The crypto market is bleeding red lately. Cardano remained stagnant for months and now it has nosedived to below $2. Such developments have triggered panic among investors. Where will this crypto go during this correction season, let’s find out.
What is Cardano ADA?
Cardano is an environment-friendly blockchain using POS to validate transactions. It solves the scalability problem through quicker throughput and transaction finality. ADA is the native token to the Cardano blockchain. Users can utilize ADA for paying fees and making transactions on the Cardano chain.
Price History and What Might Happen Next
Cardano has given 1,294% returns dwarfing Bitcoin and Ethereum. The crypto hit an all-time high of $3.1 in September after its Alonzo Hardfork. Investors were optimistic for a new ATH but the coin dipped to a low of $1.82 at the time of writing from $2.37 in October. With the crypto market retracing after the infrastructure bill, ADA’s future is questionable. Where will Cardano go in 2022?
Cardano Price Prediction
CoinCodex has given bearish signals for ADA. The RSI and MACD show a neutral outlook. Whereas, Volume weighted Moving Average (VWMA) and Hull Moving Average show sell pressure. ADA could be trading around $2.02 in November and could climb to $4 by 2022 end. By 2028, ADA could average out at around $8.
These are insights-driven by research but the crypto market is volatile. There are even 1000% gains recorded for Doge and Shiba Inu. Even Solana recorded a steady bullish run in 2021. It was trading below $30 in September and now it is $200. Cardano has tied up with the African continent as a payment gateway. Any major event could push the prices to the sky. It is advisable to do your own research before investing in crypto.