The continuous upward trend in the larger cryptocurrency market seems to be momentarily putting Cardano (ADA) on the sidelines. According to CoinMarketCap statistics, the price of ADA has decreased by 4.48% to $0.5712 as of this writing. At $3.38 billion, ADA’s market volume has likewise experienced a notable 12.59% drop.
Cardano may shock the ecosystem in November, according to past experience, despite these pessimistic measures.
Cardano and price outlook
Notably, information from the analytics platform Cryptorank provides important context for understanding the operations of the blockchain. As of November, ADA’s average growth rate for the previous seven years was a remarkable 50.3%. Experts predict a potential increase that might quadruple its market price, since the price is presently over the $0.50 threshold.
These analysts’ reasoning is based on ADA’s past performance. The asset grew at an average rate of 1.76% in October. It’s interesting to note that the price of ADA dropped significantly, ranging from a low of $0.3244 to a high of $0.3524.
Given that ADA’s historical growth rate is at 50.3%, Cardano’s price is expected to rise if this trend continues. If this occurs, ADA will trade over $0.80 to the $1 mark, representing a 50% gain from $0.5712.
The coin only needs to maintain this trend while adding more over time, since it has already recorded over 69% this month.
Will community sentiment help ADA rally?
ADA is currently at a support level from which it may begin to rise again. Furthermore, Cardano users’ community mood is still positive. According to a survey of 44,643 users, 90% of them are still optimistic about ADA. Its price may increase due to this crucial support.
In the meanwhile, Cardano developers have continued to work hard, upgrading the protocol significantly to improve the platform’s speed. They are eager for users to conduct flawless blockchain activities, and users’ transactions may eventually improve ADA’s prospects.
As ADA fights to hit the $1 mark, the coming days will show what the Cardano cryptocurrency will do next. Cardano, which is now ranked ninth by market capitalisation, has already restored its place among the exclusive top 10 cryptocurrencies.
