The Cardano blockchain has been teeming with developments since the turn of the year, but none have helped its native token stay afloat amid the bearish market. Several market experts contend that it is not done for the token despite the lackluster performance.
Finder’s recently concluded poll holds a bullish view, indicating that ADA is set to see massive gains in the long term. The token is, as of writing, trading below $0.95 after losing its grip on the $1.00 level.
Here is more on this and ADA’s market performance at the start of the week:
Finder.com’s specialist panel bets ADA could clock $2.79 by year-end and possibly hit $8.2 in 2025
Fintech observer Finder.com recently polled a panel of 33 experts – involved in fields around cryptocurrencies, fintech, and NFTs – on what the future holds for Cardano, to which 17 of them provided their price forecasts.
The current forecast is more favorable than the preceding one
The specialists predicted that Cardano could end the year at $2.79, with 10.3% of the respondents expecting it to turn out as the best performing altcoin asset by the end of the year. At its current price, ADA must seek at least a 193% bulge to achieve this feat.
The panel’s short-term prediction, albeit bullish, falls short of the $3.10 all-time high price. The group is also bullish on the long-term targets for the ecosystem. By 2025, ADA has been forecasted to be trading at $8.18, a figure expected to grow to $58.04 in the following five years.
These numbers represent a slightly more positive outlook by the specialists. The previous panel predictions from a similar survey held in July 2021 placed Cardano’s price at $7.26 by 2025, with a surge mooted to push it to $26.59 by 2030.
Progressive work in the short term means fruition in the long-term
Chief product officer at the tokenized Web3 advertising platform Permission, Vanessa Harris, explained that despite ADA growing relatively slowly, its emphasis on “security, correctness [and] decentralization” ought to yield results down the road.
Harris noted that NGOs and nation-states would take up the token over time, observing that adoption has already taken off in some, including Ethiopia and Tanzania. University of Brighton’s Paul Levy believes that a bullish future awaits Cardano due to its robust growth potential, grounded on an “innovation-based foundation.”
On his end, president & CEO of Canadian crypto exchange NDAX.IO Bilal Hammoud opined that Cardano is one of the most underestimated ecosystems. He explained that he expects to see more projects set up shop on the chain as smart contracts/ DeFi gains stability.
The bears decry ADA’s plodding growth
Notably, some panelists indicated that they were not too sure of a lush future for Cardano.
Thomson Reuters’ technologist Joseph Raczynski was not impressed by the network’s sluggish growth, which he regards to be a detriment and not intentional as Cardano’s supporting foundation, IOHK, would suggest. He even further projected that the ecosystem could die out in the coming years, as it has consistently failed to deliver in the past.
In addition, CEO of NFT gaming platform Balthazar John Stefanidis opined that a “lack of execution and poor technology” would result in Cardano falling behind, thereby predicting that ADA will end the year with a price drop.
Cardano’s position post-Alonzo
ADA’s price has established a somewhat consistent downtrend since the September 2021 Alonzo upgrade. When queried on this, the experts presented various submissions as to why this has been the case.
A good number of them ascribed the price downturn to the meager market share Cardano holds in terms of Total Value Locked (TVL), explaining that it is still early days for the network since the update took place.
Cardano’s TVL at the time of press is $129.18 million as per DeFi Llama. This ranks the ecosystem 32nd, far behind most of its major competitors, including Ethereum, Terra and BSC, all of which have amassed upwards of $10 billion in TVL.
A number of specialists also attributed the negative price changes to general volatility, dApp hacks, and ADA’s ban in the UK.
Cardano (ADA) market performance
ADA price took a tumble yesterday, falling below the psychological $1.00 support level. Although the coin mustered upward momentum to reclaim the support earlier today, it got rejected at $0. 9852. CoinMarketCap data shows the pair has retreated and is trading at 0.9487 – up $1.25% in the last 24 hours.
ADA/USD 7-day trading chart
The token faces a tough challenge climbing back to $1.10. If ADA fails to retest $1.00 by the end of the trading session, this will be the second consecutive day it had traded below the crucial level. This will effectively convert the $1.00 support to an immediate resistance zone.
To learn more about this token visit our Investing in Cardano guide.
The post Finder.Com Panel Lays Bullish Forecast for Cardano (ADA) as Token Struggles to Reclaim $1.00 appeared first on Securities.io.
