Can Cardano reach $5 in 2023? The Crypto Market is BOOMING!

Cryptocurrency prices appear to have taken a strong uptrend in 2023. So far, this year has been a good one with prices rising by an average of 15% in the first two weeks of 2023. With a gain of roughly 45% during the same period, Cardano in particular was able to outpace the cryptocurrency market. Exactly how high can Cardano go? Can Cardano reach $5 in 2023? Let’s conservatively analyze in this Cardano price prediction article.

What is Cardano ADA?

Cardano is a decentralized public blockchain and cryptocurrency project. It offers a safe, quick, and scalable platform for creating and using decentralized apps and smart contracts (dApps). Cardano achieves distributed consensus and transaction validation through the use of the Ouroboros proof-of-stake consensus mechanism. Charles Hoskinson, a co-founder of Ethereum, invented and maintained Cardano, which is developed and supported by the Cardano Foundation, Input Output Hong Kong (IOHK), and Emurgo. ADA is the name of the Cardano network’s native coin.

When did Cardano start?

Charles Hoskinson developed Cardano back in 2015. However, the platform was released to the public later in 2017.

What Price did Cardano start at?

Cardano prices were offered to the public at around $0.0024. Given the current prices of ADA today, it means that prices managed to make more than 1000x in the past 6 years.

Why is Cardano up today?

As the entire market retraces higher, Cardano managed to outperform most cryptocurrencies. The average return in the past 2 weeks was around 15%, while ADA prices increased by more than 45%. If we look at figure 1 below, we can see how ADA prices reached their bottom price of 23 cents by the end of 2022. However, the year 2023 looks like a promising start for ADA, as prices recovered back to the current price of 34 cents.

**Fig.1** ADA/USD 1-day chart showing the reversal in Cardano price – GoCharting

For most crypto analysts, this specific Cardano price is significantly undervalued. In fact, Cardano is a great crypto project with a promising blockchain. Cardano in 2023 should definitely be on every crypto investor’s watchlist.

Cardano Price Prediction: Can Cardano reach $5 in 2023?

It is true that Cardano is currently on a strong uptrend. However, the price of $5 may seem a bit far off. Cardano reaching a price of $5 means that ADA needs to make around x1,370 returns within 11 months, which is a bit far off. This is especially true as most crypto analysts expected some consolidation in price until Q3 of 2023.

Cardano however should be able to reach the price of $1 easily in case prices continued on their uptrend, and might even aim for the $1 price mark. This should happen sometime in Q3 2023.

**Fig.2** ADA/USD 1-day chart showing the potential price action of Cardano – GoCharting

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