The cryptocurrency community has set a bullish price target for smart contract platform Cardano ($ADA) this month, presumably taking into account the network’s growing adoption.
According to estimates made on CoinMarketCap’s pages, the average of nearly 1,800 cryptocurrency community members points to the smart contract platform’s price trading at $0.45 by the end of February, representing a near 15% rise from $ADA’s current $0.38 level.
The cryptocurrency community seemingly becomes more bearish on the cryptocurrency as time goes on, with estimates for the end of May being at $0.3,3 representing an upside of over 12% for the smart contract platform.
It’s important to point out that the cryptocurrency community’s predictions may not come to life at all. According to the platform, the community’s historical accuracy is of little over 48%, with recent data showing it was at around 60% in September and October 2022 to hit 6.8% in December. In January it surged to over 80%
Notably, the community’s price target for January represented a 94.6% rise for $ADA, which was then trading at $0.254 and was expected to rise to $0.495.
As CryptoGlobe reported, late last month the COTI team made the announcement that many in the Cardano community had long been waiting to hear: the Cardano-powered stablecoin developed by IOG and issued by FinTech startup COTI Group, Djed ($DJED), went live on the mainnet.
On the technical side, a popular cryptocurrency analyst has recently said $ADA has “formed a crucial support area” at a price in which nearly 92,000 addresses have purchased around 4.4 billion tokens.
According to popular cryptocurrency analyst Ali Martinez, the cryptocurrency now has a “crucial” support area between $0.365 and $0.376 over the demand wall, and now has a “good chance of reaching higher highs” as long as the wall holds.
Ali Martinez noted in a separate tweet that once Cardano surpassed the $0.38 level, 31 addresses with between 1 million and 100 million $ADA “sold or redistributed” their ADA tokens in a significant sell-off.
Earlier this month, Cardano’s market cap surpassed that of popular meme-inspired cryptocurrency Dogecoin ($DOGE), at a time in which $ADA has been recovering from its second-largest drawdown ever.
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