The year 2022 was a bad one for cryptocurrencies, including Cardano. Despite it being a good crypto project, its token ADA lost more than 90% since the start of the crypto crash from back in October 2021. Today, ADA reached a strong support price, making it a good opportunity to buy. Is it the last chance to buy Cardano at 30 cents? Let’s analyze in this Cardano Prediction.
What is Cardano Project?
Cardano blockchain offers security, decentralization, and expandability. Those features are better balanced on its blockchain network, which uses the Proof-of-Stake consensus mechanism. As ADA, the Cardano network token is known.
The popularity of this cryptocurrency among investors has risen quickly since its creation in 2017. The ADA token was able to move up into the top 10 cryptocurrencies in terms of market cap as a consequence. The fact that the blockchain is being developed in strict accordance with scientific principles is extremely advantageous to Cardano. The Cardano blockchain continues to be the most technologically advanced blockchain as a result.
Cardano Analysis: How did Cardano Perform in 2022?
Cardano lost around 90% since the crypto crash started from back in October 2022. From a high price of nearly $2.8, Cardano price fell to the current price of around $0.30. In general, the crash happened due to many fundamental reasons. The biggest one is mainly because of the overly-bought crypto market. Crypto prices soared from a market cap of around $600 billion and broke the $2 trillion cap. Very few fundamental backings occurred during that same time, which triggered a massive sell-off. ADA tokens in turn suffered a lot.
Despite the good backings of the Cardano blockchain, ADA prices crashed as part of the entire cryptocurrency market crash.
Is it a Good Time to Buy Cardano?
The obvious answer to such a question is: it depends. All cryptocurrencies still move in tandem with the overall general trend of the crypto market, and with Bitcoin’s current trend. The latter still has a significant market dominance of around 38.5%. If the crypto market manages to recover in the coming year of 2023, ADA is definitely expected to rise in price.
The current price of 30 cents for ADA is a good price to buy in. Looking at figure 2, we can see that in the short term, ADA should manage to increase from a technical perspective. Placing a stop-loss around 27 cents however is crucial, as the market might continue lower, bringing ADA prices to 20 cents.
How to Buy Cardano?
ADA tokens can be bought on more than 50 exchanges. However, it is important to choose solid exchanges. The latest FTX crash showed how important is it to choose the right broker. Centralized exchanges are still the gateway from legacy finance into blockchain tech. We at CryptoTicker recommend the following trusted exchanges:
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