Why Cardano (ADA) Is Likely To Rise as High As $0.60 By End Of 2022

Cardano has been lagging behind the current bullish momentum in the altcoin market. While Ethereum (ETH), Solana (SOL), and XRP trend to the upside in the last 24 hours, ADA’s price continues to move sideways.

Related Reading | JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price

At the time of writing, ADA’s price trades at $0.44 with barely 0.5% profit in the last day.

According to a survey conducted by Finder with 53 industry specialists, Cardano is likely to move higher from its current levels. The participants claim ADA’s price is set to end 2022 at around $0.60 with bullish expectations for the long term.

In 2025, ADA could value at around $3 and close to $7 by 2030. Although the experts are bullish on ADA, this price target represents a far slower increase than the one predicted by Finder’s January survey.

At the time, participants expected the price of Cardano to close out at $2.79 and at $58 by 2030. The expert believes Cardano developers have failed to meet market expectations regarding this network’s ecosystem and development.

Expert Iwa Salami, Co-Director of the Centre of FinTech at the University of East London, said the following on Cardano and its potential to trend to the upside based on real-world use cases:

I think the relevance of the Cardano blockchain, particularly as it seeks to foster financial inclusion in developing economies, is very significant and is likely to expand its long-term use, and therefore have a positive impact on the price of ADA.

Is Now The Right Time To Buy Cardano (ADA)?

In the short term, 17% of the experts expect Cardano to see bullish momentum on the back of the upcoming Vasil Hard Fork Combinator (HFC) event. An extra 20% believe the positive impact on the price of this cryptocurrency will be palpable in the long term.

While there is a relevant percentage of these experts that expert bearish price action, the majority claim to be unsure of the future price impact of this event. Designed to provide the network with better performance, and throughput, and to increase its decentralization, the Vasil update might fail to provide bulls with enough momentum to break above the current range, at least for the time being.

Ben Ritchie, another one of Finder’s survey participants and managing director at Digital Capital Management, is unsure about the potential impact of the upcoming upgrade. Ritchie is more certain about the potential long terms benefit. He said:

In our understanding, the hard fork will benefit developers who want to use the Cardano network and the communities who love low fees and high-speed networks. However, the upgrade may be good for the future of the network as more project developers can build on the Cardano network with ease.

Related Reading | JP Morgan Claims Drop In Bitcoin Production Cost Is Negative For BTC Price

An important majority of Finbder’s panel (51%) believe Vasil will make this network more useful and facilitate the expansion of its ecosystem. As seen below, only 14% of the experts believe the opposite.