Is Cardano Destined for Greatness in 2023? Experts Share Their Thoughts
The price of Cardano ADA fell by 0.5% in the last day, reaching $0.264293 following a bad weekend for the cryptocurrency market as a whole. Its current price marks a 14% drop in a week and a 19% decline in the last 30 days, with ongoing market negativity serving to depress financial markets worldwide. But what is to come in 2023?
The price of Cardano (ADA) has fallen by 0.5% in the past 24 hours, reaching $0.264293 following a bad weekend for the cryptocurrency market as a whole. Its current price marks a 14% drop in a week and a 19% decline in the last 30 days, with ongoing market negativity serving to depress financial markets worldwide.
Given such losses, ADA holders may be hoping that the altcoin has reached a bottom and is due for recovery anytime soon, especially in light of its fundamentals and ongoing development. However, some analysts suspect that the cryptocurrency still has further losses in store before it ends the descent it has witnessed for much of 2022.
Is it Too Late to Buy Cardano? Crypto Experts Give Their ADA Predictions Based solely on its technical indicators, observers could be forgiven for concluding that ADA really has hit a bottom. In particular, its relative strength index (purple) has fallen below 40 in the past day or so, signaling that it's oversold relative to previous movements this year.
Similarly, ADA's 30-day moving average (red) has remained decisively below its 200-day average (blue) for all of 2022, again signaling that a more positive correction is due sooner or later.
That said, opinion is mixed as to whether ADA has finished suffering. For some analysts outside of its community, there's a chance of further falls, both in the shorter and longer term.
Self-described value investor Mike Alfred remains decidedly bearish on ADA, recently repeating his prediction that it will eventually fall close to $0.06 or $0.05.
On the other hand, people within the Cardano ecosystem and community continue to affirm that ADA's fundamentals will eventually help push its price upwards, particularly when the market returns to more bullish conditions.
There may be something to this claim, insofar as Cardano has enjoyed steady development and numerous updates over the course of 2022's bear market. Its ecosystem now boasts over 1,100 apps and projects building on its network, as well as more than 100 projects already launched.
Interestingly, GitHub has repeatedly shown that Cardano tends to be the layer-one blockchain with the most day-by-day development activity, in terms of commits and changes.
Again, this reinforces the perception that Cardano is growing faster than its rivals, and that ADA is currently undervalued. The thing is, despite being undervalued, it's still the ninth-biggest coin in the market by cap.
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