As we approach the end of the year, the numbers on Cardano’s price aren’t looking particularly good. The value of ADA/USD has declined by nearly 83 percent over the past 12 months. This means that the price has by far the highest losses among all the top 10 currencies by market capitalization, as data from coincodex.com shows. Ethereum course showed the second worst trend this year. However, with a minus of about 70 percent, the decrease is much smaller than that of Cardano.
The price of ADA dropped from 3 dollars to 25 cents
Many investors likely sold their ADA tokens during this year’s slide. The panic surrounding the events at Terra (LUNA) and crypto exchange FTX has pulled many investors out of the crypto market. In doing so, many of them will have sold ADA at a loss. Compared to the all-time high price of around 3 dollars in 2021, an ADA token currently costs only 25 cents.
However, this extremely low price compared to the all-time high could present a special opportunity to buy ADA for 2023. Due to the all-time high on September 2, 2021, there is now a whopping 92 percent “discount” for investors if they decide to buy ADA on a crypto exchange.
Now a unique opportunity to buy ADA?
But is Cardano really a float buying option to generate big returns next year? Or is it better to stay away from Cardano, because the descent will continue in 2023? Kryptoszene.de looks at the latest Cardano news that may be important for the trend and uses the ADA/USD chart to analyze where the price might move. We also look at the current price prediction of Cardano in the year 2023.
The latest remarks from Cardano founder Charles Hoskinson, who gave his followers insights into his roadmap for NFTs on Twitter, were very interesting. It has been noticed for some time that the network is trying to establish itself as an important platform for non-fungal tokens and therefore it is making a strong competition to the Ethereum blockchain, which until now was considered number one in the crypto industry in terms of mass. acceptance in this sector.
Cardano’s founder sees great potential in NFTs
Hoskinson wrote on Twitter that he was impressed with how quickly the NFT sector developed in 2021 and grew from nothing to a multi-billion dollar business. From his point of view, however, the potential is far from exhausted, but one is only at the beginning of development from which the Cardano ecosystem could benefit enormously.
So Hoskinson assumes that NFTs will be relevant in the future for anything related to collecting something and having value. As examples he gave rights to land, minerals, water and raw materials in general. Property rights could be stored and assigned in the form of NFTs. However, certain proofs of achievement such as certificates, diplomas and certificates can also be stored in non-mixed token format. Of course, the GameFi area also plays a very important role for NFTs. NFTs can symbolize progress in a game, certain characters you collect and rewards you receive in the game.
Not a single mention of Cardano. Pretty low and sad. I honestly expected better pic.twitter.com/0VHSdm5A2H
— Charles Hoskinson (@IOHK_Charles) December 21, 2022
Use NFTs to make money
In the next step, these NFTs could be monetized to the owners. For example, property rights and patents could be stored in the unmixed tokens. The owners then license these rights for money, for example. Patents could also be securitized and loans given to the owners in which they can make important investments.
Hoskinson sees great opportunity for the Cardano network in the business areas mentioned. That’s why he wants to focus more on topics like the Metaverse, GameFi and non-fugible tokens. As a next step, he wants to take care of governance, interoperability and that kind of stuff and find ways to monetize NFTs better in the future. According to Hoskinson, brand signaling by influencers in social networks could play a major role in the future.
Buy ADA on crypto exchanges
If the Cardano network becomes a pioneer in the NFT sector, this could also contribute to the course of the ADA token in 2023. On the other hand, Hoskinson does not attach much importance to the fact that ADA is listed on other crypto exchanges. In retrospect, it was quite a relief that Cardano was still not listed by the failed crypto exchange FTX. This means that investors in ADA would not be affected by the crash in which many investors on FTX lost their assets.
With that in mind, he doesn’t mind that the Gemeni crypto exchange has yet to offer ADA trading to its customers, even though it already has more than 100 coins listed, most of which have a much smaller market cap. more of them than the Cardano token. . Payment problems around Gemini have also been reported recently and some fear that the next FTX may be imminent. Apparently, the Genesis company has about 900 million dollars in user assets due to liquidity problems with its earnings program.
ADA Price Forecast: The price could rise to $0.65 in 2023
However, anyone looking to buy ADA currently has the opportunity to do so on many other crypto exchanges such as eToro. But is now the right time for this? Technical chart analysis shows that the price has recently broken bearishly from a falling wedge. This chart pattern is really bullish and there is a higher probability of a breakout to the upside. So far, however, there has been no retesting of the lower support line as a new resistance zone. So there’s still a chance it’s a fake out.
By January 15th at the latest, ADA/USD can go back into the formation and then break out to the upside. This could take the price of Cardano to a technical price target above $0.5 in 2023. Therefore, buying ADA would bring a 100 percent return.
The 2023 Digital Coin Price forecast for Cardano is even more bullish. Because the analysts even expect the price to rise to $0.65. If this estimate comes true, Cardano buyers could even make profits of more than 150 percent next year.
Dash 2 Trade Token still in presale
Investors still have a few days to buy D2T tokens in the presale at a preferential price. However, 84 percent of the offer is already sold out and the pre-sale ends in 9 days.
D2T is the native token of the new crypto platform Dash 2 Trade. It provides users with key chart indicators, trading signals and crypto news to make the right investment decisions.