Cardano (ADA) has taken some of the biggest hits in the bear market. The digital asset has experienced massive declines that have pushed its price to one-year lows. However, the community remains steadfast behind Cardano, and the prospect of its native ADA token shows that investors remain extremely bullish on the cryptocurrency.

$0.47 for ADA at the end of the year

The Cardano community on Coinmarketcap has shown a very optimistic outlook for the future. The Price Estimates feature allows users to enter a value that they believe the price of a digital asset will reach in a given period of time and then provides an average of the prices.

With over 5,000 votes already collected for the month, the median estimate was $0.4788 at the end of 2022. Given this current price, it means the community expects a 57% price increase for ADA before the end of the year .

The bullish outlook continues for the new year as well, as expectations rise further for January 2023. Estimates for this put the ADA price at $0.5, an increase of 65% from current levels. And for the next six months, expectations remain in the green that ADA will continue to trade above its current value.

Will Cardano achieve this?

The Cardano community may be optimistic about the future of ADA, but the indicators point to a very bearish trend for the digital asset. The first of these is that the digital asset continues to consistently trade below its 50-day moving average, which is an important technical level for any cryptocurrency to trend up.

ADA continues to be stuck at $0.306 | Source: ADAUSD on TradingView.com

While ADA continues to hold above $0.3, it is a precarious situation for the cryptocurrency. One is that the cryptocurrency had previously fallen below this level in November. Currently, it is serving as support, but another drop below this will cause the bears to mount resistance at this point.

A daily close below $0.31 will be a critical hit for the token, which is still trying to break out of the shadow of its 52-week low. Interestingly, it continues to be stuck around $0.306 before the open for the trading day, which could signify some strength if trading volume were to pick up for midday trading hours.

ADA is currently trading at $0.306 at the time of this writing. The price of the digital asset has fallen by 6.82% in the last 7 days and by 2.88% in the last 24 hours. It remains the 9th largest cryptocurrency with a market capitalization of $10.4 billion.



This post The Cardano community expects ADA to increase 50% by the end of the year, is this possible?

was published first on https://newsbtc.com/analysis/ada/cardano-community-expects-ada-to-jump-50-by-end-of-year-is-this-possible/

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