- Why Bet on Cardano
- Midterm Prediction for ADA Price
- Conclusion
While cryptocurrencies like Solana (SOL) and Toncoin (TON) are rising in the web3 world, Cardano (ADA) has taken a backseat. However, many analysts and investors believe that Cardano has significant growth potential in the near future.
Why Bet on Cardano
The Cardano ecosystem boasts over $192 million in total value locked across various DeFi protocols like Minswap, Indigo, and Liqwid. From a developer's perspective, the Cardano network is on the final phase of decentralization, on the verge of the highly anticipated Chang upgrade which will introduce self-sustaining features.
With a stable number of active users since April and a daily transaction volume of $7.2 billion, Cardano shows strong potential.
Midterm Prediction for ADA Price
Despite the high cryptocurrency volatility, ADA price has been gradually forming a bullish pattern on higher time frames. Technically, the ADA price has been forming a macro megaphone pattern this year, with a potential bullish breakout expected after consistently closing above the weekly 50 and 200 Moving Averages (MAs).
In such a scenario, the ADA price will be aiming for $1.16, which coincides with the weekly 1.618 Fibonacci Extension.
Conclusion
Cardano (ADA) shows stability and strength, making it a significant player before the upcoming altseason. With long-term investors holding their positions and the network gearing up for a substantial upgrade, Cardano could become one of the most profitable cryptocurrencies in the market.
