Cardano Price Forecast – Can ADA Reach $5 in November?
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Cardano’s native token, ADA, is one of the market’s most popular coins. The digital asset has seen some gains in the past few days, with crypto analysts optimistic about further surges in the future. How high can ADA go?
ADA currently trades at $0.3824, a downtrend of 1.36% in the past 24 hours. However, the digital asset's price pumped by 14% over the past week. The crypto market experienced a significant price resurgence earlier this week, with many major coins crossing resistance points. As a large-cap coin, ADA also experienced a price bump.
With its current price, ADA has mixed technicals. The crypto asset is trading above its short-term moving average(MA) indicators, but it is trading above its 100-day and 200-day MA metrics - at $0.38 and $0.39.
ADA’s moving average convergence divergence (MACD) is negative, but its relative strength index (RSI) of 52.16 indicates it is underbought.
Buy ADA on eToro
Over the past few months, the Cardano blockchain has seen significant growth, and its developers are setting new lofty goals.
Recently, Cardano creator Charles Hoskinson explained that they are working on making Cardano a “network of blockchains.” Hoskinson explained that they would create a full ecosystem of interconnected blockchains, which would be able to share data and resources seamlessly.
This will mean that Cardano will expand to become a full repository for developers looking to build. And as expected, it should spur the price of ADA in the long term.
Although coin prices are looking to stage a recovery, investors remain wary of additional pressure from the traditional
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