Cardano Price Forecast for 2023 – Can ADA Pump to $15 in Next Bull Market?
Cardano has endured another down day with ADA again falling and currently sitting 2.5% down in 24hrs at the time of writing.
There was a silver lining to the bad news, however, with the $0.35 support line continually tested and - so far - unbroken.
Cardano is now down 8.5% in the last seven days and 21% in 30 days,
Cardano remains in control of the bears and it looks as if there will be more short-term pain for ADA.
The Relative Strength Index (RSI) is just 25 on the 1-day chart, putting it in the weak category, and hints at even more downward movement to come - though soon it will move into oversold and undervalued territory.
The most bearish analysts have the chart breaking through support at $0.35 and even $0.25, with some believing there could be a local bottom of $0.15 before the end of the year.
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Cardano's mid and long-term prospects remain extremely bullish, despite any short-term pain investors and traders will feel.
The protocol has as much potential as any in the whole space given its scalability, energy-efficiency, and speed.
As CryptoNews reported earlier this week, there are a number of favorable metrics that show Cardano could well break out in the next bull run - which is expected to come at some point in 2023 as the Bitcoin halving approaches and Ripple's court case against the SEC is settled.
Despite the downturn in price throughout 2022, Cardano has continued to build and evolve with a number of upgrades - including the Vasil hard fork in September - going live.
While they did not lead to a short-term turnaround in price, they have made the blockchain better and more friendly to decentralized app
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