Cardano (ADA), which has experienced some of its biggest losses during the bear markets, has been able to take some of the most significant hits. This digital asset has experienced massive drops that have driven its price to one-year lows. The community is still behind Cardano and investors are bullish about the native ADA token.
$0.47 for ADA Year End
Coinmarketcap’s Cardano community has shown a bullish outlook for the future. The Price Estimates feature It allows users to input the value they think the digital asset’s price will reach in a given time period. This then gives an average of all the prices.
The average estimate came in at $0.4788, with more than 5,000 votes collected for the month. This was the end of 2022. Based on the current price, the community is expecting a 57% increase of ADA prices before the end of the year.
As expectations rise for January 2023, the bullish outlook continues. This would mean that ADA’s price will rise to $0.5, a 65% increase over current levels. For the next six months, the expectation is that ADA will trade at a higher level than its current value.
Cardano to Pull Off This?
While the Cardano community is bullish about the future of ADA, indicators indicate a bearish trend for this digital asset. The first is that the digital asset continues trading below its 50-day moving mean, which is a critical technical level for any cryptocurrency to register a bullish pattern.
Source :| Source: ADAUSD on TradingView.com
The ADA is still above $0.3, but it is in a precarious position for the cryptocurrency. This is because the cryptocurrency has previously fallen below this level in December. It is currently serving as support, but a further decline below it will cause bears to mount resistance.
The token will suffer a significant blow if it closes below $0.31 daily. It is still struggling to get out of the shadows of its 52-week low. It is still stuck at $0.306 before the trading day opens. This could indicate some strength, if trading volume increases by midday trading hours.
ADA currently trades at $0.306 as of the writing. The digital asset’s price has fallen 6.82% over the past 7 days and by 2.88% over the last 24 hours. It is the 9th most valuable cryptocurrency, still having a market value of $10.4 million.