The Crypto Community’s Cardano Price Forecast Shows ADA Up 30% This Month

Oct. 24, 2022
The Crypto Community’s Cardano Price Forecast Shows ADA Up 30% This Month

The crypto community this month has set a price increase for the decentralized smart contract platform Cardano (ADA). This reflects the improved network performance after the Vasil hard fork, which proved to be one of the most anticipated upgrades to the network. 

CoinMarketCap’s price prediction feature has revealed October Cardano (ADA) price estimations submitted by over 10,800 users. They expect ADA to trade at $0.577, a 33.5% increase from the cryptocurrency’s current price of $0.432. CoinMarketCap is currently ranked 8th with a live market cap of $14,724,985,550 USD. It has a circulating and maximum supply of 34,256,893,105 and 45,000,000,000 ADA coins, respectively.

After a break below the $0.4181 level, ADA may gain bearish momentum leading to the $0.3675 support level. If ADA maintains its upside position above $0.4180, the support level may continue to move toward $0.4850.

A bearish trend at $0.4850 could block Cardano’s upward move. However, increased demand for Cardano could lower this level and extend the uptrend to $0.5275 or $0.5835.

It is important to emphasize that the expectations of the crypto community may no longer exist. Statistics show that the platform’s predictions about $ADA were almost 60% accurate last month but down from 10% earlier this year.  

CryptoGlobe revealed a study published by the Commission on Banking Supervision of Government (BCBS) which explains that, along with Cardano (ADA), the world’s top banks have roughly $9 billion worth of cryptocurrency assets.

Nineteen of the world’s largest financial institutions were part of the study. 10 banks from America, seven from Europe, and two from the rest of the world. The 19 banks that submitted their data have 0.14% exposure to cryptocurrency. Banks’ exposure is estimated at 0.01% if global standards are applied.

Cardano (ADA) founder Charles Hoskinson has informed his fans about upcoming developments. He tweeted that this new era is ready for those who build and use networks.

He argues that Cardano aims to develop decentralized governance and is a way to “show” the rest of the space how to do it right.

The report follows CryptoCompare’s latest Digital Asset Management Review stating that throughout September, institutional investors have added bets against the flagship cryptocurrency Bitcoin ($BTC) by buying up products shorting BTC and betting on products offering $XRP, $ADA, and multiple assets.

Cardano adoption continues to grow slowly as the total number of ADA Dollar wallets passed the 3.5 million milestones in August, making significant performance improvements ahead of the Vasil hard fork.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.