Cardano (ADA) has taken some of the largest hits through the bear market. The digital asset has seen massive declines that have pushed its price toward one-year lows. However, the community remains steadfast behind Cardano, and the outlook for its native ADA token shows that investors remain extremely bullish on the cryptocurrency.
$0.47 For ADA By Year End
The Cardano community on Coinmarketcap has shown a very bullish outlook for the future. The Price Estimates feature allows users to input a value they believe the price of a digital asset will reach by a certain time period and then provides an average of the prices.
With more than 5,000 votes already collated for the month, the average estimation came out to $0.4788 by the end of 2022. Given this current price, it means that the community expects a 57% increase in the price of ADA before the year runs out.
The bullish outlook also continues to the new year as expectations fly even higher for January 2023. The estimates for this puts the price of ADA at $0.5, a 65% increase from current levels. And for the next six months, expectations remain in the green that ADA will continue to trade higher than its current value.
Will Cardano Pull This Off?
The Cardano community may be bullish on the future of ADA but indicators point to a very bearish trend for the digital asset. The first of these is the digital asset continues to trade consistently below its 50-day moving average, which is an important technical level for any cryptocurrency to record a bullish trend.
ADA continues to stall at $0.306 | Source: ADAUSD on TradingView.com
While ADA continues to hold above $0.3, it is a precarious situation for the cryptocurrency. One of these is that the cryptocurrency had previously fallen below this level in November. Presently, it is serving as support but another decline below this will see the bears mount resistance at this point.
A daily close below $0.31 will be a critical blow to the token which is still trying to move out of the shadow of its 52-week low. Interestingly, it continues to stall around $0.306 ahead of the opening of the trading day which could mean some strength if the trading volume were to pick up by midday trading hours.
ADA is currently trading at $0.306 at the time of this writing. The price of the digital asset is down 6.82% in the last 7 days and 2.88% in the last 24 hours. It remains the 9th largest cryptocurrency with a market cap of $10.4 billion.
Credit: Source link