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ADA Price Prediction – What Does 2023 Hold For Cardano?

01/05/2023
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ADA Price prediction is bullish, with the cryptocurrency heading north to $0.2700 and breaking above the 38.2% Fibonacci retracement level. Cardano (ADA) coin has been flashing green and has risen more than 7% in recent hours, possibly owing to risk-on market sentiment in the cryptocurrency market.

The Cardano (ADA) coin hit a two-year low of $0.239 on December 30 but has since seen a continuous recovery that has driven the price to $0.269 at press time.

Aside from that, the expansion of the Cardano DeFi ecosystem, which has positively helped the ADA price, could be linked to the reason for its upward advance.

Another factor driving the Cardano rise was the continued increase in ADA investors. Major BSC holders, according to WhaleStats, are also interested in purchasing Cardano (ADA). ADA purchases have been rated among the top ten of the 4,000 largest BSC whales in the last 24 hours.

In terms of development activity, Cardano came out on top, followed by Polkadot (DOT) and Cosmos (ATOM), which emerged in second and third, respectively. This also played a significant impact in supporting the Cardano price.

Despite the market’s poor performance, crypto payments on e-commerce platforms are increasing, with Cardano (ADA) and Binance Coin (BNB) ranking among the top ten most popular cryptocurrencies.

According to the most recent data, people spent a significant portion of their bitcoin in 2022. This was regarded as another important factor in maintaining the Cardano (ADA) coin’s value.

Risk-On Market Sentiment

Since the start of the new year, the global cryptocurrency market has been flashing green. The crypto market has shown signs of life in the first week of 2023, with Bitcoin rising by 2% and Ethereum rising by 5.5 percent in the last seven days.

The global market cap is now $820 billion, up 1.2 percent in 24 hours. Other well-known cryptocurrencies saw gains, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Litecoin (LTC).

The value of cryptocurrencies rose after the Institute for Supply Management (ISM) released data showing a drop in demand and a decrease in manufacturing input. Investors interpreted this as a sign that the Federal Reserve may eventually lower interest rates.

Moving on, the economy’s performance this year and how much the Federal Reserve will raise its federal funds rate are still heavily debated topics in the early days of 2023, leaving investors struggling to find direction.

Investors in cryptocurrencies are dealing with industry instability in the wake of the FTX bankruptcy as well as a lack of confidence. In light of the scam that occurred at one of the biggest cryptocurrency exchanges in the world, they are also speculating on how authorities would respond.

The Fed is still affecting crypto, so it’s important to keep an eye on it as it relates to the industry. Investors were optimistic this week, although some fresh jobs data came in higher than anticipated. According to the US Bureau of Labor Statistics, there were 10.5 million job opportunities in November, almost the same number as in October.

Cardano (ADA) Development Activity

As we all know, the cryptocurrency market, including Cardano (ADA), has had a terrible year in terms of pricing. In terms of development activity, Cardano has surpassed all other protocols in 2022.

According to research conducted on December 30 by the social analytics platform Santiment, Cardano was the most actively developing protocol. This was seen as a crucial element in keeping the Cardano price high.

Cardano (ADA) Enter the Top 10 Most Spend Crypto

Despite the current market conditions, cryptocurrency payments on e-commerce platforms are growing fast, with Cardano (ADA) and Binance Coin (BNB) ranking among the top 10 most popular coins. According to Coingate payment processing research, people spent a lot of cryptocurrency in 2022.

According to the analysis, which examined data from 2014, e-commerce organizations received 2.5 million crypto payments over this period. On average, 312,500 bitcoin payments are made to these online retailers each year.

Cardano Whales and DEFI Activity

The price of the Cardano (ADA) coin recently hit a two-year low at $0.239, but since then it has been steadily rising and was at $0.269 at the time of publication. However, the development of the Cardano DeFi ecosystem may have contributed positively to the ADA price. According to information from DeFiLlama, Total Value Locked (TVL), which reached a low of $48.95 million on January 1, has increased once again to $52.53 million today.

Increasing ADA investors could be another factor contributing to the ADA price increase. According to WhaleStats data, substantial BSC holders are also very interested in purchasing Cardano (ADA). ADA purchases ranked among the top 10 of the 4,000 biggest BSC whales in recent hours. Additionally, the biggest BSC whales currently hold 19.9 million ADA, worth $5.19 million and making up 0.68% of the supply.

ADA Price Prediction

The current price of Cardano is $0.2654, with a 24-hour trading volume of $215 million. Cardano is up nearly 1% in the last 24 hours.

Cardano has risen to ninth place in the market, with a current market cap of $9 billion. It has a total of 45,000,000,000 ADA coins in circulation and a total of 34,521,472,811 ADA coins in circulation.

ADA

Cardano is about to complete the 38.2% Fibonacci retracement at $0.2700, and a bullish break above this level could expose ADA to the $0.2900 level. The 50-day moving average will act as a barrier to the upside in this case. So keep an eye on $0.2700, which is likely to act as a pivot point for the day.

In addition to Cardano, there are few altcoins at presale with huge upside potential. Let’s take a look.

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Source: https://insidebitcoins.com/news/ada-price-prediction-what-does-2023-hold-for-cardano