Today we will be examining the past price trends and upcoming developments of the ADA cryptocurrency in order to develop a Cardano price prediction for October 2019.
ADA is the native cryptocurrency of the Cardano blockchain platform, which facilitates fast transfers of digital funds by using secure and scalable technology.
The platform describes itself as the first blockchain to have been created by academic scholars and researchers based on scientific philosophy. Built with Haskell programming language, the platform is structured in layers that allow developers to perform soft fork upgrades with great ease.
Cardano also supports the creation and deployment of decentralized applications and services. Their blockchain system has also been the first to be implemented in fields such as aerospace and banking applications.
Cardano Price Prediction: Analysis
Cardano started the month at $0.0388, closing the day at around the same value at $0.0385. On October 2nd, it was trading at the same price, but saw a small increase throughout the day, closing at $0.039.
October 3 opened at $0.0397, with the maximum price that day being $0.0404, and the minimum $0.0378, closing the day at $0.0385 after maintaining a slow descent throughout the day. The following day, ADA started the day at $0.0385, so it shows some signs of recovery as the coin grew and passed the $0.040 mark, peaking at $0.0410. October 4th closed at $0.0399.
Cardano was trading hands on October 5th at $0.0399, with the day seeing some minor fluctuations, keeping the coin between the $0.041-$0.039 range. ADA closed the day at $0.0405.
October 6 had a rather optimistic start, as it opened the day at $0.0405, managing to climb back up to $0.0412 levels, and closing the day at $0.0392. The next day, the price started at $0.0392, with some minor slumps at the beginning of the day, but managed to gain some momentum towards the end and closed at $0.0417. The Cardano price prediction at that time forecasted that if ADA broke the $0.04 resistance levels, a bullish trend would follow for the coin. This turned out to be somewhat true, as ADA went on making some gains in the following days.
On Oct the 8th, Cardano experienced an upswing in the first few hours of the day as the price went from $0.041 to $0.042 by 1.37%, the price dipped later on by 3.69% to $0.049. Just before the day closed, the price saw a small recovery, going from $0.040 to $0.041 by 2%.
The day of October 9th brought some noticeable price movements for ADA. The first few hours saw a decrease in value from $0.041 to $0.040 by 1.21%. Further, Cardano continued going up, eventually reaching $0.0436, but decreased and closed at $0.0427.
October 10th opened at $0.0427, with the highest value being $0.0428 and a minimum of $0.0408, with a slump towards the end of the day, closing at $0.0417. October 11th started the day at $0.0417 and struggled to keep itself at $0.041-$0.042 levels, closing the day at $0.0403. October 12th maintained a steady price movement, opening at $0.0403, with the highest and lowest valued being $0.0418 and $0.0402 respectively, closing at $0.0410.
The following day, ADA started where it left off at $0.0410, its highest for the day being $0.0428 for that day, but never went below $0.0407. The closing price was at $0.0415.
October 14th had a trading price of $0.0415, with positive movements throughout the day, the maximum and minimum prices being $0.0432 and $0.0412, respectively. But the trading volumes still remained low, which made it improbable that it would see another significant rise too soon. The coin ended the day at $0.0420.
October 15 opened at $0.0420, with the highest value being $0.0429, and towards the end of the day, it dropped to its lowest of $0.0393. ADA closed at $0.0398.
Today, October 16, ADA has a trading price of $0.0395, down 4.38% in the last 24 hours. The coin ranks 12th, with a market cap of $1,025,713,162 USD, and a 24-hour trading volume of $48,831,557 USD.
Our Cardano price prediction will go on to focus on ADA’s correlation with Bitcoin and how it will affect its price. Most Altcoins, including Cardano, are not paired against fiat currencies (and only a select few are paired with USD-pegged stablecoins), which leaves Bitcoin as the best option.
As a result, when Bitcoin’s price follows a stable movement, it becomes the perfect base currency for buying Altcoins.
As correlation is measured between -1 and 1, values over 0 show that Cardano is mimicking BTC price movements, and values under 0 show that Cardano is moving in the opposite direction of BTC prices. Values around 0 show that ADA stays steady when BTC increases or decreases.
For most of its market history, ADA has had a correlation coefficient of 0.90+, hovering around 0 values for a small period of time as ADA couldn’t keep up with Bitcoin’s sudden price upswings.
Cardano has a very busy roadmap ahead, with many new developments and implementations to come. It will soon complete the launch of their incentivized testnet for Shelley, which went live back in June. Shelley is Cardano’s second phase from its roadmap, an implementation that will make the blockchain truly decentralized. ADA is now in the Byron phase, which is still in the process of improving and identifying code bugs.
The Shelley testnet offers real incentives such as staking and delegation rewards to encourage more developers to participate. After the Shelley phase is done, ADA aims to implement Cardano Improvement Proposals or CIPs with an in-built voting system.
The development team is very active with its implementations, and it also has a strong presence in the community and on social media, factors which have to be considered when making a Cardano price prediction.
Cardano (ADA) Price Prediction: Market Opinion for October 2019
Several crypto forecasting sites have made their own Cardano price prediction for the month of October. Below are some of the forecasts we have gathered from the online space:
Longforecast predicted that ADA at the beginning of the month will be 0.039 Dollars, with a maximum price of $0.044, and a minimum price of $0.033. The month’s average price is expected to be $0.039, with Cardano ending the month at $0.039, change for October 0.0%.
Randforecast has made a Cardano price prediction for every day of the month of October. The site predicts that ADA will have a beginning price of 0.0393 USD, with the highest price estimated at 0.0447, and the lowest at 0.033. The forecasted average price is the same as the beginning price, 0.0393, and they predict ADA will close the month at 0.0387, change for October -1.7%.
Audtoday also made ADA price forecasts for all of the days of October 2019. They predict that the beginning price of ADA will be 0.0404 USD, which will also be the average and closing price of the crypto, change for October 0.0%. All in all, Audtoday predicts a pretty stable month for Cardano.
Cryptorating’s short term prediction for the next week sees ADA at a price of $0.047038, with an increase of 18.9% and, in one month, it expects the coin to be $0.061614, with an increase of 55.74%.
Cardano Price Prediction: Verdict
With this, we conclude our October price prediction for the ADA cryptocurrency. We hope that the information we have provided in this article will be of help to you and your future trading endeavors.
Featured image: NameCoinNews
Source From : Coindoo News