Cardano Price Prediction: Could Hoskinson’s DeSci Push Revolutionize Scientific Publishing?
2 min readCardano (ADA) price outlook is currently bearish as it slides towards a new monthly low at 0.33 USD.
ADA price is dropping ahead of US CPI inflation data on Thursday, amid a broader drop in cryptocurrency market prices following the recent release of the Federal Reserve minutes.
Cardano price is trading in a downtrend despite recent tweets from blockchain founder Charles Hoskinson, who has been supportive of DeSci.
Blockchain-based DeSci solves this problem. The peer-review and publishing system is terribly broken. pic.twitter.com/zdeJA9uVd2
— Charles Hoskinson (@IOHK_Charles) October 8, 2024
In a recent article, Coinbase explained, “Decentralized science, or DeSci, is a broad concept that aims to leverage blockchain technology and its tokens, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and other features to enable more open, incentivized, community-driven scientific research and collaboration.”
However, this does not seem to be enough to prevent the ADA price from falling again recently.
ADA has recently refused to retest the 50DMA and the downtrend is under control.
It looks like we may see a retest of the September low of $0.30 or the August low of $0.28.
Can Cardano price reach 10 USD?
Cardano has struggled to keep up with other major cryptocurrencies since the market recovery began in 2023.
ADA price has only risen 50% from its 2022 lows, while Bitcoin, Ethereum, and Solana have risen 290%, 170%, and 1,650% from their 2022 lows.
Cardano continues to struggle despite its compelling adoption story.
Activity on the blockchain is weak, as ADA total locked value (TLV) is not increasing in smart contracts.
According to DeFi Rama, Cardano’s TLV is just over $200 million, ranking 28th behind little-known or mentioned blockchains such as Core, Mod, Mantle, and Bitlayer.
Unless the ADA ecosystem grows significantly, it will be difficult for the ADA price to reach $10. At this rate, a recovery above $1 would be a major achievement.
