The Cardano price is currently at a medium-term low and the cryptocurrency is generating little enthusiasm at the moment. The price has fallen as low as $0.30. In the coming year, however, there could be a trend reversal in the overall market. Can the Cardano (ADA) price revisit the $1.50 level in 2023? In this article, we forecast the Cardano price for the coming year 2023 and see how high the ADA token can rise.
What is Cardano Crypto?
Cardano is a decentralized platform for building and running blockchain-based applications. It is based on a proof-of-stake consensus algorithm, which means that people who hold the platform’s native cryptocurrency, known as ADA, can earn rewards for participating in the network by verifying transactions. Cardano is an open-source project and aims to provide a more secure, scalable, and flexible platform for building decentralized applications.
How has the ADA price moved in the last few weeks?
The ADA price has seen a slight downward trend in recent weeks. The FTX crash in particular caused the price to drop sharply. Previously, we saw an altcoin rally that was wiped out by the crash. There has been a stabilization between $0.30 and $0.32 for the past few days.
In general, the trend of ADA prices is down. Even before the rally and the crash that followed, we saw a clear downward trend in the ADA price. Since September 2021, when the price was still above $3, the ADA has lost 90 percent of its value.
Why Did the ADA Underperform in 2022?
The ADA price saw almost exclusively a downtrend in 2022. In the last few weeks, the token has also not been able to perform as well as other cryptocurrencies such as Dogecoin.
The bear market is the main reason for these losses. A bear market was not applicable. The Bitcoin cycle always ensures that cryptocurrency prices fall sharply. This also primarily led to the losses at ADA. The other altcoins have also lost similar amounts.
Cardano is also considered a cryptocurrency, the price of which keeps falling sharply in the bear market. In a bull market, on the other hand, the ADA price rises sharply again and again.
How much can Cardano (ADA) price rise in 2023?
Cardano’s ADA token has currently reached what is probably a very low price for the current cycle. Another increase in 2023 seems very likely. Because in the coming year, the crypto market should go back on a bullish path. In 2019, in the second year of the last bear market, we saw stronger price increases again.
The 2018 bear market had a lot in common with the current 2022 bear market, so it is also likely that the percentage gains seen in 2019 could be repeated. At that time, the Bitcoin price rose from 3,500 to 10,500 dollars within a few months. Accordingly, the altcoins also rose massively.
Can Cardano reach $1.50 in 2023?
An increase in the Bitcoin price by a factor of 3 could also be repeated in 2023. Because the year 2022 mirrored the year 2018 in percentage terms. Should this occur, certain altcoins could well rise by a factor of 3 to 5. An increase by a factor of 5 in the Cardano price is very ambitious, but based on these considerations it is quite possible.
Despite the losses in recent weeks, there are certainly exciting developments at Cardano. Cardano plans to launch its own stablecoin called DJED in January. You can read more about the stablecoin project in this article. Furthermore, the Basho development phase began with the Vasil hard fork, in which Cardano is to be made the fastest blockchain on the market.
Is Cardano a Good Investment?
An investment in the ADA token should be worthwhile especially in these times if you believe in the success of the project. It seems very likely that we are on the low end of prices for this cycle right now. An increase in the coming year is very likely from all points of view. The 2 big reasons for such a rationale are that the crypto market is very undervalued currently, and because Cardano as a project matured as a blockchain. Reaching its previous highs should not be a problem when the crypto market in general rises again.
Our forecast for 2023 shows the price potential for the ADA token. The Cardano price could already see the first increases in the coming weeks. Therefore, these low prices could be particularly worth buying.
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Source: https://cryptoticker.io/en/2-big-reasons-can-cardano-reach-1-50-in-2023/