Should you buy Cardano (ADA) on November 15?

Cardano ADA/USD is a proof-of-stake (PoS) blockchain platform and recently introduced a programming language known as Plutus for writing smart contracts on its blockchain after its Alonzo hard fork.

This has paved the way for much future development within the Cardano ecosystem, and we are starting to see some progress.

The growth of the Cardano ecosystem as a catalyst for growth

On December 3, we discussed how the Cardano-based DEX and AMM DOEX launched their public sale on Kick.io.

Later on, throughout the month, on December 6, the Cardano Community Twitter page announced that there were over 1 million delegated Cardano Wallets. We also saw SundaeSwap DEX on Cardano launch their public testnet at this time.

In a huge development period for the Cardano blockchain, on December 8, we saw a significant increase in the number of Plutus-based smart contracts on the Cardano blockchain.

Additionally, within the last 24 hours, Cardano (ADA)’s market cap kicked back up by 2%, which shows that it is climbing back up in value.

That said, each of these developments and the overall growth of the Cardano ecosystem can contribute to a growth of the value of the ADA token in the future.

Should you buy Cardano (ADA)?

On December 15, Cardano (ADA) had a value of $1.25. 

To see what this value point means for the ADA token, we will compare it to its all-time high volume as well as the performance it had last month.

In terms of the ATH value point of the ADA token, it raised to a value of $3.09 on September 2. At its ATH value point, the token was $1.84 higher in value or by 147%.

However, when we look at the value of the token in November, its highest point was at $2.33 on November 9.

Its lowest point of value of the month was on November 28, when the token decreased to a value of $1.46.

This means that the token decreased in value by $0.87 or by 37%.

However, from November 28 to December 15, the token fell by an additional $0.21.

According to data from IntoTheBlock, Cardano (ADA) saw $40.07 billion in transactions greater than $100,000 within the last seven days.

With this in mind, December 15 might be one of the cheapest value points for the token, and it is a recommended buy. 

ADA has a lot of developments under its belt and has the potential to climb back up to $2 by the end of January 2022, making it a solid purchase. However, if the token drops under $1.20 in value, then it might be worth reconsidering.