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cardano price The prediction is bearish until it breaks out of a descending triangle pattern that serves as resistance at $0.3445. Cardano has lost more than 4% in price over the past seven days.
On the downside, Cardano is likely to find an immediate support near $0.4160 or $0.2915. can we expect cardano price forecast To accelerate, and can Cardano reach $3 in November? let’s find out!
Cardano Price and Tokonomics
The current price of Cardano is $0.3285, with a 24-hour trading volume of $271 million. Cardano is down more than 2% in the last 24 hours. CoinMarketCap is currently ranked #8 with a live market cap of $11 billion.
There are 34,408,861,477 ADA coins in circulation with a maximum supply of 45,000,000,000 ADA coins.
The ADA/USD pair opened on November 16 at $0.3368. ADA/USD is currently trading at $0.3344, with a high of $0.3443 and a low of $0.3334. Moreover, the ADA/USD pair fell by more than 10% in the last week.
whales are bullish
The recent FTX-Alameda conflict had no effect on ADA pricing as it was not listed on the exchange platform. As a result, experts continue to have a strong forecast for the Ethereum rival.
Furthermore, Cardano has seen an increase in the number of wallets. According to data from Cardano Blockchain Insights, there were 3,638,425 wallets on the decentralized finance (DeFi) network as of 7 November, and 3,690,261 as of 16 November.
Additionally, according to information from crypto intelligence platform Sentiment, there has been an increase in the number of daily active addresses, weighted sentiment and stakeholders.
Sentiment claims that despite the selloff caused by the FTX crash, whales are adding ADA tokens to their wallets. There are now 134,000 addresses holding between 10,000 and 100,000 coins, compared to 130,000 a month ago. This suggests that the whales anticipate an increase in the ADA/USD price.
Hoskinson responds to critics
Charles Hoskinson, the co-creator of Cardano, responded to the critic. Mr. Charles, a Twitter analyst, mocked Hoskinson, claiming that he had made a wrong prediction about Cardano.
On 13 November, Charles tweeted that Hoskinson had yet to deliver on his promises. Hoskinson promised in a tweet that Cardano has a bright future when it controls hundreds of decentralized apps and other digital assets, and Charles tweeted a screenshot of that message. Furthermore, the community responded to the criticism in a variety of ways.
They were divided into two groups: those supporting Hawkinson and those appreciating the statements. Hoskinson responded to the critic shortly after the tweet was widely liked and shared.
In a tweet, he said that the irony of his critics’ criticism is that his tendency to retweet proves that his predictions have come true.
Furthermore, he added that his predictions will definitely come true as Cardano has over 1000 decentralized apps, 6 million assets, and 3.6 million wallets.
Hopkinson was quick to respond to his complaint, which is not surprising, especially given his reputation for being quick to respond to criticisms of Cardano’s development. This quick reaction reflects co-founder behavior, which benefits the value of the ADA/USD exchange rate.
Cardano is developing a new multi-chain crypto wallet
The increased interest in Cardano is in line with ongoing network development for the blockchain, which is seen as a viable competitor to Ethereum. Les is a new wallet developed by Cardano.
According to Hawkinson, the network will almost certainly have one billion users after the launch of LESS.
Less is a mini multi-chain cryptocurrency wallet. It claims to seamlessly integrate Web2 and Web3 features into a single interface. Cardano could benefit from the wallet’s ability to combine identity, transactions, and apps into one unified experience.
In general, an increase in wallet usage is one of the major reasons for the ADA/USD price increase.
Cardano Price Prediction – ADA $3 Soon?
This week, the ADA/USD pair was trading slightly bearish, falling from $0.3435 to $0.3295. There is a decline towards the $0.3207 immediate support area, and a breakdown of this double bottom support could take Cardano price towards the $0.2900 support.
Major indicators like MACD and RSI are still in the buy zone. However, the 50-day moving average indicates a sell bias. Therefore, a bullish break above the $0.3350 level could provide more room for buying towards the $0.3435 or $0.3700 levels.
Cardano is unlikely to reach $2 anytime soon, but a breakout above $0.3535 and a closing candle could trigger a buying trend.
New Crypto Presales
Traders looking for a quick profit may be disappointed, as the Cardano price forecast shows a slow bullish recovery in 2022.
in less than a month, dash 2 trade presale has already raised over $3.4 million, making it one of the largest token sales of the year.
Dash 2 Trade, an Ethereum-based platform, seeks to provide users with real-time analytics and social trading signals. The funds raised thus far represent massive support for the system.
Following the conclusion of the presale and prior to the launch of the platform in the first quarter of 2023, the company intends to list its D2T token on multiple exchanges. D2T has a solid foundation to propel it to even greater success if this year’s past pre-sales are any indication.
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