Cardano’s price forecast is still bullish, especially now that ADA has risen above $0.3365 and is moving towards a $0.4395 target.
Since the beginning of 2022, the value of Cardano has increased by more than 70%. Can we make an optimistic estimate of the value of Cardano with a price target of $10 in 2023? Let’s investigate!
Cardano price today
DATE | ADA | USD |
---|---|---|
Today | 01 | 0.4052695 |
ADA has broken out of a descending triangle pattern on the daily time frame that was preventing it from moving beyond $0.40, but this level is now serving as strong resistance. A sharp selloff and continuation of a downward trend are usually the results of a bearish triangle pattern breakout.
A bearish development of this level would likely take ADA’s price much lower, perhaps to $0.30. On the downside, ADA’s immediate support is still hovering around $0.35.
Leading indicators like MACD and RSI are moving towards the buy zone, but the 50-day moving average indicates a sell bias. Technical indicators do not support long-term bullish patterns, but fundamentals point to a future bullish trend.
While it is unlikely that Cardano will ever reach $10, a breakthrough and a candle close outside of $0.42 could lead to a continuation of the buying trend to $0.48.