Crypto

Can Cardano reach $5 in 2023? The crypto market is booming!

Cryptocurrency prices seem to have taken a strong upward trend in 2023. So far this year has been good with prices rising an average of 15% in the first two weeks of 2023. With a gain of around 45% over the same period, Cardano in particular was able to outpace the cryptocurrency market. How far exactly can Cardano go? Can Cardano reach $5 in 2023? Let’s analyze carefully in this Cardano price prediction article.

What is Cardano ADA?

gimbal is a decentralized public blockchain and cryptocurrency project. It offers a secure, fast and scalable platform to build and use decentralized applications and smart contracts (dApps). Cardano achieves distributed consensus and transaction validation through the use of the Ouroboros proof-of-stake consensus mechanism. Charles Hoskinson, co-founder of Ethereum, invented and maintained Cardano, which is developed and supported by the Cardano Foundation, Input Output Hong Kong (IOHK), and Emurgo. ADA is the name of the native currency of the Cardano network.

Gimbal ADA

When did Cardano start?

Charles Hoskinson developed Cardano in 2015. However, the platform went public later in 2017.

At what price did Cardano start?

Cardano prices were offered to the public at around $0.0024. Given current ADA prices today, this means that prices have managed to do more than 1000x in the last 6 years.

Why is Cardano standing today?

As the broader market returns to the upside, Cardano has managed to outperform most cryptocurrencies. The average yield in the the last 2 weeks was about 15%, while ADA prices increased by more than 45%. If we look at Figure 1 below, we can see how ADA prices bottomed out at 23 cents at the end of 2022. However, 2023 looks like a promising start for ADA as prices have come back at the current price of 34 cents. cents.

Fig. 1 ADA/USD 1-day chart showing Cardano price reversal – GoCharting

For most crypto analysts, this specific Cardano price is significantly undervalued. In fact, Cardano is an excellent crypto project with a promising blockchain. Cardano in 2023 should definitely be on every crypto investor’s watch list.

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Cardano Price Prediction: Can Cardano Hit $5 in 2023?

It is true that Cardano is currently on a strong uptrend. However, the $5 price tag might seem a bit far off. Cardano hitting a price of $5 means ADA needs to make around 1,370 returns in 11 months, which is a bit far. This is especially true as most crypto analysts were expecting some price consolidation through the third quarter of 2023.

Cardano, however, should be able to reach the $1 price easily in case prices continue their upward trend, and may even aim for the $1 price. This should happen during the third quarter of 2023.

ADA/USD 1-day chart showing potential Cardano price action
Fig.2 ADA/USD 1-day chart showing potential Cardano price action – GoCharting

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