The monthly course of the Cardano token is overflowing so far. Over the past few weeks, ADA has lost key levels of support. If you look at last year, you will see a loss of almost 50 percentage points. However, there is a lot of potential in the coin ecosystem right now. In this article, we address the question of how and whether the current rise in the ADA token could continue and give you reasons for a possible price explosion.
The course of the ADA signal has not been very successful in the last 30 days. Through numerous up and down moves, he lost important gains. It fell from USD 0.45 to USD 0.35.
The price has also been volatile for the past seven days. It varied between USD 0.37 and USD 0.35. Today, the price is at the level of $0.3746 after gaining 1.70 percentage points.
The current market capitalization of the token is USD 13.05 billion. He is still in 7th place in the ranking.
Disillusionment of course – expansion of the ecosystem
The course is not performing well at the moment. Still, investors should look at other activity when forecasting. Because the number of users and transactions of the DEFI application will also influence future price movements.
In this area, the Cardano has been able to score significantly in recent weeks. The DeFi application’s transactions have grown from 160,000 to over 250,000 in just five days. That’s a significant increase of 56 percent.
So here is a clear potential course driver waiting for the signal.
Ecosystem expert Cardano Yevehen also tweeted his opinion on these developments on May 8. He attributes the rise to two newly released signals.
#Cardano DeFi activity SKYROCKETS despite market decline.
This is why 🧵👇 pic.twitter.com/FwNeVRomMB
— Hebrew | 👾| De.Fi (@yevhen_dedotfi) May 8, 2023
“The number of transactions with Cardano DeFi apps has increased from 160,000 transactions in the previous period to 250,000 per period (currently five days on Cardano). Such an increase in transactions is possible thanks to the latest meme coin hype like SNEK and PEPE – the crypto assets recently launched on the Cardano network and its metaverse.”
The Cardano network can also benefit significantly from new developments in the field of meme coins. The new attention and newly acquired users could make the project good in the long term as well. This could soon be reflected in the price of the token.
If the current uptrend is extended, it could lead to more significant gains this summer. Historically, the $0.30 and $0.40 levels have emerged as an important part of the price. Once support is established at this point, it could lead to a sustained bounce.
However, this is only about the image of the course itself. It also depends on how sustainably the demand for DeFi applications develops. If there was continuous demand here too, that would represent a corresponding increase during the year.
Given these prospects, the Cardano Coin is certainly one of the most promising cryptocurrencies in 2023 and 2024.
Cardano Price Prediction: That’s what the experts say
Currently, ADA price seems to be trying to reclaim some gains. If you look at the core values, ie the application and previous achievements, there are many possibilities.
Crypto experts also assume that the price will rise again in the future.
Gov.capital sees price rise to $1.43 within a year. At today’s prices, that’s a return of over 280 percent. Moving forward, you can see the price rising to $7.13 in 2028. That would double its all-time high from 2021.
Digitalcoinprice.com experts expect the price to reach a similar level, but not as quickly. You are looking at $0.94 for the next year. Another four years later, according to the analysts, it could then reach a level of 1.94.
Concurrently, investors can expect the value of the ADA coin to increase in the future. The current meme coin wave, which many investors are jumping on, promises positive developments here as well.
Cardano co-founder Anthony Qiunn also admits that some things may change in the token ecosystem in the future. In a blog post he wrote the following:
“Cardano is gradually and securely evolving into a blockchain capable of hosting a new decentralized financial system. The biggest upgrades in recent years – implemented through “hard forks” – have been the delegation of shares, native assets and NFTs, as well as the smart contract platforms.
NAMES: Demand continues to grow
Investors who are currently unsure whether Cardano is a good investment may want to consider a new cryptocurrency such as the NOMEME token.
After the token was released a few days ago, demand for the new project grew exponentially. A few hours after the launch of the coin, the price was $0.0005805, up over 700 percent. The market capitalization also climbed rapidly and reached a value of over USD 8 million. Among other things, this increase is due to the millionaire Elon Musk. It supports cryptocurrencies, but especially meme coins. NOMEME’s current fun currency seems to be a welcome change to the everyday crypto market for investors. Because the developers have not published a use case or roadmap for their cryptocurrency.
Cryptocurrency with potential 2023
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