Cardano’s price has dropped by more than 70% since the beginning of the year 2022, and it now trades at $0.36. But has it reached oversold territory, and can we expect the Cardano price forecast to be bullish and reach $5 in 2023? Let’s find out!
Cardano Price & Tokenomics
Cardano’s current price is $0.36, with a 24-hour trading volume of $300 million. Cardano has fallen by 0.05% in the last 24 hours. CoinMarketCap currently ranks #8 with a live market cap of $12 billion.
There are 34,288,481,618 ADA coins in circulation, with a maximum supply of 45,000,000,000 ADA coins.
Cardano Community Makes a Prediction
The Cardano network is unwavering in its belief that the network’s “greatest days” are yet to come. A Cardano-centric Twitter account, ADA whale, has made a startling forecast about what may occur on the network if the market crash ends.
It has been predicted by the ADA whale that Cardano will host the greatest DeFi trading platform during the next bull run. He also predicts that Cardano will host the fastest-growing mobile network and the largest DID project, as well as the largest book NFT platform supported by major publishing houses.
According to him, Cardano has survived “bulls and bears” scenarios, which is why he can make such predictions with such certainty.
According to data shown in a new infographic by Cardano Daily, the cryptocurrency has been able to keep its spot among the top 10 by market cap for the last seven consecutive quarters. This is a feat regardless of whether the market is booming in 2021 or tanking in 2022.
Cardano Ecosystem to Support ADA Price
The development of the Cardano ecosystem is one factor contributing to the optimism of fervent ADA investors.
Cardano’s commercial and venture capital arm EMURGO has recently established a $200 million fund to incentivize enterprises built on the network, despite the bad market.
The EMURGO Africa initiative will get around $100 million from this money. Cardano is currently planning for its next big roadmap milestone, the Voltaire era.
Charles Hoskinson, the creator of the company Input Output Global (IOG), predicted that the update will establish the blockchain as an early leader in decentralized administration.
“The Age of Voltaire will soon be upon us as an ecosystem. It’s going to unlock the power of the millions of Cardano users and builders. It will again show the rest of the industry how to do decentralized governance just like we did with staking,”
As such positive developments and remarks typically support the coin price, the ADA price may improve in 2023.
Cardano Price Forecast – Here’s Why ADA Can Reach $5 in 2023
The ADA/USD pair is trading sharply bearish this week, continuing its weekly bearish streak for the third week. ADA dropped over 14% last month to trade at $0.37.
On the daily timeframe, ADA has broken out of a descending triangle pattern that was holding it up near $0.40, but this level is now acting as a major resistance. A bearish breakout of a triangle pattern typically results in sharp selling and the continuation of a downward trend.
On the downside, ADA’s immediate support is still near $0.35, and a bearish breakout of this level could push the price of ADA even lower, possibly toward $0.30.
Leading indicators such as MACD and RSI, as well as the 50-day moving average, are all in favor of a sell bias. The technical indicators do not support long-term bullish trends; however, the fundamental side indicates a future bullish trend. As a result, ADA could reach $5 by 2023.
New Crypto Presales
Cardano price predictions suggest a slow bullish recovery, and that’s also in the year 203, so traders hoping for a quick profit may be disappointed.
Presales and new altcoins are one area where more speculative traders can quickly make a large profit, even in a bearish crypto market.
We’ve been keeping an eye on the IMPT token presale, a new cryptocurrency that recently raised over $4.9 million.