{"id":367310,"date":"2023-01-02T12:04:33","date_gmt":"2023-01-02T17:04:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=367310"},"modified":"2023-01-02T12:04:33","modified_gmt":"2023-01-02T17:04:33","slug":"cardano-price-prediction-as-ada-rallies-7-from-recent-lows","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/cardano-price-prediction-as-ada-rallies-7-from-recent-lows","title":{"rendered":"Cardano Price Prediction as ADA Rallies 7% from Recent Lows"},"content":{"rendered":"

ADA<\/a>, the native token that powers the smart contract-enabled Cardano<\/a> blockchain, was last trading higher by a little over 2.0% on Monday in the $0.2550 area. That means that ADA has now recovered around 7% from the lows it printed last week in the $0.24 area, with the cryptocurrency benefitting from a broader improvement in sentiment despite low volumes across traditional financial markets as a result of continued year-end celebrations.<\/p>\n

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Traders won’t want to look too much into 2023’s early price action, given that a barrage of upcoming US tier-one data releases<\/a> later this week could quickly turn sentiment on its head. Indeed, near-term ADA price predictions are not getting any more bullish, with the cryptocurrency’s near-term prospects looking grim on account of an ugly technical picture.<\/p>\n

Price Prediction – ADA Destined to Fall Under $0.20?<\/h2>\n

ADA remains trapped within a long-term downtrend that has been weighing on the tokens price going all the way back to mid-August. Indeed, it recently fell below a downwards trendline that will likely offer strong resistance in the $0.26 area. This level happens to also coincide with the 21DMA, which offered strong resistance in December.<\/p>\n

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Over the long term, ADA bears will remain confident that the cryptocurrency will eventually reach the long-term target of falling under $0.20. Many bulls have been calling for this level to be hit since the cryptocurrency broke decisively under $0.40 in 2022.<\/p>\n

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Cardano The Most Developed Blockchain of 2022<\/h2>\n

Despite Cardano’s bearish price action and near-term price outlook, fundamentals surrounding the ninth-largest cryptocurrency by market capitalization as of early January remain robust. Indeed, according to a blog post by cryptocurrency analytics firm Santiment, Cardano was the most actively developed blockchain in 2022, beating out the likes of Ethereum and Polkadot.<\/p>\n

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Cardano has faced harsh criticism in recent years over being a “ghost chain” that no one uses and offers little utility to the cryptocurrency landscape. However, Cardano bulls will be hoping that in the coming months and years, all that development activity will yield a new generation of highly popular decentralized applications running on the Cardano blockchain that might substantially grow the blockchain’s user base.<\/p>\n

That growth might already be in progress. According to a year-end summary posted by the Cardano Foundation, the ecosystem experienced explosive on-chain growth. The number of native tokens issued on the blockchain leapt 192% to 7.3 million, transactions rose 139% to 56.9 million, the number of wallets jumped 47% to 3.8 million and the number of smart contracts deployed on the blockchain (called Plutus Scripts) rose 394% to 4,445.<\/p>\n

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?2⃣0⃣2⃣2⃣ HIGHLIGHTS?<\/p>\n

After an incredible year, we are excited to share some of our highlights with you!#CardanoCommunity<\/a> #CardanoFoundation<\/a> #Cardano<\/a> #Blockchain<\/a> pic.twitter.com\/rQQ6Wwzn7X<\/a><\/p>\n

— Cardano Foundation (@Cardano_CF) December 21, 2022<\/a><\/p><\/blockquote>\n