fxs_header_sponsor_anchor

Cardano Price Prediction: How far will the ADA coin fall in 2023?

  • Cardano price is in a steep downtrend and consolidates above.
  • ADA hovers above a 2021 liquidity zone.
  • Invalidation of the bullish trend is a breach above the previous range at $0.32.

Cardano price could be setting up for a monstrous decline. When writing all signals point south, the bulls must rally considerably to consider a safe countertrend scenario.

Cardano price is in a free-fall decline

Cardano price currently consolidates in the mid $0.20 zone after enduring a 19% decline on the month. On November 23, the scalable smart contract token hovers within a 10% radius of the 2021 swing low at $0.228. 

The swing low is a significant liquidity level that has remained untested since it was first established on January 11, 2021. Cardano would then go on to rally nearly 1200 percent into the all-time highs at $3.10 by August of the same year.

Cardano price currently auctions at $0.2593. While the technicals of an upcoming liquidation seem promising, on-chain metrics are playing devil's advocate. According to FXStreet's News Reporter Ekta Mourya, "Cardano addresses holding between 10,000 and 100,000 ADA tokens have added $83 million worth of ADA since November 7." The high cap interest for Cardano is certainly intriguing, but the technicals have yet to align. Time will ultimately judge who is on the right side of the trade. 

ADA/USDT 12/23/22

ADA would then need to establish a consolidation above the aforementioned zone. Under the ideal scenario, the bulls could prompt a countertrend spike towards the $0.40 range established throughout the Fall, resulting in a 57% increase from the current Cardano price. 



 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.