• Cardano (ADA) is the native token of the Cardano blockchain, which uses a Proof-of-Stake consensus mechanism.
• In Cardano (ADA) price prediction 2023, we use statistics, price patterns, RSI, RVOL and other information to analyze the future movement of the cryptocurrency.
• According to our analysis ADA might reach $0.4253 to $0.5689 while bearish prediction is $0.2521 in 2023.
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 but eventually also integrated layer-2 update, Hydra onto its existing network in late 2021. Cardano has been built as an upgraded version of Ethereum’s smart contracts network and aims to scale up permissionless nature of DeFi space and banking for unbanked people.
Cardano (ADA) Current Market Status
The current market status of ADA shows that it holds 7th position on CoinGecko right now with a 24 hour trading volume of $357 million and 1.7% rise in its price over 24 hours at present time it stands at $0.390503 per coin . The all time high for ADA was recorded on September 02 2021 when it reached at$3 per coin so far .
Cardano (ADA) Price Prediction 2023
In terms of technical analysis , an ascending channel pattern also known as rising channel can be seen from ADA/USDT pair . According to this pattern ADA might reach resistance levels around $0.4226 & $ 04586 if trend continues or could fall down to support levels at$ 03871 & $ 03469 if trend reverses . Also in terms od Support & Resistance levels , resistance level 1 & 2 are predicted at$ 0 4253 &05689 respectively while support level 1& 2 are predicted at$ 03305 & 02521 respectively .
Conclusion
Overall , according to our analysis , bullish price prediction for 2023 is expected between range$ 04253 -$ 05689 while bearish predictions stands at$ 02521 only .