Can Cardano hit $1 by the end of August? Here's what the crypto community says - Finbold - Finance in Bold

Disclaimer: The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.

As Cardano's (ADA) price continues to fluctuate in line with the general cryptocurrency market sentiment, investors and traders are evaluating the Proof-of-Stake (PoS) asset to determine the best entry price.

In particular, the community over at CoinMarketCap has estimated that the ADA token will trade at an average price of $0.7311 by August 31, 2022, using the 'Price Estimate' feature that allows users to speculate on the future price of digital assets.

As it happens, the community votes are projecting that the price of the decentralized finance (DeFi) token will increase by 56.20% or $0.263 by the end of August from its present value at the time of publication.

Crypto community Cardano price prediction August 31. Source: CoinMarketCap

By press time, 14,192 CoinMarketCap members had voted to arrive at the average estimate. 

As far as the estimates for the end of the following month – September – are concerned, the community expects the price to be a tad lower, averaging at $0.7078 with 8,965 user votes.

Cardano price analysis

Since the start of 2022, Cardano has followed a downward pattern, dropping from the year's high of $1.60 in January to its current price. Although several transient increases have been noted, the general trend remains bearish.

The current price of ADA is trading at $0.468, down 0.48% on the day and a further 10.19% across the previous week, as demonstrated by charts and statistics.

Cardano 7-day price chart. Source: CoinMarketCap

Furthermore, according to data retrieved from CoinMarketCap, the entire market capitalization of Cardano – the eighth-largest token by this indicator – currently stands at $15.85 billion.

Meanwhile, a deep learning algorithm has predicted that Cardano could surge up to $2.63 by the end of August, slightly below its earlier forecasts of $2.90 retrieved by Finbold in early July. 

ADA price prediction/day. Source: Cardano Blockchain Insights

Vasil hard fork approaches

Despite the bearish market, the Cardano ecosystem's developer Input Output (IOHK) has announced a successful hard fork of the testnet, an important step towards the mainnet upgrade, and that its builders were ready "to commence their final testing and integration processes."

The final preparations and success of the hard fork could positively affect the price of Cardano by the end of the month, as historically, the asset has rallied before a hard fork event. Indeed, founder Charles Hoskinson has labeled the hard fork as the network's biggest upgrade, raising the stakes higher than ever.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.