Prediction for the Cardano price on January 27, 2023: Today’s ADA Price

Cardano’s price rose by just 0.2% in the previous day, reaching $0.378397, and the cryptocurrency market as a whole experienced a similar rise. ADA has increased by 8% in the last week and by just over 44% over the past 30 days as a result of the market’s anticipation for a new Cardano update that will improve the functionality of its smart contract programming language.

Today’s Cardano Price

Today 01 0.3781661

Cardano Price Prediction

The ADA chart shows that it has gained a lot of momentum recently. Its relative strength indicator (purple) has once again surged above 70, signalling persistently high purchase pressure.

Related: Prediction of the Cardano price: ADA Price as of January 26, 2023

Indicating an oncoming turnaround that would eventually lead to a significant breakout, its 30-day moving average (red) has also begun to move upward near its 200-day moving average (blue).

Technical indications alone indicate that the stock (like much of the market) was due for a strong comeback, even though ADA’s fundamentals clearly indicate that price gains will continue this year.

Its next update is planned for February and will contain a significant modification to its Plutus smart contract language, as was previously mentioned. Essentially, this update will increase Cardano’s interoperability by “enabling ECDSA and Schnorr cryptographic signatures to make it easier for developers to design cross-chain apps.”

Yes, the update will enable developers to produce dapps for a variety of different blockchains besides Cardano. Teams and enterprises will be more motivated to expand knowing that their platforms will be exposed to a wider potential userbase.

Overall, Cardano’s recent progress offers numerous grounds for ADA holders to feel optimistic about the altcoin’s future. With more than 1,100 apps and projects currently in development on its network, in addition to more than 110 projects that have already been launched, its ecosystem has been steadily growing over the past several months.

The fact that more than 5,400 Plutus scripts, the platform’s version of smart contracts, have been deployed since the network authorised them last September indicates that Cardano has had significant growth. This number is definitely going to increase significantly after the update in February, allowing the Cardano ecosystem to spread its tentacles.

Cardano has only locked in $77 million of its total value, which is still a small amount, but its value has surged by 57% since January 1 to demonstrate how quickly the network is growing. Actually, according to GitHub statistics, Cardano is either one of the most active networks or the network with the most daily activity.

The scenario is remarkable because, despite its small size, ADA

The most important fact is that, despite having a low TVL, ADA is still the market’s eighth-largest coin by market capitalization. As a result, ADA will increase in value as Cardano matures and expands its user base, climbing the rankings.

Related: Prediction for the Cardano price on January 25, 2023: Today’s ADA Price

A mere 6.75% of ETH’s market cap, $13.2 billion versus $195.3 billion, is held by it. If ADA reached, say, 20% of ETH’s cap, which is a very achievable aim for the next few months, its price would rise to about $1.15.

The price of ADA could rise even higher if the cryptocurrency market has another bull run; some analysts have set a long-term goal price for the coin of almost $5.30. This objective might even be met if the market really takes off and Cardano gains some considerable acceptance.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button