Cardano price prediction 2023: ADA/USD best time to buy after 92 percent crash?

Cardano Vision

2022 has been an extremely tough year for all investors in the crypto market. Some altcoins were hit particularly hard. This undoubtedly includes ADA, the native token of the Cardano network. Figures from show that the price is now down over 92 percent from its all-time high of more than $3 during the 2021 bull market.

This means that the correction for ADA/USD is even more significant than the Bitcoin rate and the Ethereum rate, which are currently “only” about 75 percent below their all-time highs. Only SOL buyers recorded even bigger losses among the top 20 cryptocurrencies by market capitalization, as reports.

Would you rather buy Cardano for 25 cents than $3?

However, with the big price drop of Cardano in 2022, there could also be a big opportunity for the new year. Currently an ADA token only costs about 25 cents. Investing at this price is more attractive than buying ADA for more than $3, as was done in 2021. Even investor Warren Buffett preaches that you should be afraid when others are greedy, but be greedy when others are afraid. Perhaps such a moment had come.

On the other hand, as with any investment, there is always the risk that prices will fall even lower. And the crypto market is definitely not in the best shape to expect a bullish rally in the short term due to the huge loss of confidence after the FTX crash. So investors considering buying ADA need to be aware that the bottom may not yet be reached.

Digital Coin Price

Minimize the risk when buying ADA

Here it is advisable not to put everything on one card for investment, but to diversify the portfolio with different investments in order to be able to mitigate “bad” purchases with “good” purchases. In addition, experienced investors advise to invest a certain amount regularly rather than all at once. This gives you an average price of higher and lower courses over time. Because it is hardly possible, even for experienced traders, to precisely determine the floor for the ADA course.

On the basis of current news, technical chart analysis and price forecasts by analysts, it is possible to at least get indications of where the price of Cardano can develop in the short and medium term.

Cardano bets with the iPhone

There is good news right now for ADA buyers who want to manage their investment through the Trust Wallet. This app is a decentralized software wallet from the crypto exchange Binance. Central crypto exchanges have gotten a bad reputation recently, especially in connection with the FTX crash, many investors have withdrawn their funds there and are looking for alternative storage options for their coins. In addition to hardware wallets, which promise greater security but involve purchase costs, decentralized and free software wallets such as Trust Wallet are becoming more popular.

It is now possible not only to buy Cardano on Apple’s iOS devices through the Trust Wallet, but also to operate the Cardano stack. This service is available to Android users from the beginning of December 2022. Even if it is only a small step, the use of Cardano is further promoted, as millions of investors now use the Trust Wallet, as is evident from the download numbers from the Apple and Android stores.

High network activity at Cardano despite bear market

Current data evaluations also show that the use of the Cardano network remains at a high level despite the current bear market and even significantly exceeds figures from the bull market of 2021. For example, the use of smart contracts on the Cardano network increased by 340 percent in 2022 , as reported by CryptoGlobe. Investors were also encouraged by the fact that Cardano’s daily active users have increased by 15.6 percent to 75,800 over the past month. This is the highest level since May 2022. The monthly transactions in the Cardano network are also increasing. They recently increased by 5.34 percent to 2.32 million. This is the highest level since April 2022.

Under these signs, some analysts are bullish that the price of ADA may be too low for now. This also comes with a research report by Messari on Cardano. This shows that the development of the price of the cryptocurrency in relation to the amount of blocking in the network has recently fallen on competitors such as Ethereum and Binance.

Cardano price is at a two-year low

But is it possible to expect a reversal of the trend in the price of Cardano in the short term? On the daily chart, ADA/USD broke a wedge support line falling to the downside on December 16. This means that the course is bearishly corrected against the probability of this actual bullish pattern. A new yearly low for ADA/USD was reached on December 30, 2022 at less than $0.24. Investors last saw such levels for the altcoin in early 2021 before the major altcoin rally began. Cardano is currently at a two-year low.

However, there is still no real strong selling in the mentioned chart pattern, despite the loss of support. This raises hopes that this is just a fake out and that ADA/USD can still return to the formation. In theory, there is still time until January 15, 2023, when the chart pattern reaches its endpoint.

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Chart pattern shows 100 percent possible results

If the price manages to turn the new resistance into support and break through the resistance line which is currently falling at $0.27, this could be a bullish sign for a trend reversal in the next 2 weeks. The technical price target of a confirmed breakout from the ADA/USD falling wedge can occur to more than $0.5 depending on the timing of the breakout. That would be equivalent to a 100 percent increase on the current price, so buying Cardano now can be a nice return.

According to the price forecast by Digital Coin Price, the price of Cardano should only rise to $0.32 in 2023. That would still be an almost 30 percent return on investment right now. An upward trend is also assumed for the following years.

Trade Dash 2: Presale ends in 4 days

For a short time, investors still have the opportunity to invest in the new crypto project Dash 2 Trade before the presale purchase of D2T, the native token, ends in 4 days. More than 90 percent of the stocks have already been sold out. Dash 2 Trade is a new financial platform that provides investors with chart indicators and important trading signals for their investment decisions.

Cardano Prediction: How Will ADA Coin Launch in 2023?

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