The crypto markets again turn extremely uncertain as the Bitcoin price flutters on and off of $17,000. Most of the altcoins along with Cardano price are closely following the star crypto which has led to huge price variations in the past 24 hours. However, the community remains bullish on Cardano as the market participants and long-term investors believe a notable upswing may be fast approaching.
What could be the ADA price on 31st December 2022?
The Cardano community has shown its support for the platform across various platforms and is extremely confident about the upcoming bullish story. CoinMarketCap’s Price Estimates feature allows the community to record their price estimates for a given period of time and then provide an average price accordingly.
Following the same, ADA price’s average levels are speculated to be around $0.4788 by the end of 2022. Therefore, it can be said that the community is expecting a 50% jump in the next fortnight as ADA prices are believed to close the yearly trade close to $0.5.
While the community is bullish, the fact remains that ADA price continues to trade under a major bearish influence, with some indicators turning extremely bearish.
Firstly, the digital asset continues to hover below the 50-day MA levels which are the pivotal levels for any cryptocurrency, to begin with, a bullish trend.
Moreover, the price is trading near the lower important supports and looks ready to break above these levels. A daily close below $0.31 could validate a bearish trend that could push the price below $0.3. Currently, Cardano (ADA) price is trading around $0.3015 with a loss of 0.8% in the last 24-hours. Meanwhile, the trading volume has registered a growth of 12% to $182.74 million.
