Cardano Price Prediction: $698 Million Yesterday – ADA Towards $0.41?

Cardano Price Prediction continues to wallow in high volatility due to the Federal Open Market Committee (FOMC) decision to raise interest rates by another 0.75%. As discussed on Wednesday, ADA stretched its legs further down and tested the support at $0.3810. The smart contract token is now trading at $0.3910 as traders scan for short-term buy orders to $0.4100.

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New Cardano Upgrade

Cardano Foundation CEO Fredrick Gregaard announced the release of a new Cardano Improvement Proposal (CIP) on Wednesday – calling it a significant milestone in the network’s open-source journey. According to the CEO, the CIP is a channel that allows the Cardano Community to introduce new features and gather feedback from the ecosystem on issues concerning the network. Gregaard added that full transparency is needed when making informed decisions. Therefore, the new CIP requires all participating projects to be registered. With CIP-9999 – the community can highlight issues that are not yet resolved and can form the basis for grant allocations that build on the proposal. The new CIP gives power to the Cardano Community – as they can make the changes they want to see implemented.

Cardano Price Prediction: ADA Fit for Short-Term Recovery

Cardano price maintained an uptrend throughout the third and fourth weeks of October, supported by increased demand from confirmed support at $0.3350. The ascending trendline served as a stepping stone to the uptrend, ensuring that buyers were primarily in control despite frequent retracements as investors locked in profits at various price points. After all, what goes up must come down. Cardano’s positive move faltered as the price touched $0.4420, although the wick of the bullish candle marked $0.4400. Subsequently, the bearish candle broke the ascending trendline, snapping ADA’s winning streak.

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As overhead pressure roared into the market, Cardano fell below all the applied moving averages – including the 200-day Exponential Moving Average (EMA) (in purple), 50-day EMA (in red) and 100-day EMA (in blue). The Moving Average Convergence Divergence (MACD) indicator, which on Sunday confirmed a sell signal, slipped below the moving average line – adding credence to the bearish outlook on Cardano price. Meanwhile, the same MACD indicator could flash a buy signal in the coming sessions, which would compel traders to place short-term long positions towards $0.4100. However, before activating their buy orders, traders should wait for ADA to make a clean move above the 50-day EMA. The bullish outlook for Cardano price is also supported by fundamentals such as the surge in the number of daily active addresses on the network. According to on-chain data from Santiment, these addresses were close to hitting a new monthly high but reached 84,478 on November 2. The surge in this metric implies a high level of speculation among ADA holders. In other words, more people are betting on Cardano’s ability to keep the uptrend intact. Therefore, a consistent increase in the number of addresses transacting on the protocol every day is needed to move it not just to $0.4100 but to $1.0000.