Amid a broad improvement in crypto sentiment, Cardano has broken above a key downtrend and could rally to $0.55.
According to a finder.com survey, Cardano will end 2022 around $0.60 and recover to record highs by 2025.
Cardano is more decentralized and has more utility than Bitcoin, says founder Charles Hoskinson.
Though most major cryptocurrencies have pulled back from earlier session highs in the run-up to the open of US markets, most continue to trade with solid gains on the day/over the past 24 hours. Bitcoin was last trading around $22,100, a little below earlier highs in the $22,500 region, but still up over 6.0% on the day and more than 3.0% in the last 24 hours, according to CoinMarketCap.
Ethereum, meanwhile, was last up around 10% on Monday and closer to 9% in the last 24 hours, according to CoinMarketCap. ETH/USD probed $1,500 earlier in the session but has since fallen back to the $1,470 area. The world’s second-largest cryptocurrency by market cap continues to outperform most of its major alt-coin peers like Binance’s BNB, Ripple’s XRP, Polkadot’s DOT and Cardano’s ADA.
Indeed, Ethereum is up around 28% versus this time last week, according to CoinMarketCap, whereas the above-mentioned cryptocurrencies are up closer to 8-12% over the same time period. Ethereum’s developers last week tentatively announced that they foresee the blockchain’s merge from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) mechanism in September and this appears to have boosted risk appetite toward the cryptocurrency.
Some analysts think this Ethereum optimism could hurt Ethereum competitor blockchains such as Cardano, a self-proclaimed “Ethereum killer”. That despite the fact that Cardano is approaching a major upgrade of its own blockchain network. Later this month the so-called “Vasil hardfork” will take place and will deliver a series of upgrades that improve the speed and scalability of the blockchain. The upgrade was supposed to go ahead in late June but was delayed.
Just six days ago, Cardano looked to be on the precipice of breaking below a key level long-term of support ($0.39) that could have opened the door to catastrophic further losses to sub-$0.20 levels. But as risk appetite has returned to cryptocurrency markets, lifting nearly all major coins, Cardano’s fortunes appear to be turning.
The native token to the Cardano blockchain ADA was last up nearly 10% on Monday, taking its gains since last week’s near-$0.40 to over 20%. The latest surge has been aided by technical buying after ADA/USD broke above a short-term downtrend that had been capping the price action since mid-June.
ADA has since run into resistance in the $0.50 area where its 50-Day Moving Average resides and is currently changing hands around $0.49. But short-term Cardano bulls have already turned their sights to resistance at $0.5250 and then above that around $0.55. These levels could easily be tested if the broad crypto rally continues.
According to a survey of 53 FinTech experts conducted by researchers at finder.com, the median year-end forecast for Cardano was $0.60. The participants were mostly bullish on the cryptocurrency in the years ahead, the median expert forecast showing that it would recover to around $3.0 by 2025, before hitting $7.0 in 2030.
While still bullish, this is far less optimistic an outlook than that given by experts in a similar survey conducted back in January. Back then, when Cardano was trading in a $1.1 to $1.6 range versus current levels under $0.50, experts saw the cryptocurrency ending the year closer to $3.0 and hitting $58 by 2030.
Experts responding to finder.com’s survey were split over how the upcoming Vasil hardfork will impact Cardano. 20% said it would positively impact ADA’s price, 18% said it would have an adverse effect, while 50% said it would increase the functionality of the Cardano blockchain.
In a recent online Q&A, Cardano founder Charles Hoskinson argued that Cardano has more utility than Bitcoin and is more decentralized. “Nobody controls (Cardano),” Hoskinson said. “It’s completely decentralized, far more than Bitcoin,” he continued.
“It has more use and utility. People buy (ADA) not to speculate, which is the only thing they can do with Bitcoin,” Hoskinson noted. “They buy (ADA) to use it for stuff, medical records and whatever else they’re doing, because it has real-life utility”.
Hoskinson’s remarks come after popular Bitcoin proponent and CEO of major software company Microstrategy (MSTR), which has spent billions purchasing Bitcoin, Michael Saylor criticized Cardano, calling it a security.
“To be a commodity network, there has to be no issuer, no initial coin offering (ICO), no central organization and if you study the history of Cardano, it’s pretty obvious it’s a security,” Saylor said. “It checks all the boxes, so I don’t know how you actually get around intellectually to convincing yourself that it’s anything other than a security”.
This article was originally posted on FX Empire
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Cardano Price Prediction: ADA to Hit $0.55 if Broad Crypto Rally Continues – Yahoo Finance