Price Analysis

Cardano Price Prediction 2023: Here’s Why ADA Price May not Reach Beyond $1

Author: Sahana Vibhute

Sahana Vibhute right arrow

Author

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.

  • author facebook
  • author twitter
  • linkedin

news-image
Story Highlights
  • Cardano price has been trading within a steep descending trend for quite a long time and may soon undergo a notable upswing

  • The interim bullish action may assist the price to gain temporary upward momentum which may again trap the bulls at the 2023 highs

Cardano price prediction after quite a long time turns slightly bullish, displaying a diverse trend compared to previous ones. The token has been falling for more than a year without displaying any possibility of a rebound. The ADA price fell into the liquidity zone, below which buyers remained off-the-shore, hindering the growth in 2020-21. 

However, considering the new trade set-up, the ADA price is attempting to clinch above the bearish pattern and surge with a large margin. The year 2023, is believed to be the starting point wherein the trend is set to change and remain incremental for a larger time. Hence it can be believed that Cardano’s token price may grow at least a little in its value, this year. 

Trading View

The ADA price has been largely bearish ever since the platform marked new highs and failed to maintain a significant upswing. However, the price has been largely trading within a very narrow region throughout H2 2022 and is believed to display a notable bull run very soon. After breaking out from the inner parallel channel, the ADA price is believed to rise beyond $0.40 to $0.42 which is the first target for the upcoming rally. 

Moving ahead, the second potential target for growth is around $0.80 which is believed to be reached somewhere by the end of 2023. However, bears appear to have held a strong grip around the region’s $0.9, and hence a significant rejection may make its way out that may drag the price too as low as $0.23. The Cardano (ADA) price is believed to remain bearish for a larger time which may even compel the price to drop to $0.12 in 2023!

Show More

Was this writing helpful?

No Yes

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.

Related Articles

Back to top button