As the market prepares for a small adjustment, crypto prices soared by more than 3% in the past 24 hours. Cardano on the other hand was among the top performers, as ADA prices boomed by more than 12% in the past day alone. Many crypto analysts see that ADA prices are undervalued and will increase significantly in the next Bullrun. Should you buy Cardano today? Why is Cardano up? Let’s dive into a Cardano 2023 analysis.
What is Cardano 2023?
The goal of Cardano, a decentralized public blockchain and cryptocurrency project, is to offer a safe, quick, and scalable platform for the creation and usage of decentralized apps and smart contracts (dApps). Cardano achieves distributed consensus and transaction validation through the use of the Ouroboros proof-of-stake consensus mechanism. Charles Hoskinson, a co-founder of Ethereum, invented and maintains Cardano, which is developed and supported by the Cardano Foundation, Input Output Hong Kong (IOHK), and Emurgo. ADA is the name of the Cardano network’s native coin.
Why is Cardano up today?
As the entire market retraces higher, Cardano managed to outperform most cryptocurrencies. The average return in the past 24 hours was around 3.5%, while ADA prices increased by more than 12%. If we look at figure 1 below, we can see how ADA prices reached their bottom price of 23 cents by the end of 2022. However, the year 2023 looks like a promising start for ADA, as prices recovered back to the current price of 32 cents.
For most crypto analysts, this specific Cardano price is significantly undervalued. In fact, Cardano is a great crypto project with a promising blockchain. Cardano in 2023 should definitely be on every crypto investor’s watchlist.
Cardano Price Prediction: Where will ADA price reach next?
#1 Cardano Price Retracement
The current price for ADA stands around 32 cents as stated earlier. We might see some natural retracement as part of some profit-taking. This would drag prices lower toward a potential price of 30 cents as part of a 38.2% Fibonacci retracement.
#2 Cardano Uptrend Continuation
After the small adjustment lower, Cardano can continue to go higher if the crypto market as a whole continues to be bullish. If this happens, Cardano can easily reach a price of 42 cents. Cardano consolidated for quite a while around that price, which acted sometimes as a support, and lastly as a resistance.
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
Click here to get a 10% discount on your first payment (monthly or yearly)!
CLICK THIS LINK TO TRADE CRYPTOS AT BITFINEX!
Can Cardano reach $5 in 2023? The Crypto Market is BOOMING!
Cardano Price Crash BUT Prices should retrace higher?
Dogecoin CRASH: DOGE Price Down 7%, is the Hype Over?
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Cardano price might DOUBLE to $2! LAST Chance to Buy ADA at $1?
Cardano Hydra is LIVE: Will Cardano Network Change? ADA reaching 1$?
Crypto Prediction for DOGE, ADA and XRP for Feb 2023…Not to MISS!
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Cardano Price Prediction for December 31st, 2022
New Cardano Development in 2023? You might want to Buy ADA NOW!
Ripple Price Prediction – How High will XRP Reach in 2025?
Cardano (ADA) BEATS Ripple (XRP) – Which is the better Alt?
Cryptos are Consolidating! Here are 3 Cryptos to Buy in March 2023
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Cardano up 10% as the crypto market retraces: Potential to Buy ADA?
Cardano Price Prediction as ADA breaches through $0.40…1$ soon?
Cardano Crash: Will ADA Price reach 10 cents?
Why is Cardano Price DOWN? Don’t get FOOLED!
Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
Conservative Cardano Prediction for 2023 – How high can Cardano go?
Cardano Basho: When is the next big Cardano update coming?
You might also like
More from Altcoin
Ripple Lawsuit Decision SOON – Excessive Optimism or Reality?
Ripple lawsuit: Will the decision actually come in the next few weeks or does the Ripple CEO just want to …
How to Bridge Assets from Ethereum mainnet to zkSync Era?
This article will go over how to bridge assets from the Ethereum mainnet to the zkSync Era network. Let's take …
Worldcoin Crypto: What is this AI Token and how to Buy Worldcoin?
Despite concerns over privacy risks, Worldcoin has garnered significant investor support. Let's talk more about Worldcoin crypto.