Cardano price prediction is bearish until it breaks out of a descending triangle pattern that provides resistance at $0.3445. Cardano’s price has slipped by more than 4% in the last seven days.
On the lower side, Cardano is likely to gain immediate support near $0.4160 or $0.2915. Can we expect the Cardano price forecast to be bullish, and can Cardano reach $3 in November? Let’s find out!
Cardano Price & Tokenomics
Cardano’s current price is $0.3285, with a 24-hour trading volume of $271 million. In the last 24 hours, Cardano has dropped over 2%. CoinMarketCap currently ranks #8 with a live market cap of $ 11 billion.
Cardano Price & Tokenomics — Source: coinmarketcap
There are 34,408,861,477 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.
The ADA/USD pair opened at $0.3368 on November 16. ADA/USD is currently trading at $0.3344, having reached a high of $0.3443 and a low of $0.3334. Furthermore, the ADA/USD pair fell by more than 10% in the previous week.
Whales are Bullish
The recent FTX-Alameda conflict had no impact on ADA pricing because it was not listed on the exchange platform. As a result, experts continue to have a strong forecast for the Ethereum rival.
Furthermore, Cardano has seen an increase in the number of wallets. According to statistics from Cardano Blockchain Insights, on November 7, there were 3,638,425 wallets on the decentralized finance (DeFi) network, and as of November 16, there were 3,690,261.
Additionally, according to information from the crypto intelligence platform Santiment, there has been a growth in the number of daily active addresses, weighted sentiment, and stakers.
Santiment claims that despite the sell-off caused by the FTX crash, whales have been adding ADA tokens to their wallets. In comparison to 130,000 addresses just one month ago, there are now 134,000 addresses holding between 10,000 and 100,000 tokens. It suggests that whales anticipate a rise in ADA/USD price.
Hoskinson Replies to Critics
Cardano co-creator Charles Hoskinson responded to the critic. Mr. Charles, a Twitter analyst, chastised and mocked Hoskinson, claiming he had made incorrect predictions about Cardano.
On November 13, Charles tweeted that Hoskinson had yet to fulfill his promises. Hoskinson promised in a tweet that Cardano would have a brighter future once it controlled hundreds of decentralized apps and other digital assets, and Charles tweeted screenshots of that message. Furthermore, the community responded to criticism in a variety of ways.
They were divided into two groups: those who supported Hoskinson and those who applauded the statements. Hoskinson replied to the critic immediately after the tweet was widely liked and shared.
In a tweet, he stated that the irony of his detractors’ criticism is that their proclivity to retweet proves that his prophecies have come true.
Furthermore, he stated that his forecasts were certain to come true because Cardano has over 1000 decentralized apps, 6 million assets, and 3.6 million wallets.
Hopkinson responded quickly to his complaint, which is not surprising given his reputation for responding quickly, particularly to criticisms of Cardano’s development. This prompt response demonstrates the behavior of the co-responsible founder, which benefits the value of the ADA/USD exchange rate.
Cardano is Developing a New Multi-chain Crypto Wallet
The increased interest in Cardano is consistent with the ongoing network development for the blockchain, which is regarded as a viable competitor to Ethereum. Lace is a new wallet being developed by Cardano.
According to Hoskinson, the network will almost certainly have one billion users following the Lace’s launch.
Lace is a small multi-chain cryptocurrency wallet. It claims to seamlessly connect Web2 and Web3 features to a single interface. Cardano may benefit from the wallet’s ability to combine identities, transactions, and apps into a unified experience.
In general, an increase in wallet usage is one of the major causes of an ADA/USD price increase.
Cardano Price Prediction – ADA to $3 Soon?
This week, the ADA/USD pair has been trading slightly bearish, falling from $0.3435 to $0.3295. It is falling towards an immediate support area of $0.3207, and a break of this double bottom support could expose Cardano’s price to $0.2900 support.
Leading indicators such as MACD and RSI are still in the buying zone. However, the 50-day moving average points to a selling bias. Therefore, a bullish breakout above the $0.3350 level can provide further room for buying until the $0.3435 or $0.3700 level.
Cardano is unlikely to reach $2 anytime soon, but a breakout and close of candles above $0.3535 may drive a further buying trend.