After years of struggling Cardano (ADA) prices finally surge and its founder forecasts “Solana performance” for his token later this year. Moreover, he once again claims Cardon is “the next Bitcoin”. So what is Cardano price prediction for 2022?
It’s been a while since Cardano made the headlines. For the last couple of years, ADA hasn’t shown any significant price spikes.
And then suddenly Cardano price rose almost 40% in just seven days.
It’s roughly a $1.15 at the moment of writing. And it’s still far from the record prices Cardano reached in September 2021. But still it’s a good sign for those who believe that the “the third blockchain generation crypto” – as Cardano is often called – is meant to be the next Bitcoin.
Cardano prices – lessons of history?
ADA broke the $1 level at the beginning of 2021, and then had two major peak points: $2.3 in May 2021 and almost $3 in September.
Per contra, Cardano’s team never declared quick growth and a high price point. Instead, they focused on its chain scaling, launching their trading products, developing the original Daedalus wallet, and making sure their crypto is safe for the ecology.
Unlike Bitcoin or Ethereum, the Cardano blockchain is using Proof-of-Stake consensus formula from the beginning. There is no mining of ADA and there will never be.
Recently Cardano founder Charles Hoskinson said ADA would have the same type of performance as popular Solana token by the end of 2022.
That might sound way too optimistic. But I should once again remind you how Solana did the tremendous $1.8-$258 jump for the 11 months in 2021.
Let’s find out if the same kind of price hike is possible for ADA this year.
Cardano price prediction for 2022
After the all-time record of $3 in mid-September 2021, Cardano started fading slowly.
The news about ADA delisting from the eToro exchange because of some regulatory issues in the USA, helped that process a lot.
It’s no wonder Cardano dived below the $1 level in the beginning of 2022. And then it hit the lowest 76 cent point on February 24.
But the last week appeared to be fairly successful for Cardano. The token’s value gained almost 40 cents and now it’s trading at $1.15.
Some experts say that in the best scenario Cardano should test its 20-week and 50-week exponential moving averages at $1.21-$1.31 levels.
Drawing from ADA’s growth trajectory, the $1 price level remains the crucial support level while the coin’s resistance is pegged at $1.5 in the short to medium term.
These high brow words might not tell you that much. So let’s put it simple.
Despite the overbought risks Cardano’s current trend becomes bullish.
Any important Cardano ecosystem news?
Actually yes.
Right after the last Cardano price jump, Charles Hoskinson joked about his “wrong” prediction on decentralized apps.
There are 579 Cardano DApps in development right now.
SundaeSwap DEX is one of the most popular among them.
Launched on January 21, this decentralized exchange helped significantly increase the total value locked (TVL) of Cardano. In 2022 the TVL on the network has grown more than 25 000%.
“Remember when I predicted thousands of assets and DApps on Cardano? Well I was wrong, there are now millions of native assets issued and DApps are now in the hundreds,” Hoskinson wrote on Twitter.
Another milestone was reached on March 23 with 4 000 000 Cardano native tokens minted and around 50 000 distinct minting policies.
What is with Cardano’s roadmap?
There are five phases of Cardano development. The phases are Byron (foundation), Shelly (decentralization), Goguen (smart contracts), Basho (scaling), and Voltaire (governance).
Right now the Cardano project is entering the Basho phase, where the team plans to get significant both on and off-chain improvements.
The last major update was with smart-contract capability added to the blockchain via the Plutus scripting language in January 2022.
Cardano developers are planning to increase the block size above 72 KB and reach 95% of peers within five seconds. All this stuff should reduce the network load and increase transaction speed.
Today Cardano has a speed of approximately 250 transactions per second (TPS). But with Hydra upgrade launch there appeared theoretical targets of 1 000 000 TPS. This is far bigger than the theoretical TPS targets of most blockchains.
Will Cardano finally boom this year?
That’s a tough one.
Like everything else in the crypto world, Cardano’s future isn’t clearly visible.
Cardano Proof-of-Stake Ouroboros protocol proved its scalability.
But still, it takes a bit more time to achieve all the goals Hoskinson’s team initially declared.
It’s good to see that the network seems long-term evolving, not proposing the get-rich-quick scenario for the crypto community.
For the same reason, Cardano is not of particular interest to traders and ordinary crypto users.
Hoskinson says: “Cardano aims to create a stable cryptocurrency ecosystem”.
No one knows how and when will it happen. But it is obvious that current Cardono’s rise (once again it’s 40% in just one week) is in line with the market. Nothing points to a possible surge outside of the factors that drive the growth of BTC, ETH and other coins. At least, for now.
Sources: Cointelegraph, BeInCrypto, Bitcoinist, CardanoFeed
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