Cardano Price Forecast - Is ADA About to Breakout Toward $1?
After an amazing rise to its all-time high of $3.09 slightly over a year ago, the Cardano price is still mired in the murky waters of the crypto winter. A 90% correction from ADA's historical high could soon be reported if the current retracement at $0.34 continues.
Strong support in the range highlighted between $0.288 and $0.331 might sweep in and prevent a potential massacre to $0.20. Even though such a move would be a significant setback, it is unlikely to occur, especially given that ADA has developed into a notable cryptocurrency ecosystem since August last year when it was priced at $3.09.
On the bright side, Cardano is closer to its floor price now than ever since the rains started beating the crypto market in November 2021. Furthermore, the extremely oversold conditions the smart contracts token deals with negates the idea of a continued retracement.
That said, Cardano price prediction might not be as outlandish as everyone would hope, yet it could certainly make close the gap to $1 before December 31, 2022.
The IOHK (Input Output Hongkong), the organization that is tasked with building and maintaining the Cardano blockchain, has been busy working on what could be termed revolutionary DeFi (decentralized finance) tech solutions.
ADA price could start regaining the ground to $1.00 as the community warms up to the Cardano Summit 2022, to be held in Brisbane, Australia. According to a recent Twitter communication, this will occur between 19 and 21 November.
Aside from interacting and learning from community members, the Cardano Summit will focus on local projects building on the protocol. Members will have an opportunity to showcase their NFT artwork.
With the event mainly focused on ADA and its ecosystem, a positive
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