Interesting Cardano (ADA) Price Predictions: What’s Happening?

TL;DR

Some analysts believe the ADA could rise further if it breaks through major resistance levels. Strong on-chain metrics and no scheduled token unlocks support bullish sentiment.

“Approaching the next level?”

Cardano’s ADA has been among the cryptocurrency rock stars of late, posting a 120% price increase over a 14-day span. It is currently trading around $0.73 (according to data from CoinGecko), with many market watchers speculating about one more bomb.

ADA price, Source: CoinGecko

User X FLASH noted the big resurgence, predicting that ADA is “approaching the next level” above $1. The analyst believes that this goal could be achieved before the end of the year.

Ssebi intervened today (November 18) when the token’s valuation showed a substantial green candle. They surmised that ADA could take advantage of $0.90 if it breaks through the important $0.74 resistance level. Remember that the asset briefly crossed the represented mark before returning to its current condition.

Lucid, an X user who often describes bullish predictions, also gave his two cents. The analyst believes that ADA is “on the verge of going interstellar” due to several essential factors.

On the one hand, the expert claimed that Cardano’s native token has “a higher MAV than the top 10 combined.” The Minimum Attack Vector (MAV) measures decentralization by assessing the minimum number of entities required to compromise the security or consensus of the network. A higher ratio indicates greater decentralization and resistance to possible attacks.

Lucid also maintained that Cardano has zero token unlocks scheduled for the near future. Releasing previously blocked or restricted coins increases the circulating supply. Fundamental principles of economics dictate that this development, combined with non-growing demand, could lead to a pullback in prices.

“Cardano is the most decentralized chain that never stops. ADA is a commodity that cannot be destroyed,” Lucid concluded.

We recently published a video with some of the main developments around Cardano. Check it out here:

What do the indicators suggest?

Some key chain metrics also hint at a further price hike for ADA. For example, net network growth (a momentum signal that “gives a pulse of the actual growth of the token’s underlying network”) has increased by 0.26% in the last 24 hours.

The “In the Money” gauge, which measures the change in the number of ADA investors currently sitting on paper profits, is also in bullish territory, rising 2.4% over the same period.

At the time of writing, 62% of all holders of the asset are in the green, while 35% remain underwater. This represents a significant improvement over the statistics seen at the beginning of August. By then, hardly anyone holding ADA was sitting on paper profits as the price fell below $0.30.

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