Cardano Price Prediction: Today’s ADA Price, 7th March 2023

Cardano’s layer-1 blockchain architecture, which enables smart contracts, is powered by the ADA token, which is currently experiencing selling pressure in line with other cryptocurrency markets. The price of ADA/USD has been negatively impacted by the strengthening of the US dollar and rates following a higher-than-expected US inflation report, trading in the $0.37 range and down approximately 1.5% on the day.

Cardano Price Prediction

The January PCE Price Index report, released earlier on Friday, showed an increase in the MoM core inflation rate to 0.6% from 0.4% in December, which was also revised higher from the initial estimate of 0.3%. This recent data has raised concerns that the Fed may need to increase interest rates for a longer period, triggering a risk-off response in both traditional and crypto asset classes.

Today’s Cardano Price

Today 01 0.3343418

ADA is currently testing an uptrend that began at the end of 2022, but with the recent dip, it has fallen below its 200-Day Moving Average at $0.3815 and is over 10% below its former monthly highs in the $0.42s. The outcome of today’s close will be crucial as Cardano is at a technical fork.

Today’s ADA Price

If ADA declines to a recent double bottom in the $0.35 region, it is likely to break below its trend line and 50DMA just under $0.37. However, if the crypto bulls regain the initiative and manage to drive ADA to close Friday’s session back above the 200DMA, a retest of recent highs in the $0.42 region becomes more likely.

Cardano Price Prediction

Cardano’s ecosystem is expected to expand in 2023 thanks to its devoted developer and fan base launching new helpful blockchain protocols, such as the overcollateralized algorithmic stablecoin Djed. Assuming crypto markets continue to slowly recover from last year’s oversold levels, ADA could potentially continue to rise.

cardano price prediction 2023

However, the outlook for a significant easing of financial conditions is not favorable due to US inflation remaining high and the economy performing well. Therefore, it is likely that the Fed will increase rates three more times in 2023, with no rate cuts until the year’s end. To truly restore crypto enthusiasm, a few rate cuts will likely be necessary.

Therefore, it is unlikely that ADA will reach $3 this year (a 10x increase from current prices). However, as more people begin using cryptocurrencies in the coming years, Cardano has a strong chance of maintaining its position as the market’s leading blockchain, and a rise to $3.0 is highly probable at some point. Nonetheless, bulls need to remain patient.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button