Cardano Price Forecast – Here’s Why ADA Could Reach $5 in 2023

by Arthur · October 17, 2022

Cardano Price Forecast – Here’s Why ADA Could Reach in 2023

Cardano’s price has fallen by more than 70% since the beginning of the year 2022 and is now trading at $0.36. But has it reached oversold territory and can we expect the Cardano price forecast to be bullish and reach $5 in 2023? Let’s find out!

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Cardano Price & Tokenomics

Cardano’s current price is $0.36, with a 24-hour trading volume of $300 million. Cardano has fallen by 0.05% in the last 24 hours. CoinMarketCap is currently ranked #8 with a market cap of $12 billion.

There are 34,288,481,618 ADA Coins in circulation, with a max supply of 45,000,000,000 ADA Coins.

The Cardano community makes a prediction

The Cardano network is unwavering in its belief that the network’s “greatest days” are yet to come. A Cardano-centric Twitter account, ADA whale, has made a startling forecast about what could happen on the network if the market crash ends.

It has been predicted by the ADA whale that Cardano will host the largest DeFi trading platform during the next bull run. He also predicts that Cardano will host the fastest growing mobile network and the largest DID project, as well as the largest book NFT platform backed by major publishers.

According to him, Cardano has survived “bulls and bears” scenarios, which is why he can make such predictions with such certainty.

According to data shown in a new infographic by Cardano Daily, the cryptocurrency has been able to maintain its place in the top 10 by market capitalization for the past seven consecutive quarters. This is a feat regardless of whether the market flourishes in 2021 or tanks in 2022.

Cardano Ecosystem to Support ADA Price

The development of the Cardano ecosystem is a factor contributing to the optimism of eager ADA investors.

Cardano’s commercial and venture capital arm EMURGO recently established a $200 million fund to stimulate businesses built on the network, despite the poor market.

The EMURGO Africa initiative will get about $100 million from this money. Cardano is currently planning its next major roadmap milestone, the Age of Voltaire.

Charles Hoskinson, the creator of the company Input Output Global (IOG), predicted that the update will establish the blockchain as an early leader in decentralized administration.

“The Age of Voltaire will soon be upon us as an ecosystem. It is going to unlock the power of millions of Cardano users and builders. It will in turn show the rest of the industry how to do decentralized governance just like we did with staking, »

Since such positive developments and comments usually support the coin price, the ADA price may improve in 2023.

Cardano Price Forecast – Here’s Why ADA Could Reach $5 in 2023

The ADA/USD pair is trading heavily bearish this week, continuing its weekly bearish streak for the third week. ADA fell over 14% last month to trade at $0.37.

On the daily time frame, ADA has broken out of a descending triangle pattern that held it up near $0.40, but this level is now acting as a major resistance. A bearish breakout of a triangle pattern usually results in sharp selling and continuation of a downtrend.

**Cardano broke out of descending triangle – Source: Tradingview**

On the downside, ADA’s immediate support remains near $0.35, and a bearish breakout of this level could push the price of ADA even lower, possibly towards $0.30.

Leading indicators such as the MACD and RSI, as well as the 50-day moving average, are all for a sell bias. The technical indicators do not support long-term bullish trends; However, the fundamental side indicates a future bullish trend. As a result, the ADA may reach $5 by 2023.