In this Cardano (ADA) price prediction 2023, 2024-2030, we will analyze the price patterns of ADA by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency
Cardano (ADA) Current Market Status
What is Cardano (ADA)
Cardano (ADA) is the native token of the Cardano blockchain. This sustainable blockchain uses the Proof-of-Stake (PoS) consensus mechanism, Ouroborus. This “third-generation blockchain” initially existed as a layer-1 solution. Eventually, the layer-2 update, Hydra, was integrated into the existing network in late 2021.
Cardano has been built as an upgraded version of Ethereum’s smart contract network. Moreover, it aims to scale the permissionless nature of the DeFi space and aid the mission of banking the unbanked.
Cardano 24H Technicals
(Source: TradingView)
Cardano (ADA) Price Prediction 2023
Cardano (ADA) ranks 7th on CoinMarketCap in terms of its market capitalization. The overview of the Cardano price prediction for 2023 is explained below with a daily time frame.
ADA/USDT Horizontal Channel Pattern (Source: TradingView)
In the above chart, Cardano (ADA) laid out a Horizontal Channel Pattern, Horizontal channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it.
A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
At the time of analysis, the price of Cardano (ADA) was recorded at $0.2562. If the pattern trend continues, then the price of ADA might reach the resistance levels of $0.3193, $0.4340, and $0.8074 If the trend reverses, then the price of ADA may fall to the support of $0.2322.
Cardano (ADA) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Cardano (ADA) in 2023.
ADA/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Cardano (ADA) for 2023.
ADA Resistance & Support Levels
Cardano (ADA) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (ADA) are shown in the chart below.
ADA/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Cardano (ADA) market in 2023.
Cardano (ADA) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Cardano (ADA) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
ADA/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Cardano (ADA).
Comparison of ADA with BTC, ETH
Let us now compare the price movements of Cardano (ADA) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs ADA Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of ADA is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of ADA also increases or decreases respectively.
Cardano (ADA) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Cardano (ADA) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If Cardano (ADA) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Cardano (ADA) price prediction for 2023 is $0.4141. Comparatively, if unfavorable sentiment is triggered, the bearish Cardano (ADA) price prediction for 2023 is $0.1841.
If the market momentum and investors’ sentiment positively elevate, then Cardano (ADA) might hit $1. Furthermore, with future upgrades and advancements in the Cardano ecosystem, ADA might surpass its current all-time high (ATH) of $3.10. and mark its new ATH.
This content was originally published by our partners at The News Crypto.