At the end of May this year, the cryptocurrency market – led by Bitcoin (BTC) – tried to break through after the crash of the Terra ecosystem. Digital assets have continued to post average performance since then, but remain above mid-month lows. Cardano (ADA) followed the same path, gaining over 21% in the last week of May. ADA also got off to a good start in June, where – after an initial drop – it managed to break the round level of $0.6. Will the cryptocurrency continue to strengthen?
Cardano – the project of the co-founder of Ethereum – does it still have a chance to see growth?
We remind you that the ADA coin was founded in 2015 and launched with an initial coin offering (ICO) worth $62.2 million. in 2017 by Charles Hoskinson – one of the co-founders of Ethereum (ETH). Cardano is one of the first blockchains to use the Proof of Stake (PoS) consensus mechanism.
According to its website, it “now combines pioneering technologies to deliver unparalleled security and durability to decentralized applications, systems, and societies.”
Hoskinson is a co-founder of IOHK, a Hong Kong-based blockchain research and engineering company, which is developing the Cardano project with the Cardano Foundation and Japanese software company Emurgo.
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The Ouroboros protocol has been implemented in the blockchain, which allows the decentralization of the network and its expansion while maintaining security. As with Ethereum, Cardano is implementing a series of hard forks (updates) to expand its functions. For example, in March 2021, the Mary hard fork allowed the networks to transform into a multi-asset platform.
A hard fork called Vasil will be introduced in June, which is tentatively scheduled for the 29th of the month. It will bring “many improvements in network bandwidth and the Cardano-Plutus smart contract programming language that enables the development of decentralized applications (dApps).”
Cardano price prediction – is it worth buying ADA?
The short-term outlook for ADA price is currently bearish. According to data collected by CoinCodex, 16 indicators are giving bearish signals, while 14 are bullish indicators. sell signal, while a volume-weighted moving average indicates a buy signal.
Cardano cryptocurrency price predictions prepared by CoinCodex indicate that the token could lose nearly 50% more and hit a low of 0.3350 by the second half of June.
Meanwhile, on June 1, Twitter user Dr. Shweta, owner and operator of two KiBloc Cardano stock pools (KIBC1 and KIBC2), conducted a Twitter poll in which 32% of 127 respondents believed the ADA was likely to hit a new all-time high of $5.
-Dr. Shweta 🦅 (@Dr_shwetaPHD) June 1, 2022
The ADA cryptocurrency price predictions prepared by Wallet Investor predicts the price of the token to decline to $0.43. by the end of 2022 and up to $0.33. by the end of 2023
DigitalCoin’s long-term forecast, on the other hand, is more optimistic, predicting that Cardano will reach an average price of $0.83. in 2022 and $0.94 in 2023 Thereafter, the price could go up to $1.23. in 2025 and $2.95 in 2030
Price Prediction is also bullish on ADA and estimates the price at $1.93 on average. in 2025 and up to $13.92. in 2030, based on detailed technical analysis powered by AI.
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