Cardano price to end year of USD 0.63, predicts increasingly bearish panel
A panel of players in the crypto industry examined by the comparison website Finder.com have predicted it Cardano‘s native token ADA could reach $ 0.63 by the end of the year – a significant downgrade from the previous forecast.
Judging by an average of panelists’ responses, Cardano’s original token is likely to rise by just over 30% from today’s price to reach a year – end price target of $ 0.63.
ADA last traded above this price level as recently as June 10 this year, illustrating how bearish Finder.com’s panel has become on Cardano.
Daniel Polotsky, founder and chairman of the Bitcoin (BTC) ATM operator CoinFlipstated that,
“[I]The price and hype are far too high given its relatively low total value locked in compared to competitors, he said. “The project was founded in 2015 and released in 2017, but it has wasted the early momentum of competitors who have recruited developers and built at a faster pace.”
Others, including fintech company Cloudtech GroupOperations Manager Kevin He was also skeptical about Cardano’s future.
He claimed that Cardano’s advantage of fast transactions would disappear with the launch of ETH 2.0, adding:
“And because of the efficiency problem of the development team that makes Cardano lag far behind other competitors in terms of smart contracts and dapp compatibility, combined with the bear market, we are not optimistic about the value of Cardano in the future.”
The forecast also marks a significant downgrade of the price of the ADA compared to a forecast from January this year, when the Finder.com panel said that the ADA is likely to end 2022 to $ 2.79.
The latest forecast is also much more bearish when looking further into the future. In January, the panel predicted that the ADA would be at $ 8.18 by the end of 2025, and $ 58.04 by the end of 2030. This compares with the latest forecast of $ 2.93 for the end of 2025 and only $ 6.54 for 2030.
Despite the downgraded price estimate, some of Finder.com’s panelists remained positive on the ADA and Cardano network. Among them were University of Brighton senior lecturer Paul Levy, who said that Cardano has the potential to “challenge and even take over Ethereum.”
“Evidence of effort is likely the future of most, if not all, crypto in the future. Cardano, despite current volatility, is well placed,” Levy said.
As a driver for future price increases, a majority of the experts on the Vasil hard fork update on Cardano pointed out as important, with some saying that the upgrade will provide more efficiency and optimization to the network.
Dr Dimitrios Salampasis, Director of Swinburne University of Technologycommented that,
Vasil Hard Fork “is expected to improve the speed of transactions and settlement and reduce transaction fees (compared to high gas fees in Ethereum) [and] will increase utility and increase more innovative projects by using smart contracts. ”
The updated ADA price prediction marks the latest downgraded prediction from the Finder.com panel. Earlier in July, the panel downgraded its bitcoin price prediction for the third time, predicting that bitcoin would fall to $ 13,676 this year, before ending the year at close to $ 25,500.
Finder.com’s panel consists of various crypto-industry players, including analysts, founders, CEOs and academics in the field.
At 10:16 UTC, the ADA is trading at $ 0.48, up 1.3% in one day and 11% in one week. Overall, it is up above 5% in a month, down 60% in a year, and down 85% since the highest level of USD 3 all-time, seen in September 2021.
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Learn more:
– No new records this year for Cardano, but the price may rise by 2030 – Survey
– Cardano Vasil Hard Fork is now “Inevitable” after the “Successful” Test Network
– Cardano provides more information about Stablecoin and new partnerships, ADA Drops
– Here’s what Cardanos Hoskinson told congressmen
– The crypto winter ends before 2022 is out – Korbit
– The majority expects that Bitcoin will reach USD 10,000 before moving higher – Survey
