In This Article
Cardano is a layer-1 blockchain project that places a strong focus on research and development. It finds itself in the competitive layer-1 landscape, as it tries to compete with the likes of Ethereum and Solana, who have both arguably attracted more market share than Cardano. Nevertheless, the project’s research into cutting-edge technology could position its native ADA token to steadily rise in the coming decades. This Cardano price prediction will explore factors that could influence ADA’s price in the next few years, including the blockchain’s strong community backing and ongoing enhancements to the network.
Current Market Standing
Cardano is currently ranked at number 10 in terms of market cap, according to CoinMarketCap data. ADA has managed to reclaim a position in the top 10 list after TRON (TRX) took its position earlier this year. However, the two altcoins are relatively evenly-matched in terms of market cap. ADA boasts a capitalization of $13.27 billion, while TRX has a collective valuation of $13.2 billion. As such, price changes in the crypto’s prices could lead to ADA falling out of the top 10 again.
In the last week, ADA has soared over 10% to trade at $0.369 as of Sept. 24, 2024. There are currently 37,170,426,658 ADA in circulation, and the crypto is down 88% from the all-time high of $3.10 that it set in September 2021.
Technical Analysis
The weekly chart for ADA presents a mixed technical outlook, with indicators pointing to both bullish and bearish signals. Cardano has recently seen a series of gradual price fluctuations, with the most recent closing price at $0.3696. This level represents a steady climb from prior weeks, but significant resistance levels still loom ahead.
Weekly chart for ADA/USDT (Source: TradingView)
Resistance and Support Levels
Currently, ADA is facing critical resistance at $0.3995, with stronger overhead barriers at $0.4469 and $0.4513. These levels will likely present significant challenges for the asset to break through, especially as momentum indicators are showing bearish tendencies. On the downside, ADA's immediate support lies at $0.3298, followed closely by $0.3276. If bearish pressure intensifies, the price could dip further toward the next support level at $0.261, a level that has held as strong support during previous declines.
The 9 EMA (Exponential Moving Average) currently sits at $0.3601, while the 20 EMA is higher at $0.3906. The fact that the price remains below both the 9 EMA and 20 EMA suggests a bearish trend in the short term. ADA would need to break above these EMA levels to regain any bullish momentum, especially if it hopes to challenge the resistance at $0.3995.
The declining EMAs also imply that sellers have maintained control in the market for several weeks. With the 9 EMA falling faster than the 20 EMA, the trend appears to be gaining bearish strength. A bullish crossover between these EMAs would indicate a reversal, but no such signal is imminent at this time.
Meanwhile, the MACD (Moving Average Convergence Divergence) further supports a bearish outlook. The MACD line (-0.035) remains below the signal line (-0.0345), and the histogram is currently negative, though the gap between the MACD and the signal line has begun to narrow. This narrowing suggests that bearish momentum could be slowing, but it is still too early to call for a bullish reversal. As long as the MACD stays below the signal line, the bears will likely maintain control.
The RSI (Relative Strength Index) tells a slightly more optimistic story, with a current value of 45.32. Although still below the neutral 50 mark, the RSI has been climbing from a low of 39.96 over the past few weeks. This upward trend in the RSI indicates that selling pressure may be weakening, and if the RSI continues to rise, it could signal the beginning of a bullish phase. However, ADA needs to break above key resistance levels to confirm such a move.
Overall, while there are some signs that selling pressure is weakening, ADA remains in a predominantly bearish phase. The price continues to trade below critical moving averages, and the MACD is still signaling downward momentum. Resistance levels at $0.3995, $0.4469, and $0.4513 pose significant obstacles for the bulls. On the other hand, support at $0.3298 and $0.3276 provides some cushion against further declines, with a stronger floor at $0.261.
For traders, the coming weeks could be pivotal. If ADA breaks below the $0.3298 support, a deeper selloff could occur. Conversely, a break above the resistance at $0.3995 would suggest that buyers are regaining strength, potentially setting the stage for a run toward $0.4469 and $0.4513. Traders should keep a close eye on the MACD and RSI for early signals of a trend reversal, as any positive divergence could open the door for a bullish recovery.
Fundamental Analysis
Transactions Per Second (TPS)
A network’s transaction per second (TPS) rate is an important metric in the blockchain space, as it determines the transactional workload that a network can handle before it experiences an outage. In order for distributed networks to gain mainstream adoption, they will need to achieve the highest possible TPS rate.
In terms of just this metric, Cardano is currently behind Ethereum and Solana. Solana boasts the highest theoretical TPS of 65,000 transactions per second, according to data from Chainspect. Ethereum comes in at second with its theoretical TPS of 119 transactions per second. Cardano trails by a fair margin with its theoretical figure standing at 18 transactions per second.
Cardano is constantly releasing network upgrades, as evident by the launch of Hydra and the Vasil Hard Fork. Both of these enhancements are aimed at increasing the network’s transaction speeds while simultaneously reducing transaction costs.
There is also the Leios upgrade that is in the works, which should improve the layer-1 network’s performance, according to Input Output.
Total Value Locked (TVL)
Total Value Locked (TVL) shows the amount of capital locked up on a blockchain through DeFi protocols. This specific metric is generally used as an indication of a network’s adoption. In this regard, Cardano is ranked at number 29 with a TVL of around $201.22 million, according to data from DefiLlama.
Ethereum, Tron and Solana lead in this metric. Ethereum’s first-mover advantage gives the legacy network a comfortable lead when it comes to TVL. DefiLlama data shows that more than $49 billion is currently locked up on the Ethereum mainnet. Meanwhile, Tron and Solana boast respective TVLs of around $8.08 billion and $5.192 billion.
Cardano Price Prediction 2025
Analysts expect the bull market to start towards the end of 2024 and into the start of 2025. Should this be the case, the Cardano price could overcome the medium-term resistance levels at $0.3995 and $0.4469. Establishing a position above these major technical barriers might then give the altcoin the space needed to rise to as high as $1.5 through the course of 2025. An extremely bullish scenario could see ADA top its all-time high of $3.10 towards the end of 2025.
In an inverse scenario, ADA might hover around $0.60 and $0.8 for the first half of 2025. If buyers gain a slight advantage over sellers in 2025, then the Cardano price could climb to just above the $1 mark.
Cardano Price Prediction 2030
Cardano is backed by a strong community. This could lead to a continued but gradual increase for the ADA price. In 2030, the Cardano price might soar to as high as $7. If Cardano’s technological upgrades impact the crypto’s price performance, then the Cardano price could soar to between $7.75 and $8.50. In a more bearish scenario, the Cardano price might only rise to $4.50 by 2030.
Cardano Price Prediction 2040
Trying to determine Cardano’s price for 2040 is near impossible given the volatile nature of the constantly-evolving crypto market. If Cardano maintains its current position in the market, at the very least, then its price could reach anywhere from $10 to $25. However, this is a rough estimate based on the project’s current community support, market standing and upcoming technological developments. Looking at a bearish scenario, ADA might trade within a tighter range between $10 and $13 or $15.
Cardano Price Prediction 2050
It is impossible to say what Cardano’s price will do leading up to 2050. However, the crypto could gradually rise in the next few decades. A conservative target is around $10-$12, while a bullish scenario could see ADA soar to between $22 and $28.
Is Cardano (ADA) a good investment?
With continued developments taking place within the Cardano ecosystem, its solid user base, strong community of developers, and established market position, ADA can be an investment option worth considering. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before investing in ADA.
Bottom line
Are you ready to invest in Cardano? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy ADA from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Cardano?
Cardano was created by Charles Hoskinson, who was also one of the co-founders of the Ethereum blockchain. Currently, Hoskinson is a CEO of IOHK, the technology firm behind Cardano.
What was the all-time high for Cardano (ADA) ?
The all-time high price of Cardano is $ on 2021-09-02
