Cardano’s price has seen a steeper decline again over the past few weeks. At the moment, we are at the lowest level of Cardano in 2022. This trend could continue towards the end of the year. However, there is still hope that we could see another surge in Cardano (ADA) in the final weeks of the year.
In this article, we want to analyze the recent price movements in Cardano and see if we might see a change in trend before the start of the year.
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How has Cardano (price) evolved in recent weeks?
The year 2022 has been very negative for the Cardano price. Like almost every other cryptocurrency, the ADA token has seen massive losses this year. At the end of last month, however, we saw a stronger price increase for the first time in a long time. From $0.33, ADA rose to $0.43 in late October and early November.
This positive trend was halted by the implosion of the FTX crypto exchange. The price fell back into a range between $0.30 and $0.35. This puts the ADA price in a price range which is the lowest range in 2022. Overall, Cardano price has been losing steadily for the past few months.
Can Cardano price recover in the next few weeks?
Prior to the FTX crash, Cardano price was on track towards $0.50. There seemed to be a sustained surge in Cardano for the first time in 2022. But the demise of crypto exchange FTX put an end to this surge.
In the coming weeks, investors must first regain confidence in the marketto lay the groundwork for a further rise in cryptocurrency prices.
Cardano (ADA) is one of the cryptocurrencies very dependent on the development of the global market. In a bear market, Cardano tends to suffer more losses than other coins. For a recovery in prices, a reversal of the trend on the whole market is absolutely necessary.
What positive developments are there on the Cardano blockchain?
The Hydra protocol is more and more implemented at the moment. Hydra is intended to improve transaction throughput and therefore overall transaction speed. In the current development phase of Basho, the scalability of the Cardano blockchain needs to be increased. Hydra is an important first step.
“Hydra for Payments” will soon be introduced on Cardano. This is a toolkit for payment providers who want to use the Cardano blockchain. It is intended to significantly speed up payments on the blockchain and the scalability of Cardano in general. “Hydra for Payments” is supposed to make possible 1 million transactions per second.
How high can Cardano’s price still rise at the end of the year?
So many exciting developments are happening in the background at Cardano. However, this rarely means that the price of the ADA token may increase. Without a trend reversal in the market and increased attention, Cardano price can hardly rise in the coming weeks.
Developments on the Cardano blockchain have huge potential in the medium to long term to drive the price up sustainably. However, the bear market is not particularly favorable for Cardano at the moment.
Overall, a rise would be possible if confidence in the market increases again in the coming weeks and prices can recover. In this case, the Cardano price should be able to rally by the end of the year. An increase of 10 to 20% seems possible in this case.
Is it worth investing in Cardano now?
Currently, the price of Cardano’s ADA token is lower than it has been for a long time. A further increase may follow in the coming weeks, but is not guaranteed. A possible further price drop in the event of another crypto crash cannot be ruled out either.
The most likely scenario is that we will tend to move sideways over the next few weeks and only see stronger increases in the overall market and therefore also in the Cardano price in 2023. Nevertheless, the current low prices are well suited for buying ADA tokens.
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