Cardano (ADA) price: is a 10x rise in 2023 possible?

Like the majority of cryptocurrencies on the market, the price of ADA, the native cryptocurrency of Cardano, continues to progress sideways. However, analysts believe that the asset will be among those that will register strong gains once the market swings higher.

Can ADA be multiplied by 10 by next year?

Evolution of the price of ADA

Currently, the ADA token is trading at $0.3479, after rising in the range of 3.04% in the last 24 hours, while the overall crypto market saw a rise of 0.91% on the same period.
Cardano ADA price is a 10x rise in 2023 possible

ADA is trading slightly above all of its major moving average (MA) indicators, including its 10-day moving average of $0.3363 and its 200-day moving average of $0.3395. The risk that ADA enters a lasting bearish phase cannot however be ruled out.

Likewise, ADA’s moving average convergence divergence (MACD) has slipped into the negative zone. However, its relative strength index of 44.27 indicates that the asset is approaching the underbought region.

Vasil hard fork success bolsters hopes of long-term gains

Although ADA is currently experiencing a downturn, the asset remains profitable. The fundamentals of the Cardano blockchain remain solid, especially after the launch of its hard fork Vasil last month.

Vasil was touted as a major upgrade for improving blockchain performance in terms of speed and scalability. This update is expected to improve the functionality of the blockchain, making it ideal for developers.

And as the adoption of Cardano continues to grow, the price of ADA is also expected to increase accordingly.

Network activity progress

The Cardano blockchain has seen a surge in the number of its users recently. Network transactions on the blockchain reached 97,959 on October 19: this is the highest level since the beginning of the month, which represents a jump of 75% on a monthly basis.

The data also showed a spike in non-fungible token (NFT) sector activity on the blockchain. Volumes reached 3 million ADA on October 17, making Cardano the third-largest blockchain in the market by NFT activity.

Thinking of investing in ADA? Also consider D2T

As investors adjust their portfolios, it may be worth investing in D2T tokens.

D2T powers Dash 2 Trade, a set of research and analysis tools that is set to become Bloomberg’s cryptocurrency terminal. Dash 2 Trade offers high-quality market information, enabling investors to make better decisions. The platform also offers several benefits, including on-chain analytics, a trading application program interface (API), and notifications when new assets are listed on exchanges.

D2T will provide access to the Starter and Premium pricing tiers of the platform, which will allow users to access some of Dash 2 Trade’s more advanced features. The token is currently available for presale, for a price of 0.0476 USDT.

Participate in the D2T pre-sale now

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Cardano (ADA) price: is a 10x rise in 2023 possible?

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