Price Analysis

Cardano (ADA) Price May Find its Bottom at Around $0.1 in 2023

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Cardano price is undergoing a slight recovery in the past couple of days as the markets turned slightly greener, discarding the negative impact of BlockFi’s bankruptcy

  • The price is expected to continue with a significant upswing for only a short time frame as the tokens still remains largely in the bearish captivity

The crypto markets are turning greener as Bitcoin (BTC) prices continue to trade above $17,000. However, the bears continue with their attempt to maintain significant pressure that has compelled the price to remain within the consolidated range. Meanwhile, the short-term projections for Cardano’s (ADA) price are significantly bullish, as a rise beyond $0.33 is quite possible until the coming weekend.

The ADA price continues to remain under bearish captivity as the current bounce is witnessed as yet another lower high within a descending trend. A popular analyst, Benjamin Cowen, believes that Cardano may continue to drop significantly further. Cowen, in his new video, says that the bear-market resistance band is offering resistance from where the ADA price is facing constant rejections.

“The point that I’m trying to make here is that Ethereum in its first cycle, in its first major bear market, dropped around 95%, right? But ADA in its first bear market dropped almost 99%, right? It was like 98.75%. If ADA, say, does have diminishing losses or something in this bear market, and say instead of dropping 98%, you know let’s say it’s one cycle behind Ethereum, let’s suppose it drops 94% or 95%. 

A 95% drop from the all-time high would put ADA between 10 and 20 cents, right? That’s where it would ultimately put it.”

The analyst believes the Cardano (ADA) price may bottom around $0.1 to $0.2, somewhere in 2023. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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