Cardano (ADA) price forecasts are downbeat at the moment, as the ADA price slides towards fresh monthly lows at $0.33.
ADA’s price is in decline amid a broader crypto market price drop in wake of the release of the latest Fed meeting minutes and ahead of US CPI inflation data on Thursday.
The Cardano price is trading in downbeat fashion despite recent tweeting from the blockchain’s founder Charles Hoskinson, who has been advocating for DeSci.
Blockchain-based DeSci solves this problem. The peer-review and publishing system is terribly broken. pic.twitter.com/zdeJA9uVd2
— Charles Hoskinson (@IOHK_Charles) October 8, 2024
“Decentralized science, or DeSci, is a broad concept that utilizes blockchain technology and its features such as tokens, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) to aim for a more open, incentivized, and community-driven scientific research and collaboration”, Coinbase explains in an article.
That probably won’t be enough to stop the Cardano price from falling back towards recent lows.
ADA recently rejected a retest of its 50DMA, suggesting the bears are in control.
A retest of the September lows in the $0.30 area, or even the August lows under $0.28.
Can the Cardano Price Reach $10?
Cardano has been struggling to keep up with other major cryptos since the broader market recovery began in 2023.
The Cardano price is only up 50% versus its 2022 lows. By contrast, Bitcoin, Ethereum and Solanaare up 290%, 170% and 1,650% versus their 2022 lows.
Cardano continues to struggle with a compelling adoption narrative.
Activity on its blockchain is weak, as demonstrated by the lack of growth in Cardano’s total value locked (TLV) in smart contracts.
Cardano’s TLV is only just over $200 million, per DeFi Llama, ranking it in 28th place behind blockchains that hardly anyone knows of or talks about, like Core, Mode, Mantle and Bitlayer.
Unless there is substantial growth in Cardano’s ecosystem, the Cardano price is unlikely to reach $10. A recovery above $1 would be a major achievement, at this rate.
That said, in a recent video, Cryptonews.com analyst Crypto Chester said he thinks ADA is undervalued and bound to catch up to the broader market at some point
See his analysis below.
Better Alternative to Consider
Major rivals like Bitcoin, Ethereum and Solana might all be much better bets with greater upside potential than the Cardano price.
But an even better alternative for some high risk tolerance investors might be to get involved in crypto presales.
One presale that has really caught the attention of the team at Cryptonews.com is an innovative new meme coin GambleFi protocol called Meme Bet (MEMEBET).
Cryptonews.com’s in-house presale analysts Crypto Arjay explains in the below video why it is one of his top three meme coin picks for October.
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