Cardano (ADA) Looks To Reclaim $1.00 – Here’s Where Crypto Community Think It Is Headed

0


Following a plunge below $0.85 last week, Cardano (ADA) price rose by more than $0.10 during Monday’s trading session to recoup the heavy losses it had suffered. The Russia-Ukraine conflict provided an impetus in the crypto market, with ADA rallying to reclaim $0.965. Market data shows that the token is up marginally over 10% over the past 7-days.

The much-needed bounce comes as a relief for ADA bulls who are now keen to hold onto the momentum. A sustained break above $1.00 would not only clear any concerns among skeptical investors but also help re-establish the level as a psychological support zone. Despite on-chain signals leaning towards bearish and neutral at best, many project the price of the token to climb even higher this month.

Crypto community foresees ADA trading $1.5 by end of month

The social forum of crypto market tracker CoinMarketCap has predicted that Cardano’s ADA could rise to trade as high as $1.50 by the end of the month. According to the most recent predictions on ‘Social Cardano Price Estimates,’ the community expects Cardano to push ahead with its current surge to reach the said heights.

The median price prediction across the community for ADA’s price by 31st March is $1.49, a level the token has not reached since 19th January. The community members who have voted as of now predict Cardano will gain up to 54% from current price levels of $0.965.

ADA trading activity over the past 7 days

In addition, the CoinMarketCap community forecasts that after ADA reaches the predicted peak, it will then fall to $1.39 by the end of April and then plunge further to a lower $1.28 around 31st May.

The Cardano network continues seeing ongoing on-chain growth with an increasing number of wallets. According to data provided by Cardano Blockchain Insight, the network currently has 3,716,106 wallets, having crossed 3 million wallets at the start of last month.

Interest in the network is also evidenced by the growth from less than 200,000 wallets in December 2020 to well over 2.5 million one year later.

Cardano’s next hard fork combinator event will introduce scaling enhancements, IOHK says

Input Output Hong Kong (IOHK), the firm responsible for Cardano’s research and development, earlier this week revealed that the team behind the Cardano network has scheduled major code releases across the year.

According to Cardano’s February Release post published on Monday, the blockchain’s team intends to conduct three major code drops this year – a February release coming soon and two other hard fork combinator events slated for June and October.

Over the course of the year, the planned network optimizations will bring enhancements in line with Cardano’s scaling plans via pipelining, Plutus Cardano Improvement Proposals (CIPs), and other elements.

IOHK said it is currently at the final stages of preparing the February code release, which should be deployed soon. This hard fork combinator event will bring the ability to create transactions that conform to CDLL using native tools, a multi-sig for transactions in incremental changes, among other improvements.

IOHK’s marketing and communications director Tim Harrison notes that since the Alonzo upgrade last year, the network has seen a whole array of dApps and decentralized exchanges launch. He explained Cardano is now evolving into a blockchain focused on sustainable real-life financial solutions under decentralized governance. Cardano will now focus on optimizing performance and scalability over the course of the year.

The IOHK executive added that with the plan to group multiple code releases, Cardano would become more predictable. The rationale of defined release windows will allow firms that rely on Cardano’s infrastructure to prepare adequately for major scheduled drops.

To learn more about Cardano visit our Investing in Cardano guide.

 



Read More: Cardano (ADA) Looks To Reclaim $1.00 – Here’s Where Crypto Community Think It Is Headed

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments