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01/26/2023

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Cardano Price Prediction: Today’s ADA Price, 26th Jan 2023 - ELEVENEWS

The price of Cardano increased by just 0.2% over the course of the last day, reaching $0.378397, along with a comparable increase for the cryptocurrency market as a whole. In light of the market’s...

Cardano Price Prediction: Today’s ADA Price, 26th Jan 2023 - ELEVENEWS

The price of Cardano increased by just 0.2% over the course of the last day, reaching $0.378397, along with a comparable increase for the cryptocurrency market as a whole. In light of the market’s anticipation for a fresh Cardano update that will enhance the capabilities of its smart contract programming language, ADA has risen by 8% in the past week and by just over 44% over the past 30 days.

The most recent Cardano upgrade is merely the most recent in a long line of updates that have elevated the blockchain to the position of one of the most powerful layer-one networks in the cryptocurrency ecosystem. Cardano might potentially hit whole figures and higher this year because it has yet to lock in a significant portion of the ecosystem’s overall value.

Today’s Cardano Price

DATEADAUSD
Today010.3561605

Cardano Price Prediction

The chart of ADA indicates that it has picked up a lot of steam recently. Its relative strength indicator (purple) has once more risen above 70, indicating strong purchasing pressure that may last for some time.

Its 30-day moving average (red) has also started to rise toward its 200-day moving average (blue), indicating an impending turnaround that in turn points to a big breakout.

While ADA’s fundamentals also point to continued price increases this year, technical indicators alone suggest that the stock (like much of the market) was ripe for a significant recovery.

Its next upgrade, which will include a key change to its Plutus smart contract language, is slated for February, as was already reported. For the most part, this update will “enable ECDSA and Schnorr cryptographic signatures to make it easier for developers to construct cross-chain apps,” which essentially means that Cardano will soon gain more interoperability.

Yes, the update will make it possible for programmers to create dapps for a number of other blockchains in addition to Cardano. Since teams and businesses will be aware that their platforms would be exposed to a larger potential userbase, this will encourage more growth.

In general, Cardano’s recent development gives ADA holders many reasons to be upbeat about the future of the altcoin. Over the past few months, its ecosystem has been steadily expanding, with more than 1,100 apps and projects presently developing on its network in addition to more than 110 projects that have previously been launched.

It’s noteworthy to note that Cardano has had recent growth since more than 5,400 Plutus scripts—the platform’s take on smart contracts—have been deployed since the network allowed smart contracts last September. Following the update in February, this figure is probably going to rise much higher, allowing the Cardano ecosystem to spread its tentacles.

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Cardano’s entire value locked in is still only $77 million, which is still a small amount, but it has increased by 57% since January 1 to show how swiftly the network is expanding. In fact, GitHub statistics constantly identifies Cardano as either one of the most active networks or the network with the most daily activity.

What’s remarkable about this situation is that, despite its small size, ADA

The key aspect is that ADA is still the eighth-largest coin in the market by cap, despite having a low TVL. As a result, ADA will become even more valuable as Cardano develops and gains more adoption, moving up the rankings.

Its market cap, $13.2 billion versus $195.3 billion, is barely 6.75% of ETH’s market size. The price of ADA would increase to approximately $1.15 if it attained, say, 20% of ETH’s cap, which is a very realistic goal for the coming few months.

If the cryptocurrency market experiences another bull run, the price of ADA could increase even further; some analysts have set a long-term target price for the coin of about $5.30. If the market really takes off and Cardano obtains some significant acceptance, this goal might even be surpassed.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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