Arslan Butt
Cardano price prediction is neutral, with ADA trading sideways in a narrow trading range of $0.3000 to $0.3285. The ADA/USD pair opened at $0.3071 on December 12.
The ADA/USD pair is currently trading at $0.3048, having reached a high of $0.3071 and a low of $0.3015. In the last 24 hours, the price has dropped nearly 2.5%. Furthermore, the ADA/USD pair fell by more than 5% in the previous week.
Weekly Development Report
Olga Hryniuk is a member of the Marketing and Communications team at IO Global (IOG), the blockchain technology company responsible for the creation of Cardano. She reported in her company’s latest Cardano Weekly Report on December 9.
According to the report, there are already 108 Cardano projects, 1,151 Cardano projects in the works, 7.2 million tokens, and 4,347 Plutus scripts. Furthermore, there are now 7.2 million native tokens on the Cardano network, an increase of 90,000.
As of 9 December 2022, there were 1,151 projects powered by Cardano, but that’s just the tip of the iceberg as far as good news you will hearing about in this article is concerned. As Olga Hryniuk, who works in the Marketing and Communications de https://t.co/0hMDapYeYg #Bitcoin
— Mik (@Mik96483431) December 11, 2022
The achievement of 4,000 smart contracts on the Cardano Plutus platform drew the most attention. By 10.2%, the figure had risen dramatically. Plutus currently has 400 smart contracts out of 4,347 on the updated platform.
The weekly development report gave the Cardano community reason to rejoice, revealing that the ecosystem had improved and reached several significant milestones. The developments aided the ADA/USD, slowing its decline.
Cardano’s Rising Development Activity
On December 7, Adaverse News tweeted that 133,00 more Cardano wallets had been created in the previous month. This increase indicated that ADA demand could soon rise.
The number of Cardano wallets increased along with rising development activity. TVL witnessed a spike while Cardano’s NFT market took a hit. The number of Cardano [ADA] wallets has increased by 133,00 over the last month#CardanoADA pic.twitter.com/3koeiHirzz
— Rose Coin (@RoseCoin96) December 10, 2022
On December 8, CardanoDaily tweeted that more people were contributing to the platform’s GitHub. Cardano was at the top and had surpassed many other coins. Cardano’s DEX activity would be another performance metric.
According to DappRadar, Miniswap, a well-known Cardano DEX, saw a significant increase in volume last week, increasing by 11.07%. Furthermore, the number of transactions on the DEX increased by 14.61% in the previous 24 hours.
JUST IN: Cardano $ADA #1 DEX Minswap $MIN sees 79% increase in transactions and volume.
— Adaverse News | Cardano and Ergo News (@AdaverseNews) November 27, 2022
The increased activity on Cardano’s DEXes also had an impact on its TVL. Cardano’s total value was $59 million at the time of writing, down 2.49% in the previous 24 hours. Rising Cardano development activity is good for ADA/USD.
US Economic Indicators
On December 9, US economic indicators revealed additional Fed pivot uncertainty. The wholesale inflation rate in the United States was higher than expected. It had a negative impact on the NASDAQ Composite Index, the larger cryptocurrency market, and the ADA/USD. Wholesale inflation fell from 8.1% to 7.4% on an annual basis.
While 7.2% is expected, experts believe it will be lower. In November, the producer price index increased by 0.3%, exceeding the 0.2% estimate.
Now tell us about the Producer Price Index (PPI) which went UP .4% month to month or 7.4% annually. With wholesale inflation going up the economy is going down.
— DomaneSLR (@slr_domane) December 9, 2022
Recent data and the NASDAQ Composite Index, which fell 0.74%, trumped Cardano network upgrades. As a result, the ADA/USD is now falling.
Furthermore, the US Federal Reserve will raise interest rates on December 13. It comes after several 75-basis-point increases in interest rates this year. The interest rate hike scheduled for tomorrow is expected to be lower than in the past.
Stock futures are already sliding as we head into a pivotal week for the #stockmarket. Be prepared for the two major economic game changers on the calendar: CPI (inflationary reading) & the FED's interest rate hike decision
— TipRanks (@TipRanks) December 12, 2022
If the interest rate increase is 50 basis points or less, the global financial and cryptocurrency markets will experience a small to moderate relief rally. All prices will fall significantly more if interest rates rise by more than 50 basis points.
Cardano Price Prediction – Daily Technical Levels
Support Resistance
0.3040 0.3129
0.3006 0.3184
0.2951 0.3218
Pivot Point: 0.3095
Cardano Price Prediction – Can ADA Reach $3 by 2023?
On the technical front, Cardano is trading sideways, with a price range of $0.300 to $0.3285. On the plus side, a bullish breakout of the ADA/USD pair could extend the uptrend to the $0.3745 level. A bearish breakout of the $0.3000 level, on the other hand, could expose ADA to the $0.2600 level.
ADA/USD Price Chart – Source: Tradingview
Cardano’s RSI, MACD, and 50-day moving averages are all indicating a selling trend. On a daily basis, the ADA/USD pair is forming Doji and Spinning top candles, indicating a neutral bias; perhaps investors are waiting for a solid reason to trigger a breakout.
Cardano has the potential to reach $3 by the end of 2023 in the long run. There are also several alternative coins with enormous upside potential!
Dash 2 Trade (D2T)
D2T is one of the most important new cryptocurrency projects of 2022 because the team understands what cryptocurrency traders and investors require in today’s market. The capabilities and features of Dash 2 Trade can help traders make better investment decisions by speeding up the asset selection process.
Following the presale, the project will be listed on the BitMart and LBank exchanges. Despite the fact that the presale is still in its early stages, the platform is nearing the finish of its final stage.
D2T, the platform’s native token, will be used to pay for platform services as well as engage in community activities and competitions. Cryptocurrency sales have already raised about $9.5 million.
RobotEra (TARO)
On November 9, the RobotEra pre-sale began. It is one of the most popular presales for 2022, and it serves as the currency of the multiverse. You can buy tokens directly if you have USDT or ETH in your wallet.
At the moment, 0.020 USDT = 1 TARO. The first presale will soon come to a conclusion, with a $0.025 price hike. TARO, the platform’s native cryptocurrency, is now on presale and has raised over $528,800.
Calvaria (RIA)
Calvaria, a free-to-play game, contradicts conventional pay-to-earn gaming by awarding NFTs to gamers as soon as they sign up. As a result, game participants do not need any financial or technological resources. The network intends to promote the adoption of Web3b gaming by making it easier for investors. One of the main reasons Web3 games haven’t taken off more extensively is the high barrier to entry for non-crypto gamers.
Calvaria hopes to address this issue by making all game features available to non-crypto participants. Calvaria gives points to players that compete using trade cards or NFTs. The Calvaria ecosystem will be powered by the RIA ERC-20 token. It is the platform’s governance token. Calvaria’s early-round crowdfunding piqued the curiosity of investors.
The first four phases of its presale sold out swiftly, while the fifth stage is approximately 70% sold out. Investors looking to purchase 30.77 RIA tokens for USDT 1 must act quickly before the presale closes. Calvaria has raised about $2.4 million since the presale began. The overall project funding will be $3,075,000 when stage 5 is completed.
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Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
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This article was written for Business 2 Community by Arslan Butt.
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