Predictions about the price of Cardano: Today’s ADA price, February 2, 2023
Cardano’s price is stable against the US dollar and is currently at $0.374. The value of ADA, the coin that drives the Cardano ecosystem, has gone up by 7% in the last 14 days and by 52% in the last 30 days.
Even though this was a good report, the price of Djed, the first stablecoin to be released on the Cardano blockchain, did not go up. But its effects can’t be ignored right away, and as investors come to accept Djed, it could lead to a rally in the long run.
Cardano is a cryptocurrency ecosystem worth $12.9 billion that is currently ranked seventh and has a trading volume of more than $400 billion. Even though the price of ADA has been pretty stable over the past day, it seems like its good outlook hasn’t changed.
Related: Prediction for the Cardano price on January 27, 2023: Today’s ADA Price
Because of this, bulls only need to go up over $0.40 to realise their full bullish potential and start making money. They should try to get it to $1 in the next few days or weeks and $3 by the end of 2023.
Cardano Price Today: DATE: ADA/USD
Today 01 0.3756727
Cardano Price Prediction
Cardano’s price has been meeting resistance at $0.40 for a few days, but it is now in a state of equilibrium at $0.374. The smart contract token has been going up for more than three weeks in January. This week is the only time it hasn’t been going up.
Since the prices of all but one of the top 10 cryptocurrencies on Tuesday (Dogecoin, which is up 7.4%) are in the red, ADA is not the only token that lacks the momentum to keep going up.
Investors all over the world can’t wait to see how the meeting of the US Federal Open Market Committee (FOMC), which starts today, turns out. Interest rates are expected to go up by 25 basis points, which is less than the 50 basis point increase that was expected before. Most people think that inflation is going down in the dollar nation, and this change would show that.
The US Consumer Price Index (CPI), which measures inflation on an annual basis, showed that it dropped from 7.1% in November to 6.5% in December. Even though the data isn’t all good news for the world economy, it does show that things are starting to go in the right direction, which is likely to lead to small rate increases in the future.
Related: Prediction of the Cardano price: ADA Price as of January 26, 2023
When the number of rate hikes slows down, investors should start putting more money into riskier investments like cryptocurrencies. So, before the Fed decides on interest rates later on Wednesday, there may be less demand for crypto assets like Cardano.