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Cardano (ADA) appears temporarily sidelined by the ongoing bullish trend in the broader cryptocurrency space. As of this writing, the ADA price has fallen by 4.48% to $0.5712, according to CoinMarketCap data. ADA’s market volume has also recorded a significant 12.59% decline to $3.38 billion.
Despite these gloomy metrics, historical data suggests that Cardano might shock the ecosystem in November.
Cardano and price outlook
Notably, data from Cryptorank, an analytics platform, reveals crucial insight into the blockchain’s activities. ADA, in November, had an impressive average growth rate of 50.3% over the past seven years. With the price currently past the $0.50 level, experts foresee a likely spike that could double its market price.
Alex DovbnyaThe logic in these analysts’ analysis lies in ADA's historical performance. In October, the asset had an average growth rate of 1.76%. Interestingly, ADA’s price suffered a considerable decline, fluctuating between a low of $0.3244 and a high of $0.3524.
With ADA’s historical growth rate now pegged at 50.3%, Cardano's current price seems likely to soar if this pattern is sustained. If this happens, 50% growth from $0.5712 will see ADA trade above $0.80 to the $1 level.
With over 69% recorded thus far this month, the coin just needs to sustain this trend while adding more in the long term.
Will community sentiment help ADA rally?
At its current level, ADA has reached a support level from which it could launch a rebound. Additionally, community sentiment among Cardano users remains bullish. In a poll of 44,643 users, approximately 90% remain bullish on ADA. This critical support might drive its price up.
Gamza KhanzadaevMeanwhile, Cardano developers have remained busy, with major protocol upgrades to enhance the platform's optimum performance. They are keen on users carrying out smooth operations on the blockchain, and users' seamless transactions could help boost ADA's fortunes in the long run.
The days ahead will reveal what comes next for the Cardano token as ADA battles to reach the $1 level. Cardano has already reclaimed its position among the elite top 10 cryptocurrencies, as it is now ranked ninth by market capitalization.
Alex Dovbnya
Arman Shirinyan
Dan Burgin