Cardano Price Predictions for November Suggest ADA Could Endure Short Decline
The price of the smart contract platform Cardano ($ADA) has risen significantly so far this year, as it’s up 53% year-to-date. Most of those gains came over the past month, with ADA moving up 49.7% in the last 30-day period and Cardano price predictions suggesting moderate growth for the rest of the month.
Cardano is at the time of writing trading at $0.376 per token after rising an additional 22% over the past week on gains that came shortly after on-chain analytics firm Santiment revealed Cardano has maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
Various analysts have been making Cardano price predictions over the last few weeks, with some even pointing to a whopping surge of over 9,000% to reach the $30 mark.
As for the rest of November, PricePredictions’ machine learning algorithm has predicted the price of ADA will fluctuate between $0.30 and $0.32 showing a stable performance for the price of the cryptocurrency, although pointing to a slight downturn.
However, CoinCodex analysts, who use technical analysis and market sentiment, estimate that ADA could see some more growth in the near future as they project that ADA could reach $0.348.
According to analysts are crypto trading platform Changelly, the price of ADA could move to $0.33 by the end of the month, which would still represent some downside taking into account the cryptocurrency’s current price level.
Despite the price rise, institutional investors haven’t been betting on Cardano-focused investment products, with these only seeing $6 million of inflows so far this year and $300,000 so far this month, according to CoinShares.
Cardano’s ADA could rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.
Featured image via Unsplash.
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