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.
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