Like most cryptocurrencies on the market, the price of ADA, Cardano’s native cryptocurrency, continues to rise sideways. However, analysts believe that the asset will be one of those that will make strong gains once the market swings higher.
Can ADA be multiplied by 10 next year?
Evolution of the price of ADA
Currently, the ADA token is trading at $0.3479, after gaining 3.04% in the past 24 hours, while the total crypto market saw a 0.91% increase over the same period.
ADA is trading slightly above all major moving average (MA) indicators, including the 10-day moving average of $0.3363 and the 200-day moving average of $0.3395. However, the risk of ADA entering an enduring bearish phase cannot be ruled out.
Similarly, ADA’s moving average convergence divergence (MACD) has entered the negative zone. However, the relative strength index of 44.27 indicates that the asset is approaching underbought territory.
Vasil hard fork success bolsters long-term profit hopes
Although ADA is currently going through a recession, it remains actively profitable. The fundamentals of the Cardano blockchain remain solid, especially after the launch of its Vasil hardfork last month.
Vasil was touted as a major upgrade for improving blockchain performance in terms of speed and scalability. This update is expected to improve the functionality of the blockchain, making it ideal for developers.
And as Cardano adoption continues to grow, ADA’s price is also expected to rise accordingly.
Network Activity Progress
The Cardano blockchain has seen an increase in the number of users lately. Network transactions on the blockchain reached 97,959 on October 19, which is the highest level since the beginning of the month, representing a 75% jump on a monthly basis.
The data also showed a spike in non-fungible token (NFT) sector activity on the blockchain. Volumes reached 3 million ADA on October 17, making Cardano the third largest blockchain in the market by NFT activity.
Are you considering investing in ADA? Also consider D2T
As investors adjust their portfolios, it may be worth investing in D2T tokens.
D2T powers Dash 2 Trade, a set of research and analysis tools that will become Bloomberg’s cryptocurrency terminal. Dash 2 Trade provides high-quality market intelligence, helping investors make better decisions. The platform also offers several benefits, including in-chain analytics, an interface to trading application programs (API), and notifications when new assets are listed on exchanges.
D2T offers access to the Starter and Premium pricing tiers of the platform, giving users access to some of Dash 2 Trade’s more advanced features. The token is currently available for presale, at a price of 0.0476 USDT.
Join the D2T pre-sale now
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