Finance experts set Cardano price for the end of 2023

Following Robinhood’s announcement of delisting Cardano (ADA) amidst the growing uncertainty surrounding the asset’s future, the price of ADA has experienced a noticeable crash. 

This downturn in value was not limited to Cardano alone, as other major cryptocurrencies also suffered a sudden decline. The crypto industry faced a tumultuous week, with prominent players like Binance and Coinbase being shaken by unforeseen regulatory actions, leading to increased market volatility. With further regulatory developments anticipated, the market is shrouded in uncertainty. 

The recent Securities and Exchange Commission (SEC) declaration that Cardano’s ADA qualifies as a security has left investors speculating about the token’s future. Charles Hoskinson, the founder of Cardano, took to Twitter to vehemently refute the SEC’s claims, asserting that ADA does not meet the criteria to be classified as a security.

In light of this ongoing debate, Finbold sought the perspectives of leading finance experts to gauge the potential impacts on Cardano’s price trajectory by the end of 2023. Additionally, experts were consulted to determine whether ADA has the potential to recover from the recent market crash.

CEO at 1.2 Capital Management, Sebastian Purcell

Sebastian Purcell, the CEO of 1.2 Capital Management, a crypto hedge fund specializing in mid-cap coins and tokens like ADA (Cardano), recently commented on the resolution of the latest SEC issue concerning Cardano. According to Purcell, the worst is over regarding that particular matter. 

However, he pointed out that the next significant factor that could affect Cardano’s future is the outcome of the Ripple v. SEC lawsuit. This implies that the resolution of the legal proceedings involving Ripple and the SEC could have implications for the broader cryptocurrency industry, including Cardano. 

The outcome of the Ripple case might provide insights into regulatory dynamics and potentially influence Cardano’s trajectory.

“The SEC related short-term decline appears to have abated, since anyone directly affected by the possible implications of the litigation has sold. The next direct catalyst for ADA is the outcome of the Ripple case, should that result be largely in favor of Ripple, then ADA is likely to spike beyond its near-term high to the low $.50 range. Otherwise, the XRP history shows that ADA will struggle to breach its all-time high even in the next bull run.

Senior analyst for digital assets at Finder, Frank Corva

Highly regarded expert in the cryptocurrency space, Frank Corva acknowledges the challenge of predicting the year-end value of Cardano due to regulatory uncertainties.

 He emphasizes that Cardano’s price movement is expected to align with the overall crypto market trends. However, Corva highlights the importance of considering specific factors that significantly impact ADA’s price forecast. 

These factors could include Cardano’s ongoing development progress, technological advancements, market adoption, competition within the industry, and potential regulatory changes. By closely analyzing these key factors, one can gain deeper insights into the potential price trajectory of Cardano.

“As the SEC’s legal battle with Binance, which may set the precedent for whether or not ADA is a security, will likely be drawn out over the next few years, the sell-off we just saw in ADA was probably little more than fear-based reaction to bad news. However, we may see another short-term drop in the price of ADA within the next two weeks, as Robinhood has opted to delist the asset. This means that whatever ADA exists on the platform has to either be sold off or transferred to a different crypto wallet. If a large batch is sold off, then ADA’s price may drop again in the short-term.”

The senior digital assets analyst finally stressed: 

“While uncertainty around whether ADA is an unregistered security or not may keep ADA’s price in a state of limbo for a while, if the crypto market more broadly resumes the upward trend it’s been in for the past seven months, then the price of ADA will likely tick up with it.”

Digital Strategist at Money Advisor, Azzam Sheikh 

According to digital strategist Azzam Sheikh, Hydra is the next anticipated update for Cardano, aiming to introduce a layer two scaling solution. Its primary objective is to enhance transaction speed by reducing latency and increasing throughput. 

This upgrade is expected to result in faster and more efficient transactions on the Cardano network. Additionally, Hydra aims to minimize transaction costs, offering users a cost-effective solution for conducting transactions on the platform. 

Sheikh stated: 

“It will strengthen the network’s security and take its capacity to previously unachieved heights. Hydra provides higher throughput, minimal latency, and solutions that are efficient in terms of cost.”

He added that:

“If things go according to plan, the price might be anywhere from $0.472 to $0.716 with an average of $0.552.”

Cardano chart analysis

At present, the trading price of Cardano stands at $0.2741, indicating a modest decrease of 1.48% within the day and a notable decline of 18.15% over the week. 

This recent market performance has resulted in Cardano’s market capitalization reaching an estimated value of $9.57 billion, reflecting a little over $2 billion loss in the last seven days.

Currently, ADA is facing a support level of $0.24612, which indicates a price point at which buying pressure is expected to prevent further decline. On the other hand, it also encounters a resistance level of $0.30318, representing a price level at which selling pressure may hinder upward movement.

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