Most crypto prices are showing clear signs of bullishness. The market appears to be gradually recovering from the spring price crash. However, this does not apply to the Cardano coin. It is clear that the value of ADA is making volatile movements, but it is not able to sustain itself in a positive zone. So let’s look at Cardano, analyze how the ADA token may continue and what factors influence price movements.
A secret project keeps the Cardano community excited
Cardano founder Charles Hoskinson promised a special announcement to his community in November. It seems he has big plans for cryptocurrency. Now his fans are waiting for the promised news. A few days ago, the CEO responded to a Twitter user and promised to make the announcement at the Edinburgh event.
No djed. Working on it for 4 years
— Charles Hoskinson (@IOHK_Charles) November 3, 2022
He writes that he has been working on the project for 4 years. The long work that the developer has done in the project and the great mystery surrounding the release could bring attention to promising developments in the Cardano ecosystem. Investors and the price of the token would be happy about that. But what has Hoskinson been working on for the past four years?
Another Twitter user asked Hoskinson if the announcement will be about the Djed stablecoins. Some members of the community suspect that a stablecoin is about to be released, which Cardano is currently working on with the COTI network. However, Cardano’s CEO denied this.
So users still have to be patient. Hoskinson refers to the Edinburgh event as IO Scotfest: The Age of Voltaire. The event is scheduled for November 18 and 19. Users should not only keep an eye on Twitter and Co. these days, but also regularly look at the ADA price. Crypto matters usually react very quickly and clearly to exciting developments and announcements.
Major changes can result in a price crash or a significant increase. It all depends on how the token holders respond to the changes.
Collaborating with a Ledger could also lead to promotion
Cardano is already a widely used token. Still, further adjustments could help the price move in a more positive direction. On Thursday, Ledger, a major cryptocurrency hardware wallet provider, announced that Babbage’s Cardano has now been released. The company released more information on Twitter.
👋 Hey #Cardano $ADA users!@Cardano “Babbage” app v5.0.0 is now available for download in Live Ledger 👀
This experimental app can be installed alongside the regular v4 app to perform Plutus smart contract transactions 🧠
More information: https://t.co/9y7T8F165R
Any 🤔 Comment 👇 pic.twitter.com/F7pbyD7Kuf
— Ledger Support (@Ledger_Support) November 3, 2022
With the “Babbage Cardano App v5.0.0” an experimental app is now available to the users. This can be used in conjunction with the previous version to be able to perform smart contract transactions.
Cardano users have been able to use their tokens on the Ledger Live platform since June. Ledger is looking to add another 100 ADA-based bases in the future.
FTX plans to list the ADA token
FTX is one of the few major crypto exchanges that have not yet included the Cardano token in their portfolio. This is about to change soon. So far, the exchange has only offered a few known coins. This caused dissatisfaction among the users, so a Twitter user asked the CEO of the trading platform why there were no known signals available.
He replied: “We’re working on ADA! It’s a new blockchain that will take some time to implement, but we’re almost there.”
working on ADA! It’s a new blockchain that takes some time to implement but we’ll be there soon
— SBF (@SBF_FTX) November 2, 2022
Although Cardano is already an established token within the market and is still stable in the top 10, another listing could also mean a price increase. Listing on another exchange usually gives a cryptocurrency higher liquidity.
If the promised listing comes soon, Cardano’s course could adapt to the rest of the market and rise to a more stable position.
Cardano price is still unstable – what will happen next?
The ADA rate has been fluctuating between the levels of $0.34 and $0.43 for a month. That is far from its all-time high set in 2021. Within the last seven days, the price managed to climb to the level of USD 0.43. It was difficult for him to keep up, however, which is why he has been slipping again since Sunday.
The price decreased by 4% today and stands at $0.40. The sign has a market cap of $13.9 million. The current 24-hour trading volume is at $510,866,040.
So there is no strong signal, but the price rose. This is also reflected in the numbers published by the Cardano Foundation.
👻 Some people say it’s a ghost chain… but don’t let a bunch of scary stats dispel the myth! 😱
Happy Halloween to you 🎃🦇#Cardano #Blockchain🚀 pic.twitter.com/SiBkG0iCXT
— Cardano Foundation (@Cardano_CF) October 31, 2022
This is how Cardano posted on October 31, the chain stats for the last month. Accordingly, the number of native properties rose to 6.62 million, an increase of 5%. Plutus scripts increased 4.59% to 3,535. These numbers show that the base is slowly expanding. This could mean an early recovery in Cardano’s course.
Now the price of Cardano is about to remain stable in a positive area so that it can rise again. The current numbers and price pictures could be a start.
The ADA forecasts are also good. The analysts on Coincierge.de agree. Using analysis and calculations, they expect the price of Cardano to rise to $4.51 next year. According to experts, this value would be possible during a bullish trend. If a bearish scenario emerges, it could still rally to $1.74.
However, the developments are related to the overall market and the further development of the project. The promised announcement by Cardano’s CEO could cause a lot of movement within the community in the coming weeks. If the upcoming changes to the crypto ecosystem meet the demands of token holders, this could also affect the price.
Further adaptations, such as listing and integration into the Ledger app, could lead to further purchases and circulation of Cardano coins. This could move it towards long-term stability.
Cardano forecasts as soon as possible thanks to D2T token?
A new cryptocurrency is currently being pre-sold, which would enable new analysis of Cardano or other cryptocurrencies. A separate panel is to be established for this purpose, called Dash 2 Trade.
However, before the new type of cryptanalysis can begin, it must first be developed. The current pre-sale phase should provide the necessary funds for this.