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Cardano (ADA) price forecast - is another crash coming?



The crypto market has been bleeding lately. Cardano stagnated for months and has now dropped below $ 2. Such developments have caused panic among investors. We'll find out where will the ADA course develop during the correction.

What is Cardano ADA?

Cardano is an eco-friendly blockchain that uses POS to validate transactions. It solves the problem of scalability through faster transaction throughput and the finality of the transactions. ADA is the native token of the Cardano blockchain. Users can use ADA to pay fees and conduct transactions on the Cardano blockchain.

Price development

Cardano has achieved an ROI of 8535% since it began developing and is currently just under $ 1.22 below its all-time high of $ 3.10, which was posted in September after the Alonzo hard fork. Investors were bullish on the new ATH, but the price fell from $ 2.37 a few days ago to a low of $ 1.79 at the time of this writing.

After the latest changes in the law in the USA regarding the increased taxation of cryptocurrencies, the entire crypto market had to give way, including Cardano. How sustainable this correction will now be will only become apparent in the coming days and weeks.

Where will Cardano (ADA) develop in 2022?

CoinCodex provides bearish signals for ADA. The RSI and MACD show a neutral outlook. In contrast, the volume-weighted moving average (VWMA) and the Hull moving average show selling pressure. ADA could trade back at $ 2.02 in November and climb to $ 4 by the end of 2022.

These are research-based insights, but one must also take into account the volatility of the crypto market. There were even 1000% gains for Doge and Shiba Inu in 2021. Solana also recorded a steady upward trend in 2021. SOL traded below $ 30 in September and is now at $ 200. Cardano has teamed up with the Ethiopian government to bring the education system to the blockchain. Any major event can drive prices up. It is advisable to do your own research before investing in cryptocurrencies.

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