Cardano Price Forecast – Bulls Hold $0.30 Comfortably, Quick 50% Move Incoming?
A mixed start to the day on Nov. 24 saw ADA rise to an early high of $0.321 before falling to a low of $0.312, with the token currently trading at $0.316 as of writing.
On Nov. 23, the FOMC meeting minutes delivered a push to crypto markets in general, with members talking about slowing the pace of rate hikes in the US. ADA was not able to capitalize on this market pump for sustained upside momentum, however.
Because of project timeline uncertainty and a lack of funding, Ardana, a stablecoin project on the Cardano network, has paused development pending a potential takeover of its project. The related Orbis project has also halted development.
In an early Nov. 24 Tweet, the Ardana project wrote that "Development on Cardano has been difficult [...] the underlying network on #ADA is currently not ideal for any protocol dealing with liquidations [...] best course of action is halting development."
Although just one project among many on Cardano, this announcement raises questions about the future of development on Cardano and the future of other Cardano projects that may be struggling in the wake of the current bear market.
Keep a close eye on development progress for Cardano and the projects building on it as news about its network updates or further project failures or successes could accelerate the price in either direction.
After a failed attempt to break the $0.378 level on Nov. 22, bears still appear to be in control of ADA's price action. As long as the price stays beneath the $0.378 level, a further decrease would not be unexpected, targeting the $0.285 support area and potentially dipping to $0.231 in the near term if the wider crypto and risk asset bear market continues – not to mention the risks associated with the
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