- Bullish ADA price prediction for 2023 is $0.3029 to $0.4140.
- Cardano (ADA) price might reach $0.6 soon.
- Bearish ADA price prediction for 2023 is $0.1847.
In this Cardano (ADA) price prediction 2023, we will analyze the price patterns of ADA by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Cardano (ADA) Current Market Status
| Current Price | $0.2733 |
| 24 – Hour Trading Volume | $290,356,338 |
| 24 – Hour Price Change | 2.94% Down |
| Circulating Supply | 34,914,607,960.91 |
| All – Time High | $3.09 (On September 01, 2021) |
ADA Current Market Status (source: CoinMarketCap)
What is Cardano (ADA)?
Cardano (ADA) is the native token of the Cardano blockchain. This sustainable blockchain uses the Proof-of-Stake (PoS) consensus mechanism, Ouroborus. This “third-generation blockchain” initially existed as a layer-1 solution. Eventually, the layer-2 update, Hydra, was integrated into the existing network in late 2021.
Cardano has been built as an upgraded version of Ethereum’s smart contract network. Moreover, it aims to scale the permissionless nature of the DeFi space and aid the mission of banking the unbanked.
Cardano (ADA) Price Prediction 2023
Cardano (ADA) ranks 7th on CoinMarketCap in terms of its market capitalization. The overview of the Cardano Price prediction for 2023 is explained below with a daily time frame.
ADA/USDT Descending Channel Pattern (Source: TradingView)
In the above chart, Cardano (ADA) laid out a Horizontal Channel pattern, also known as the sideways trend. In general, the horizontal channel is formed during price consolidation. In this pattern, the upper trendline, the line that connects the highs, and the lower trendline, the line that connects the lows, run horizontally parallel, and the price action is contained within them.
A horizontal channel is often regarded as one of the most suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Cardano (ADA) was recorded at $0.2759. If the pattern trend continues, then the price of ADA might reach the resistance levels of $0.3194, $04338, and $0.8121. If the trend reverses, then the price of ADA may fall to the support of $0.2335.
Cardano (ADA) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Cardano (ADA) in 2023.
ADA/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Cardano (ADA) for 2023.
| Resistance Level 1 | $0.3029 |
| Resistance Level 2 | $0.4140 |
| Support Level 1 | $0.2389 |
| Support Level 2 | $0.1847 |
As per the above analysis, if Cardano’s (ADA) bulls take the lead, then it might hit and break through its resistance level of $0.3029.
Conversely, if Cardano’s (ADA) bears dominate the trend, the price of ADA might plunge to $0.1847.
Cardano (ADA) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Cardano (ADA) are shown in the chart below.
ADA/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Cardano (ADA) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the ADA price lies below 50 MA (short-term), indicating its downtrend. Hence, ADA is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of ADA is at 22.45. Therefore, this indicates ADA is nearly in an oversold state.
Cardano (ADA) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Cardano (ADA) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
ADA/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of ADA lies in the range of $45.78 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of ADA lies below 50, indicating low volatility.
Comparison of ADA with BTC, ETH
Let us now compare the price movements of Cardano (ADA) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs ADA Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of ADA is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of ADA also increases or decreases respectively.
Cardano (ADA) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Cardano (ADA) between 2024 and 2030.
Cardano (ADA) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Cardano (ADA) might successfully test and surpass its resistance levels to hit $2 by 2024.
Cardano (ADA) Price Prediction 2025
The significant upgrades in the Cardano ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Cardano (ADA) price to reach $4 by 2025.
Cardano (ADA) Price Prediction 2026
If Cardano (ADA) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $6
Cardano (ADA) Price Prediction 2027
If Cardano (ADA) sustains major resistance levels and stands as a better investment option in the market, then ADA would rally to hit $8.
Cardano (ADA) Price Prediction 2028
If Cardano (ADA) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then ADA would hit $10 by 2028.
Cardano (ADA) Price Prediction 2029
If investors flock in and continue to place their bets on Cardano (ADA), then the crypto would witness major spikes. Hence, ADA might hit $12 by 2029.
Cardano (ADA) Price Prediction 2030
By 2030, the ADA price might rally to $14 if the trend momentum aligns in favor of Cardano. Furthermore, ADA would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Cardano (ADA) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Cardano (ADA) price prediction for 2023 is $0.4140. Comparatively, the bearish Cardano (ADA) price prediction for 2023 is $0.1847.
If there is a positive elevation in the market momentum and investors’ sentiment, then Cardano (ADA) might hit $1. Furthermore, with future upgrades and advancements in the Cardano ecosystem, ADA might surpass its current all-time high (ATH) of $3.09 and mark its new ATH.
FAQ
1. What is Cardano (ADA)?
Cardano (ADA) is the native cryptocurrency of Cardano. Cardano is a smart contract-based blockchain operating on the proof-of-stake (PoS) consensus launched in 2017.
2. Where can you buy Cardano (ADA)?
Traders can trade Cardano (ADA) on the following cryptocurrency exchanges such as Binance, Coinbase Exchange, KuCoin, Bitfinex and OKX.
3. Will Cardano (ADA) record a new ATH soon?
With the ongoing developments and upgrades within the Cardano platform, Cardano (ADA) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Cardano (ADA)?
Cardano (ADA) hit its current all-time high (ATH) of $3.09 On September 01, 2021
5. What is the lowest price of Cardano (ADA)?
According to CoinMarketCap, ADA hit its all-time low (ATL) of $0.01735 On October 01, 2017.
6. Will Cardano (ADA) hit $0.6?
If Cardano (ADA) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $0.6 soon.
7. What will be the Cardano (ADA) price by 2024?
Cardano (ADA) price might reach $2 by 2024.
8. What will be the Cardano (ADA) price by 2025?
Cardano (ADA) price might reach $4 by 2025.
9. What will be the Cardano (ADA) price by 2026?
Cardano (ADA) price might reach $6 by 2026.
10. What will be the Cardano (ADA) price by 2027?
Cardano (ADA) price might reach $8 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
