Cardano price prediction: Can ADA/USD rate benefit stablecoin? – Buy IMPT in pre-sale

It is not easy for investors who continue to rely on Cardano despite the crash in the crypto market these days. While some altcoins have recently shown recovery and have moved from annual lows, the ADA/USD course is not moving. The token is still trading in the low 30 cent range and is trading at less than $0.32 at the time of publication.

Cardano: The worst trend of the top 10 currencies for ADA

Cardano has by far the worst annual trend among the 10 most valuable currencies in the world. The course is currently 75 percent lower than the previous year, as figures from coincodex.com show. For comparison: The second weakest value in the last 12 months is Ethereum with a fall of 69 percent, followed by Bitcoin with 65 percent. The most stable is the meme token Dogecoin, which lost less than 40 percent in value thanks to Elon Musk’s Twitter deal and the hope for crypto payments with the short message service.

Investors are now wondering if there is now a good opportunity to buy Cardano? After all, you would buy the token at a big discount compared to the maximum price of about 3 dollars in 2021.

A look at the latest news shows what to expect from the cryptocurrency in the near future. In addition, technical chart analysis and a glance at price forecasts from analysts can show which scenarios are most likely for the price of ADA/USD.

USDA stablecoin Cardano itself shortly before release

Market observers see bullish news that ADA plans to launch its own first stablecoin in the spring of 2023. The USDA Coin should be freely tradable by Cardano blockchain users in the future and offer investors financial stability in transactions. But that’s not the only benefit Cardano expects from USDA. The stablecoin, which is linked to the United States dollar, is intended to make it easier for people to access banking services who otherwise do not have adequate access to services and products from the financial sector. From 2023, it will be possible to purchase USDA using both credit/debit cards and bank transfers. In addition, customers can also convert their ADA tokens to USDA.

Anyone using other stables, such as Tether (USDT) or USDC, should have the opportunity to exchange them for the new Cardano product. It is also planned to provide conversion of other well-known cryptocurrencies such as Bitcoin and Ethereum in the future.

Although the launch of its own Cardano stablecoin is a big step, the network will have to fight against lost investor confidence. So it was only a few months ago that the Terra (LUNA) stablecoin UST fell with the crash of the cryptocurrency and it was therefore anything but stable. In order to gain the trust of investors here, Cardano wants to comply with all regulatory requirements and has partnered with a financial services company based in the United States. This is done to ensure that the stablecoin fully complies and adheres to all regulatory guidelines for safekeeping of cash.

A social network for the Cardano community

Another good news for Cardano users is that the network seems to be enjoying a high level of developer activity. According to GitHub, the Cardano blockchain currently has 18 percent more developer activity than any other blockchain when routine updates are filtered out of the numbers.

The crypto company Emurgo, which is the official commercial partner and founding member of Cardano, also announced its own social network for the Cardano community. Under the Cardano Spot project, users, developers and investors should come together and exchange ideas and develop new ideas. According to Emurgo, there seems to be great potential as there would be more than 4 million ADA wallets. However, it remains to be seen whether the network will actually take off. Similar concepts from other crypto projects have not been very successful in the past, as users prefer to exchange information through mainstream platforms such as Twitter or Telegram.

However, there seems to be some movement around the Cardano blockchain that the ADA/USD rate could benefit from. The WhaleStats portal is already noting that Cardano is one of the most sold cryptocurrencies by whales, i.e. crypto owners with large holdings, on the Binance Smart Chain. Currently, the top 100 whales on Binance Smart Chain are said to have 21.4 million ADA, which is about $7 million. However, ADA still represents less than 1 percent of this investor group’s total portfolio.

ADA could drop to 26 cents in the short term

Does it make sense to buy Cardano now? Looking at the technical chart analysis it shows that ADA/USD is still within a falling wedge. Although this chart pattern is a bullish pattern where a breakout to the upside is most likely, that doesn’t mean ADA can’t drop even lower before then. The lower support zone is currently $0.28. Theoretically, however, the price can still fall to $0.26 without leaving the formation down.

Currently, however, ADA/USD is trying to break the pattern to the upside. So far, however, the altcoin price has failed to make a confirmed breakout. If it works in this effort, the technical price target is around $0.58. However, it may take until 31 December 2022 before a guidance decision is made. Then this formation ends.

Forecast: ADA rise to $6

Another falling wedge is also visible on a larger time frame. Here, however, ADA/USD is already close to the endpoint of the formation, so a breakout can be expected in the coming days if it is a valid pattern. If ADA/USD succeeds in a bullish breakout to the upside, a price target around $1.9 could be reached. If this scenario is correct, buying ADA below $0.32 would yield around 500 percent.

How do analysts see the future for the altcoin? According to the price forecast at Digital Coin Price, ADA/USD will rise to more than $0.8 by next year, representing a 150 percent growth. In 2024, ADA should break the 1 dollar mark again before it can begin its all-time assault course in 2029. By the early 2030s, analysts estimate that ADA will be worth more than $6.

Buy IMPT tokens until December 11th

The IMPT cryptocurrency can still be purchased for a few days in the Phase 2 Presale for just $0.023. After that, the price will continue to rise. By purchasing IMPT tokens users of the IMPT ecosystem can trade carbon credits.