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Cardano Price Prediction – Can ADA Hit $1 This Month?

Analytics

cryptonews.com 06 October 2022 13:05, UTC
  
Reading time: ~3 m

Cardano (ADA) volume is up significantly in the last 24hrs after key updates from the protocol and its wider ecosystem.

As CryptoNews reported on Wednesday, Cardano could be set for a bullish move upwards with charts indicating a move above $0.50 and towards $0.60 and beyond.

Cardano continued its upward trend in the early hours before a retraction but, crucially, found key support at $0.428.

It is currently trading at $0.4321 at the time of writing, up 1% over the last 24hrs.

Cardano Price Prediction: Can ADA hit $1 in October?

Cardano has long been a favorite of long-term investors but has struggled for much of 2022 and is down more than 80% since the start of the year when it traded at $2.28.

While ADA endured a bearish September like much of the rest of the crypto markets, key updates and solid token fundamentals mean it could be set for a breakout in October - which is traditionally a bullish month for crypto.

However, it appears it will be a challenge for Cardano to reach $1 in the next four weeks, given key technical indicators such as the RSI and MACD remain at below 50, indicating a bearish trend.

Experience trader Peter Brandt even claimed ADA could fall to sub $0.25 in the coming months.

He wrote: "The $ADAUSD chart is a classic descending triangle per Schabacker, Edwards and Magee and suggests a possible decline to sub .25. 

"Do charts always work? -- not really, but when they do it is a thing of beauty. Note -- I do NOT short #8hitcoins"

Brandt does not trade any cryptos except Bitcoin and Ethereum and received a lot of push back for his post on the social media site.

Cardano Updates Good for Long Term

At the end of September, Cardano revealed its Vasil hard fork upgrade, which will make it easier for other projects and dApps to build on its blockchain.

While the upgrade did not see significant price increases for ADA, many analysts remain confident the upgrade will greatly improve the protocol long term.

Furthermore, MuesliSwap - the first decentralized exchange built on Cardano - also announced the successful integration of Plutus V2, making it more efficient and cheaper to run.

Founder Charles Hoskinson also released a cryptic Tweet earlier this week that suggests another update will be made to Cardano soon.

He wrote: “The Age of Voltaire will soon be upon us as an ecosystem. It’s going to unlock the power of the millions of Cardano users and builders.

“It will also, once again, show the rest of the industry how to do decentralized governance just like we did with Staking.”

Hoskinson previously said he expects venture capital income to flow into the protocol by 2024.

An alternative to Cardano may be IMPT, a new eco-friendly coin that has raised $1 million in just three days since its presale launched.


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