Cardano’s price is currently at a mid-term low and there is little excitement about the cryptocurrency at the moment. The price fell as low as $0.30. In the coming year, however, there could be a trend reversal across the whole market. Can Cardano (ADA) price revisit the $1.50 level in 2023?
In this article, we want to make a Cardano price prediction for the coming year 2023 and see how high the ADA token can rise.
How has the ADA price moved in recent weeks?
The ADA price has been on a slight downward trend in recent weeks. The FTX crash in particular drove the price down. Previously, we saw an altcoin rally that was wiped out by the crash. There has been a stabilization between $0.30 and $0.32 for the past few days.
In general, the ADA price trend is down. Even before the rally and subsequent crash, we saw a clear downward trend in ADA price. Since September 2021, when the price was still above $3, ADA has lost 90% of its value.
Why did ADA underperform in 2022?
The ADA price has almost exclusively experienced a downward trend in 2022. Over the past few weeks, the token has also not been able to perform as well as other cryptocurrencies such as Dogecoin.
The bear market is the main reason for these losses. A bear market was not applicable. The Bitcoin cycle always ensures that cryptocurrency prices fall sharply. This also mainly led to the losses at ADA. Other altcoins also lost similar amounts.
Cardano is also considered a cryptocurrency, the price of which keeps falling sharply in the bear market. In a bull market, on the other hand, the price of ADA rises sharply again and again.
How much can the price of Cardano (ADA) increase in 2023?
Cardano’s ADA token has currently reached what is likely a very low price for the current cycle. A further increase in 2023 seems very likely. Because in the coming year, the crypto market should start on a bullish trajectory. In 2019, in the second year of the last bear market, we again saw stronger price increases.
The 2018 bear market had a lot in common with the current 2022 bear market. It is therefore also likely that the percentage increases of 2019 could be repeated. At that time, the price of Bitcoin went from 3,500 to 10,500 dollars in a few months. As a result, altcoins also rose massively.
Can Cardano price reach $1.50 in 2023?
An increase in the price of Bitcoin by a factor of 3 could also be repeated in 2023. Because the year 2022 mirrored the year 2018 in terms of percentage. If this happens, some altcoins may well rise by a factor of 3 to 5. A 5-fold increase in the Cardano price is very ambitious, but based on these considerations, it is quite possible.
Despite the losses of the past few weeks, there are certainly some exciting developments at Cardano. Cardano plans to launch its own stablecoin called DJED in January. You can read more about the stablecoin project in this article. Moreover, the development phase of Basho has started with the Vasil hard fork, in which Cardano is to become the fastest blockchain on the market.
Is it worth investing in ADA now?
An investment in the ADA token should be worthwhile, especially in these times if you believe in the success of the project. It seems very likely that we are on the low in price for this cycle right now. An increase in the coming year is very likely from all points of view.
Our predictions for 2023 show the price potential of the ADA token. The Cardano course could already see the first increases in the coming weeks. Therefore, these low prices could be worth buying.
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