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The cardano price has risen by a very slight 0.2% in the past 24 hours, reaching $0.378397 amid a similar rise for the cryptocurrency market as a whole. This means that ADA has increased by 8% in a week and just over 44% in the last 30 days, as the market waits for a new Cardano update that will expand the functionality of its smart contract programming language.
Cardano’s latest update is but the latest in a long line of upgrades that have transformed the blockchain into one of the most capable layer-one networks in the cryptocurrency ecosystem. And with Cardano still yet to capture a major share of this ecosystem’s total value locked in, ADA could easily reach whole numbers and higher this year.
Cardano Price Forecast as ADA Pumps Up 44% in 30 Days – Can ADA Reach $10 This Year?
ADA’s chart reveals that it has gained plenty of momentum in the past couple of weeks. Its relative strength index (purple) has risen over 70 once again, suggesting strong buying pressure that could continue for a while yet.
Likewise, its 30-day moving average (red) has clearly begun rising up towards its longer term 200-day average (blue), signalling an incoming turnaround that itself indicates a significant breakout.
While technicals alone indicate that ADA (like much of the market) was long overdue a big recovery, its fundamentals also point to sustained price increases this year.
As mentioned above, its next upgrade is scheduled for February, when it will see an important upgrade to its Plutus smart contract language. Basically, this update will “support ECDSA and Schnorr cryptographic signatures to make it easier for developers to build cross-chain apps,” meaning that Cardano will soon be benefitting from more interoperability.
Yes, the update will enable developers to build dapps not only for Cardano, but for a variety of other blockchains. This will incentivize greater development, since teams and firms will know that their platforms will be exposed to a greater potential userbase.
More generally, Cardano’s recent development leaves ADA holders with plenty of reasons to be optimistic about the altcoin’s prospects. Its ecosystem has been steadily growing over the past few months, with more than 1,100 apps and projects now building on its network, as well as more than 110 projects already launched.
What’s interesting to note about Cardano’s recent growth is that since the network enabled smart contracts last September, over 5,400 Plutus scripts (i.e. Cardano’s version of smart contracts) have been deployed. This number is likely to increase even further following February’s update, enabling the Cardano ecosystem to expand its tentacles.
While Cardano’s total value locked in is still relatively small, at $77 million, this has grown by 57% since January 1, indicating how quickly its network is growing Indeed, GitHub data consistently shows Cardano as either the network with the most daily activity or among the most active.
What’s impressive here, is that even with its relatively small size, ADA
The point here is that, even with a low TVL, ADA is still the eigth-biggest coin in the market by cap. As such, once Cardano develops more and attracts more adoption ADA will become even more valuable, rising up the rankings.
Its market cap is only 6.75% of ETH’s market cap, at $13.2 billion as against $195.3 billion. Assuming that ADA reaches, say, 20% of ETH’s cap, its price would rise to around $1.15, which is a very achievable target in the next few months.
If crypto enters a new bull market, ADA’s price could rise even higher, with some experts having set a long-term target of around $5.30 for the coin. This target could even be exceeded if the market really takes off and Cardano attracts some serious adoption.
Cardano Alternatives
Of course, it may take several months, if not a few years, for ADA to reach $10 or higher. For some traders, this may be too long to wait, so they may be advised to look elsewhere.
One of promising area is presales, which had a good 2022 despite the bear market. Tamadoge (TAMA) rose by as much as 1,800% compared to its presale price in October, when it listed on OKX. Even more impressively, Lucky Block (LBLOCK) witnessed an increase as high as 6,000% in February, compared to a sale price of $0.00015.
With this in mind, we’ve picked three of the most promising presales taking place right now. Each of these sales involve new altcoins with very promising fundamentals, giving them every chance of posting strong returns when they each list for the first time in the next couple of months.
Meta Masters Guild (MEMAG)
Meta Masters Guild has now raised over $1.2 million in its presale, indicating just how popular the play-to-earn gaming platform is becoming with investors, even before it has officially launched. In fact, the second stage of this sale has now just sold out, raising the price of MEMAG from $0.01 to $0.016.
Due to launch its first game in Q3 2023, Meta Masters Guild is a mobile-focused gaming guild that will develop a range of Web3 and play-to-earn games. Its native token, MEMAG, will be used for governance purposes, as well as for staking and for purchasing items and NFTs.
Fight Out (FGHT)
Fight Out (FGHT) is a move-to-earn platform that will mix real-life workouts with Web3 when it launches in the second quarter of the year. It will track and reward a much wider range of workouts than earlier M2E platforms, including boxing, weightlifting and yoga, while also offering a range of in-app and IRL courses at its own branded gyms.
Its token sale kicked off in December and has already raised over $3.2 million, with 1 FGHT currently selling at $0.0166. The sale is due to end on March 31, with exchange listings due from April 5, when the coin could make some very big returns for early investors.
C+Charge (CCHG)
C+Charge (CCHG) is a new peer-to-peer payment network for electric vehicle (EV) charging stations. Based on BNB Chain and having raised more than $370,000 in its token sale, it aims to use blockchain and crypto to democratize access to carbon credits, with its native CCHG set to be used within its network by EV owners to pay to charge their vehicles.
C+Charge will reward users with NFT-based carbon credits for charging their EVs at its stations, giving people an incentive to go green. It has also already signed partnershps with Flowcarbon and with Perfect Solutions Turkey, adding 20% of the EV chargers in Turkey to its network.
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