Here’s Where Investors Expect Cardano (ADA) Price To Be At The End Of September
September 12 2022 - 7:00PM
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Cardano (ADA) remains one of the largest cryptocurrencies by market
cap, but the digital asset’s decline from its all-time high back in
2021 has left in its wake a lot of bearish sentiment. These
sentiments have not seemed to change even through the numerous
recoveries that have been recorded by the digital asset. Even now,
investors do not look favorably upon the digital asset as they do
not expect any significant growth from the digital asset. Investors
Say $0.6 For ADA In September The “Price Estimates” feature that
was introduced by Coinmarketcap allows investors to be able to
enter their price predictions for a cryptocurrency and the tool
then takes an average of these predictions. ADA is one of the
cryptocurrencies that has seen a lot of interest when it comes to
this feature, attracting more than 14,000 estimates in the month of
September alone. But even such interest has had no positive bearing
on the expected movement of the asset for the month. Related
Reading: Solana Nears 100 Billion Transaction Milestone As Price
Aims For $40 The average of the submitted estimates shows that
investors expect the price of the digital asset to top out at $0.61
by the time the month of September elapses. This same sentiment is
carried throughout the estimates for the next six months, which
gets significantly worse as time goes on. Cardano set at $0.5 |
Source: ADAUSD on TradingView.com For the longer term, investors
expect the digital asset’s price to drop further from where it
currently is, with an average estimate of $0.49 by the end of the
year 2022. What this shows is that there is more positive sentiment
toward the digital asset for the shorter terms. Cardano May Change
Direction Now, the Coinmarketcap price estimates may show bearish
sentiment, but this does not exactly mean that is how the market
will go. One thing to keep in mind is that important upgrades
usually have positive impacts on the price of a cryptocurrency, and
with the Vasil hard fork less than a week away, there is the
possibility of a turn in the tide for the digital asset. Related
Reading: Bitcoin Profitability Jumps As Price Adds $1,500 In 24
Hours A good example is what is currently happening with the price
of Ethereum ahead of the Merge. According to the countdown, the
move to the proof of stake mechanism is less than 3 days away, and
the price of ETH has already broken $1,700 once more. If this is
the case with ADA, the digital asset might see a more positive
movement going forward. Especially once the Ethereum Merge is
completed and investors turn their focus to the next big upgrade,
which is the Vasil hard fork. However, there is no way to tell how
much the upgrade might affect the price of ADA, given that there is
a tendency for it to be overshadowed by the Ethereum Merge.
Featured image from Zipmex, chart from TradingView.com
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