Crypto Community Sets Bullish Price for Cardano on October 31, 2022 – The Inquirer πŸ‡«πŸ‡·

Warning : The CoinMarketCap cryptocurrency community price estimate is based solely on the votes of its users. Estimates do not guarantee month-end prices.

Due to Vasil’s recent upgrade of the blockchain which was implemented by Cardano (ADA), there has been a lot of speculation regarding the future price of the digital asset and whether the hard fork the newer one will act as a catalyst for the further development of the ADA token.

Cardano is expected to trade at an average price of $0.5873 by October 31, 2022, according to data collected by Theinquirer on September 28 using community predictions from CoinMarketCap’s Price Estimates tool.

The price prediction that the community has determined to be optimistic for the decentralized finance (DeFi) token is the result of 10,386 votes cast. This forecast shows an increase of $0.15, or 36.21%, from the price of ADA, which at press time was trading at $0.432.

Average Cardano price estimate for the month of October. Source: CoinMarketCap’.

The view of cryptocurrency analysts

Following the long-awaited implementation of the Vasil update on the Cardano network, cryptocurrency investors and traders are looking at the market activity of the Cardano token to predict its movements in the near future and choose the optimal moment to buy.

According to renowned cryptocurrency trading expert MichaΓ«l van de Poppe, the best time to buy Cardano would be when its price is between $0.30 and $0.375.

According to him, β€œthe ultimate area to buy is the region of $0.30-0.375”. Furthermore, Van de Poppe also noted that the cryptocurrency chart β€œlooks like an accumulation. Β»

Moreover, the trading expert predicted that a reversal of Cardano’s current negative trend will lead to an increase in long positions.

β€œHowever, will we see a front-run and people are already stacking? In this case, the breakout of the downtrend is your long trigger. Β»

In a notable development, the price of Cardano did not experience a price explosion, even though data from LunarCrush showed a huge increase in the number of social mentions of Cardano in the days leading up to the Vasil update.

Cardano Price Analysis

According to statistics provided by CoinMarketCap, the token was trading at $0.4384 at the time of writing. This represents a decline of 4.95% during the day, while it represents an increase of 4.15% over the previous seven days.

ADA price chart for 1 day. Source: CoinMarketCap

Finally, one factor that could influence the price of Cardano going forward is that ADA creator Charles Hoskinson continues to come up with fresh ideas aimed at improving the DeFi blockchain. Hoskinson expressed his agreement with Cardano’s long-term goal of developing an ADA-certified wallet.

During a video broadcast on September 28, Hoskinson said that Cardano intends to shed the notion of the original wallet in favor of a blueprint with predetermined requirements that would direct developers in creating certified wallets.

Warning : The content of this site should not be considered investment advice. Investing is a speculative activity. When you invest, your capital is at risk.

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Crypto Community Sets Bullish Price for Cardano on October 31, 2022 – The Inquirer πŸ‡«πŸ‡·

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