This month, the cryptocurrency community has set a positive price goal for the innovative contract platform Cardano ($ADA), probably in response to the network’s expanding acceptance.
According to CoinMarketCap’s estimations, the average of roughly 1,800 cryptocurrency community members predicts that the innovative contract platform’s price will be $0.45 by the end of February, marking a near 15% increase from the current $0.38 level.
The cryptocurrency community appears to be becoming more negative on the coin as time passes, with end-of-month forecasts for the innovative contract platform at $0.3,3, reflecting an upside of more than 12%.
It’s vital to note that the bitcoin community’s forecasts may never come true. According to the site, the community’s historical accuracy is slightly higher than 48%, with current data indicating that it was about 60% in September and October 2022, with a peak of 6.8% in December. It reached more than 80% in January.
Notably, the community’s January price forecast reflected a 94.6% increase for $ADA, which was selling at $0.254 and was predicted to grow to $0.495.
As CryptoGlobe previously reported, the COTI team made the news that many in the Cardano community had been waiting for: Djed ($DJED), a Cardano-powered stablecoin created by IOG and issued by FinTech firm COTI Group, became live on the mainnet late last month.
On the technical front, a well-known cryptocurrency expert recently stated that $ADA has “established a critical support area” at a price where around 92,000 addresses have acquired approximately 4.4 billion tokens.
According to famous cryptocurrency researcher Ali Martinez, the cryptocurrency currently has a “crucial” support region above the demand wall between $0.365 and $0.376. It has a “strong possibility of achieving new highs” as long as the wall holds.
In a subsequent tweet, Ali Martinez stated that immediately Cardano reached $0.38, 31 addresses having between 1 million and 100 million $ADA “traded or redistributed” their ADA coins in a significant sell-off.
Cardano’s market valuation exceeded that of the famous meme-inspired cryptocurrency Dogecoin ($DOGE) earlier this month when $ADA recovered from its second-largest fall ever.