Cardano (CCC:ADA-USD) might be down, but it is certainly not out. The crypto network has had an incredible year, catapulting itself from the pack to the elite level of digital currencies like Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). It is currently suffering from flash crash that’s disrupting the whole market today. But, don’t be fooled; Cardano is built to last. At least, that’s what analysts are suggesting with their Cardano price predictions.
The path to where Cardano is now is littered with updates. The network has listened closely to the needs of its users, and it has adjusted accordingly. Cardano caught some bullish optimism earlier in the year, for example, after Elon Musk turned his back on Bitcoin due to its high energy consumption. Cardano became a favored alternative to eco-conscious crypto investors. This is thanks to its proof-of-stake algorithm and its energy efficiency compared to Bitcoin’s proof-of-work consensus protocols.
Most notably, the network underwent its Alonzo Purple upgrade at the beginning of September, the network’s biggest yet. With Alonzo Purple, the Cardano developers are ushering in a new era for the blockchain. Users are now able to use smart contracts on the network, enabling more seamless and efficient transactions.
DApp capabilities are at new heights, with users able to choose from any of 200 available smart contracts to build their own perfect product. Meanwhile, the new capabilities open the door for minting non-fungible tokens (NFTs). Once an industry dominated by Ethereum, Cardano developers are tossing their own hats in the digital art ring by enabling smart contracts.
Cardano Price Predictions See ADA Weathering the Storm
The market correction happening this morning might look scary, but it’s nothing Cardano can’t withstand. The coin has proven multiple times its Teflon-like durability, and without a catalyst for the downturn, investors are likely looking at the situation like a buying opportunity. Let’s take a look at some Cardano price predictions and see what analysts are thinking about the future of the coin:
- WalletInvestor thinks that ADA can double up on its current price through the next 12 months and see new highs. The site predicts a price of $4.52 for the coin in September 2022.
- Coin Quora sees potentially explosive gains for ADA before the end of the year. If bullish trends continue, ADA could push through its $3 resistance level and explode to prices as high as $7.
- CoinPriceForecast is not as bullish as the rest of the pack. The site predicts a year-end price of just $2.81 for ADA, leaving it below $3 into 2022.
- Gov Capital sees ADA retaking $3 and staying there for a while. The site’s 12-month prediction casts a $3.15 at the coin, good enough for a new all-time high.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.