Cardano (ADA) continues to be among the exciting cryptocurrency projects with a number of network development initiatives, and investors hope that the activities will positively affect the price of the asset in the future.
Is Cardano (ADA) a good investment for 2023?
During the bear market of 2022, Cardano benefited from stable development updates with metrics such as smart contracts reaching new milestones. Indeed, the asset has been suppressed by the overall crypto market meltdown, with events such as the collapse of FTX and macroeconomic factors taking center stage.
ADA price analysis
With decentralized finance (DeFi) token trading in the shadow of the 2021 bull market, ADA lost key support levels throughout 2022, where it rose to a record high above $3. At press time, the asset was changing hands at $0.26, down about 82% from the year’s high of $1.50.
With a daily gain of around 1.7%, ADA traders will be hoping the asset has bottomed out to form the basis for a new rally carried into 2023. It is rising towards $0.50.
ADA YTD price chart. Source: Finbold
Cardano basics
Overall, network developments remain possible bullish triggers for ADA. The development featured Cardano as a potential “Ethereum (ETH) killer” while eclipsing other cryptocurrency platforms.
It’s worth noting that Cardano’s reputation in the market comes from its growing smart contracts feature, with a focus on security and decentralization backed by official methods and peer-reviewed research.
As reported by Finbold, experts pointed out that the strong network activity token could be traded at $8 by 2025. Therefore, 2023 could be crucial to help lay the foundation for the asset to reach these levels.
However, the future of ADA will depend on the overall market momentum, with a focus on how the prevailing macroeconomic factors play out. At the same time, with most jurisdictions focused on regulation, any law targeting the crypto industry is likely to impact the value of ADA in 2023 and beyond.
Meanwhile, PricePredictions machine learning algorithm prediction shows that Cardano will most likely enter 2023 in a consolidation phase. Specifically, the forecast shows that ADA could trade at $0.24 on January 1, 2023.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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