Cardano Price Forecast as ADA Pumps Up 44% in 30 Days – Can ADA Reach $10 This Year?
The cardano price has risen by a very slight 0.2% in the past 24 hours, reaching $0.378397 amid a similar rise for the cryptocurrency market as a whole. This means that ADA has increased by 8% in a week and just over 44% in the last 30 days, as the market waits for a new Cardano update that will expand the functionality of its smart contract programming language.
Cardano's latest update is but the latest in a long line of upgrades that have transformed the blockchain into one of the most capable layer-one networks in the cryptocurrency ecosystem. And with Cardano still yet to capture a major share of this ecosystem's total value locked in, ADA could easily reach whole numbers and higher this year.
ADA's chart reveals that it has gained plenty of momentum in the past couple of weeks. Its relative strength index (purple) has risen over 70 once again, suggesting strong buying pressure that could continue for a while yet.
Likewise, its 30-day moving average (red) has clearly begun rising up towards its longer term 200-day average (blue), signalling an incoming turnaround that itself indicates a significant breakout.
While technicals alone indicate that ADA (like much of the market) was long overdue a big recovery, its fundamentals also point to sustained price increases this year.
As mentioned above, its next upgrade is scheduled for February, when it will see an important upgrade to its Plutus smart contract language. Basically, this update will "support ECDSA and Schnorr cryptographic signatures to make it easier for developers to build cross-chain apps," meaning that Cardano will soon be benefitting from more interoperability.
Yes, the update will enable developers to build dapps not only for Cardano, but for a variety of other
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