Cardano (ADA) Price Prediction 2022

Cardano price rose above the range-bound levels that it held for over a couple of months, suggesting the rise in the bullish interference

Cardano price soared over the past couple of days, attracting attention with a massive rise in buying volume. The third-generation token, which faced criticism due to a massive drop in volatility, seems to have woken up from its slumber. While the market participants expect an 80% rise, the bulls appear to be preparing to hit $1 before the end of the year.

Cardano just launched Node 10.1, which includes enhanced governance and delegation features to boost scalability and decentralization. This led to a surprising surge in development activity on the Cardano chain, surpassing Optimism, Ethereum, and Kusama.

According to Santiment data, nearly 37,892 unique addresses and 697 address holdings made huge transfers, which were last seen in September. The rise in the unique addresses indicates a greater number of traders entering the platform, including new traders. This increased interest from retail traders could boost the popularity of the token and positively impact its value.

Recent price action has pushed ADA price above a key resistance at $0.4, which it struggled to cross since the July drop. The supertrend also flipped bullish, indicating the beginning of a bullish spell. However, the token needs to achieve certain levels and the bulls must defend them to reach beyond the yearly highs of around $0.8.

As seen in the chart above, ADA price broke out of a decisive symmetrical triangle and surged above 0.236 FIB. This breakout also comes up from a double-top pattern, indicating a massive rise in bull strength. Moreover, the Ichimoku cloud, which is used to identify trends, is about to flip from bearish to bullish. On the other hand, the on-balance volume, or OBV, which is a volume-based indicator, also flipped from the lows, indicating a momental shift from the bearish trend.

Thus, the current trade setup suggests that ADA price is set to prepare for a massive run towards $1. For this, the price needs to rise and sustain at interim targets around $0.7 and $0.82 after successfully securing the levels above $0.5.

Development activity on Cardano has continued to rise, irrespective of the ADA price in the short term or long term. Recently, the co-founder of BitcoinOS, a layer-2 platform for Bitcoin, spoke about bringing BTC to Cardano. He said that even if 1% of BTC moves into Cardano, then the ADA TVL is expected to rise by over 40x. This could be the dominance that Cardano founder Charles Hoskinson spoke about. Hence, it would be difficult to predict where the Cardano (ADA) price may go if this happens.

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