• Cardano (ADA) is a native token of the Cardano blockchain, using the Proof-of-Stake (PoS) consensus mechanism Ouroborus.
• The current market status of ADA is $0.390503 and 24-hour trading volume is $357,206,441.
• According to the predictions, ADA price prediction for 2023 ranges from $0.2521 to $0.5689 with a very high possibility of reaching $2 soon.
What is Cardano (ADA)?
Cardano (ADA) is the native token of the Cardano blockchain. This sustainable blockchain uses the Proof-of-Stake (PoS) consensus mechanism, Ouroborus. This „third-generation blockchain“ initially existed as a layer-1 solution and was eventually updated with Hydra in late 2021 in order to scale its permissionless nature and aid in banking the unbanked.
Cardano (ADA) Current Market Status
The current price of ADA stands at $0.390503 with a 24 hour trading volume of $357,206,441 and 1.7% up since last 24 hours according to CoinGecko data. The all time high for ADA was recorded on September 02, 2021 which was at $3.09 USDT per CoinGecko data as well..
Cardano (ADA) Price Prediction 2023
According to statistics and pattern analysis there are both bullish and bearish predictions for ADA for 2023 ranging from 0$2521 – 0$5689 with high chances that it may reach 2USD by then due to its strong performance on market trends recently..
Cardano Support and Resistance Levels
From daily time frames we can interpret following support and resistance levels for ADA: Resistance Level 1: 0$4253; Resistance Level 2: 0$5689; Support Level 1: 0$3305; Support Level 2: 0$2521
In conclusion we can say that Cardano has shown positive performance on recent market trends which leads us to believe that it might reach 2USD by 2023 if its trend continues as predicted however one should always be cautious while investing in cryptocurrency markets due to their volatile nature