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Cardano Price Outlook: Hoskinson’s Advocacy for DeSci May Transform Scientific Publishing – Is a $10 ADA Possible?
Current projections for Cardano (ADA) prices are pessimistic, as the ADA value approaches new monthly lows at $0.33.
The decline in ADA’s price is occurring alongside a general downturn in the cryptocurrency market, following the release of the latest Federal Reserve meeting minutes and in anticipation of US CPI inflation data scheduled for Thursday.
Despite recent tweets from the blockchain’s founder, Charles Hoskinson, who has been promoting decentralized science (DeSci), the Cardano price continues to trend downward.
Blockchain-based DeSci addresses this issue. The peer-review and publishing system is severely flawed. pic.twitter.com/zdeJA9uVd2
— Charles Hoskinson (@IOHK_Charles) October 8, 2024
According to an article by Coinbase, “Decentralized science, or DeSci, is a broad concept that leverages blockchain technology and its features such as tokens, non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) to promote a more transparent, incentivized, and community-oriented approach to scientific research and collaboration.”
This may not be sufficient to prevent the Cardano price from retreating towards recent lows.
ADA has recently failed to retest its 50-day moving average, indicating that bearish sentiment is prevailing.
A retest of the September lows around the $0.30 mark, or even the August lows below $0.28, seems plausible.
Can the Cardano Price Reach $10?
Cardano has faced challenges in keeping pace with other leading cryptocurrencies since the market recovery commenced in 2023.
The Cardano price has only increased by 50% compared to its lows in 2022. In contrast, Bitcoin, Ethereum, and Solana have risen by 290%, 170%, and 1,650%, respectively, from their 2022 lows.
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Cardano continues to face difficulties in establishing a strong adoption narrative.
Activity on its blockchain remains low, as evidenced by the stagnant growth in Cardano’s total value locked (TVL) in smart contracts.
Cardano’s TVL is slightly above $200 million, according to DeFi Llama, placing it in 28th position behind lesser-known blockchains such as Core, Mode, Mantle, and Bitlayer.
Without significant expansion in Cardano’s ecosystem, it is improbable that the Cardano price will reach $10. Achieving a recovery above $1 would be a notable milestone at this pace.
Nonetheless, in a recent video, Cryptonews.com analyst Crypto Chester expressed his belief that ADA is undervalued and likely to align with the broader market eventually.
See his analysis below.
Better Alternative to Consider
Significant competitors such as Bitcoin, Ethereum, and Solana may present more promising opportunities with higher upside potential compared to the Cardano price.
However, for investors with a higher risk tolerance, participating in crypto presales could be an even more attractive option.
One presale that has garnered attention from the Cryptonews.com team is an innovative new meme coin GambleFi protocol known as Meme Bet (MEMEBET).
Cryptonews.com’s in-house presale analyst Crypto Arjay discusses in the video below why it ranks among his top three meme coin selections for October.
Learn More Here
The post Cardano Price Forecast: Hoskinson’s Push for DeSci Could Revolutionize Scientific Publishing – Can ADA Reach $10? appeared first on Cryptonews.
