language. As a result, Plutus smart contracts function similarly to Haskell programs.
Now let’s go into detail and explore the network infrastructure. The platform has been designed with a unique two-layer architecture to separate the settlement and computation layers. This separation offers more flexibility and scalability. The two primary layers of Cardano are:
- Cardano Settlement Layer (CSL): This layer deals with transaction validation and cryptocurrency transfers.
- Cardano Computation Layer (CCL): This layer deals with the computational details, including smart contracts.
Token standards: Like Ethereum's (ETH) ERC-20 and ERC-721 tokens, Cardano has its own token standards for creating custom tokens on its platform without the need for smart contracts. This includes the native token standard, which allows for the creation of tokens directly on the ledger.
Governance and updates: Cardano's approach to governance is participatory. With Project Catalyst and the treasury system, Cardano allows its community to propose and vote on projects and changes, fostering a decentralized decision-making process. ADA holders can vote on proposals, and successful projects receive funding from the treasury.
Interoperability: One of Cardano's goals is to be interoperable with other blockchains and traditional financial systems. This is being achieved through sidechains and other mechanisms.
The evolution of Cardano
Cardano was founded in 2015 and launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. Unsatisfied with some aspects of Ethereum, he envisioned a blockchain that would be built on a more secure and rigorous foundation.
To achieve this, he founded IOHK, a research and development company. IOHK develops the technology, while the Cardano Foundation is responsible for supervising the development and promoting Cardano.
While tightly holding its spot in the top 10 cryptos by market cap, Cardano has maintained its edge vis-a-vis other smart contract platforms barring Ethereum. At the time of writing, the crypto stood at a market cap of nearly $8.6 billion.
Should it continue to register an uptick in its developmental aspects, the gradual growth could bridge the gap between Cardano and Ethereum in the time to come.
The five eras of Cardano
Cardano's developmental journey can be understood as follows:
1. Byron: This phase laid the groundwork for Cardano. The mainnet, starting with the Byron ledger rules, served as the foundation. It began as a federated network dominated by Input Output Global and Emurgo and introduced tools like Daedalus and Yoroi wallets and the Block Explorer.
2. Shelley: In late July 2020, the mainnet experienced a hard fork, transitioning from the Byron rules to the Shelley ledger rules. During this phase, Cardano started transitioning from the centralized Byron setup to a more decentralized one managed by the community's stake pool operators.
An essential part of Shelley was the incentivized testnet, demonstrating a blockchain sustainably managed by the community.
3. Goguen: This phase delved into dApps, smart contracts, and custom token issuance, positioning Cardano as a versatile platform for various applications. As Goguen implemented features incrementally, each new set of features came with its hard fork and distinct ledger era:
- Allegra era: Brought in token locking support.
- Mary era: Introduced native tokens and multi-asset functionality.
- Alonzo era: Enabled smart contract support.
4. Basho: This era is focused on scaling and optimization. The goal of the Basho era is to make Cardano one of the most high-performance, resilient, and flexible blockchain platforms in the industry.
The Basho era will see the introduction of a number of new features and enhancements, including:
- Sidechains: New interoperable blockchains that boost network capacity and allow safe testing of experimental features.
- Parallel accounting styles: While Cardano retains its unspent transaction output (UTXO) model, sidechains will offer both UTXO and account-based models, broadening use cases and interoperability.
5. Voltaire: Centers on decentralized governance. This phase gives the Cardano community voting rights on network evolution, technical augmentations, and funding decisions.
It ensures that not only is the infrastructure decentralized, as introduced in Shelley but its maintenance and future evolution also remain decentralized.
Cardano (ADA) Price Analysis
The year under review hasn’t been kind to ADA. The bears had their clutches on the market, leaving less scope for bulls to enter. Although there were intermittent attempts by the bulls to rally and recuperate the price, these efforts faced robust resistance and were not sustainable. At the time of writing, ADA was trading at just $0.2454.
ADA Weekly Chart
The coin experienced its first noticeable downturn in September 2022, shortly after it reached a resistance of $0.45. This descent marked the start of a downward journey, which saw the coin bottom out at $0.24 by the close of 2022.
2023 witnessed heightened volatility. The bulls rallied with vigor, aiming to overturn the prevailing downtrend. Their first major effort came in early 2023 when they aimed to breach the resistance at $0.40. Despite their rigorous attempt, the resistance remained impenetrable.
Another ambitious attempt was made in April 2023, where the bulls momentarily succeeded in breaching the $0.40 mark. However, this joy was short-lived, as they found themselves incapable of moving beyond $0.45. After these endeavors, the bearish pressure increased manifold, constricting the price to make lower highs and lows.
By the year's close, ADA revisited its lowest support at $0.24. The most recent support-turned-resistance, established during this period, stood firm at $0.32.
The trading volume of ADA depicted an interesting correlation with its price. While the volume showcased stability for a majority of the year, it witnessed a noticeable decline from July 2023 onwards, echoing ADA's southbound price trajectory.
A closer look at the Exponential Moving Averages (20 and 50 EMAs) painted a clearer picture of the market sentiment. The 50 EMA acted as an overhanging cloud over ADA’s price.
Throughout the period, the coin’s price remained submerged below this average, underscoring the bearish atmosphere. The 20 EMA, however, painted a slightly more optimistic picture. ADA managed to breach this average twice during its bullish rallies but retraced its steps both times, suggesting that these rallies lacked the momentum to overturn seller dominance.
For ADA, the Relative Strength Index (RSI) predominantly stayed below the neutral 50 line, indicating strong selling pressure. Before the first price hike, the RSI dipped to a dismal 28.96, nearing the oversold territory.
During the bullish rallies, while it made quite a climb, the RSI failed to surpass 50 during the first rally, peaking at 48.82. The second rally witnessed the RSI crossing the 50 line to touch 57.58, hinting at a temporary shift in momentum. However, by the end of the analysis period, the RSI had sunk to 35.47, reaffirming the oversold trend.
Should you consider buying ADA?
Considering the consistent bearish trend, the dominance of the 50 EMA, and the inability of the RSI to sustain above the neutral zone, the signals lean towards a “sell.”
However, for traders who are looking to buy, targeting an entry closer to the lowest support at $0.24 can probably be the most prudent course of action.
Cardano Price Prediction
Cardano has had an eventful 2021. To simplify the latest ADA price prediction, we have divided up the prediction by short term Cardano price prediction and long term Cardano price prediction. As of writing this article, ADA had a trading volume of 259,669,721. Cardano has gone up by 29.14% in the past 30 days.
According to our analysis in the short term, Cardano price prediction for January 2024 shows the average price of ADA at 0.42 and the highest possible price for January 2024 would be $0.45.
Further, according to our analysis in the long term, Cardano price prediction for May 2024 shows the average price of ADA at 0.47 and the highest possible price for May 2024 would be $0.5.
Cardano's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|29 November 2023||$0.36||$0.34||$0.39|
|30 November 2023||$0.36||$0.34||$0.39|
|1 December 2023||$0.36||$0.34||$0.39|
|2 December 2023||$0.36||$0.33||$0.38|
|7 December 2023||$0.34||$0.32||$0.37|
|12 December 2023||$0.34||$0.32||$0.37|
|22 December 2023||$0.36||$0.33||$0.39|
Cardano price prediction 29 November 2023: Cardano's price for 29 November 2023 according to our analysis should range between $0.34 to $0.39 and the average price of ADA should be around $0.36.
Cardano price prediction 30 November 2023: Cardano's price for 30 November 2023 according to our analysis should range between $0.34 to $0.39 and the average price of ADA should be around $0.36.
Cardano price prediction 1 December 2023: Cardano's price for 1 December 2023 according to our analysis should range between $0.34 to $0.39 and the average price of ADA should be around $0.36.
Cardano price prediction 2 December 2023: Cardano's price for 2 December 2023 according to our analysis should range between $0.33 to $0.38 and the average price of ADA should be around $0.36.
Cardano price prediction 7 December 2023: Cardano's price for 7 December 2023 according to our analysis should range between $0.32 to $0.37 and the average price of ADA should be around $0.34.
Cardano price prediction 12 December 2023: Cardano's price for 12 December 2023 according to our analysis should range between $0.32 to $0.37 and the average price of ADA should be around $0.34.
Cardano price prediction 22 December 2023: Cardano's price for 22 December 2023 according to our analysis should range between $0.33 to $0.39 and the average price of ADA should be around $0.36.
Cardano's Long Term Price Prediction
Cardano’s long term Price Prediction below is a look at ADA’s future prospect with regards to price. Cardano was last seen at $0.38, with a market cap of $13,385,714,312 and trading volumes of $259,669,721. ADA’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Cardano price prediction 2023: Cardano's price for 2023 according to our analysis should range between $0.31 to $0.46 and the average price of ADA should be around $0.38.
Cardano price prediction 2024: Cardano's price for 2024 according to our analysis should range between $0.34 to $0.51 and the average price of ADA should be around $0.42.
Cardano price prediction 2025: Cardano's price for 2025 according to our analysis should range between $0.45 to $0.67 and the average price of ADA should be around $0.56.
Cardano price prediction 2026: Cardano's price for 2026 according to our analysis should range between $0.59 to $0.89 and the average price of ADA should be around $0.74.
Cardano price prediction 2027: Cardano's price for 2027 according to our analysis should range between $0.78 to $1.18 and the average price of ADA should be around $0.98.
Cardano price prediction 2028: Cardano's price for 2028 according to our analysis should range between $1.04 to $1.56 and the average price of ADA should be around $1.30.
Cardano price prediction 2029: Cardano's price for 2029 according to our analysis should range between $1.37 to $2.06 and the average price of ADA should be around $1.72.
Cardano price prediction 2030: Cardano's price for 2030 according to our analysis should range between $1.81 to $2.72 and the average price of ADA should be around $2.26.
Cardano price prediction 2031: Cardano's price for 2031 according to our analysis should range between $2.39 to $3.59 and the average price of ADA should be around $2.99.
Cardano price prediction 2032: Cardano's price for 2032 according to our analysis should range between $3.16 to $4.74 and the average price of ADA should be around $3.95.
Cardano price prediction 2033: Cardano's price for 2033 according to our analysis should range between $4.17 to $6.25 and the average price of ADA should be around $5.21.
Top Coins Price Predictions
Similar Long Term Price Predictions
A Historical look at Cardano, ADA’s price
FAQs about Cardano
Cardano’s current price is $0.38 and witnessed a 1.48% increase in the past 24 hours. ADA/BTC pair saw a -0.55% decrease in the past 24 hours
Investing in Cardano, ADA will purely depend on your personal risk appetite. As you can see over the past 24 hours Cardano’s price has witnessed a 1.48% increase and over the past 30 days Cardano has increase by 29.14%. So it all depends on if this investment will hit your trading goals.
According to our latest Cardano Price prediction for 2023, ADA should vary between $0.46 and $0.31. Please keep in mind that the crypto market is very volatile and this Cardano price prediction does not account for extreme wild swings in price.
As per the Cardano price prediction 2023 model above, ADA’s price for November 2023 should range between $0.31 to $0.46 with the average price for November being $0.38
According to the Cardano Price Prediction model above, ADA’s price in 2024 would be $0.42. This price would however would range from $0.51 and $0.34.
According to the Cardano Price Prediction model above, ADA’s price in 2025 would be $0.56. This price would however would range from $0.67 and $0.45.
According to the Cardano Price Prediction model above, ADA’s price in 2026 would be $0.74. This price would however would range from $0.89 and $0.59.
According to the Cardano Price Prediction model above, ADA’s price in 2027 would be $0.98. This price would however would range from $1.18 and $0.78.
According to the Cardano Price Prediction model above, ADA’s price in 2028 would be $1.30. This price would however would range from $1.56 and $1.04.
According to the Cardano Price Prediction model above, ADA’s price in 2029 would be $1.72. This price would however would range from $2.06 and $1.37.
According to the Cardano Price Prediction model above, ADA’s price in 2030 would be $2.26. This price would however would range from $2.72 and $1.81.
According to the Cardano Price Prediction model above, ADA’s price in 2031 would be $2.99. This price would however would range from $3.59 and $2.39.
According to the Cardano Price Prediction model above, ADA’s price in 2032 would be $3.95. This price would however would range from $4.74 and $3.16.
According to the Cardano Price Prediction model above, ADA’s price in 2033 would be $5.21. This price would however would range from $6.25 and $4.17.
The highest price for Cardano was recorded in 2 September 2021 during which ADA hit an All Time High of $3.09
The price of 1 Cardano according to current market rate is $0.38