With 2023 soon approaching, investors are looking for indicators that would hint at the future price movements of the Cardano (ADA) token in a crypto market that is still recuperating from a rough year. However, Cardano witnessed a great deal of success in terms of the increasing number of new crypto wallets, as it grew by 22,000 since early January.
Promising Technical Indicators
Even though, bears have majorly remained in command and may continue to suppress ADA prices for some time, the cryptocurrency is showing signs of great strength in the longer time horizon. Technical indicator, such as the indeks relativne čvrstoće (RSI), is now located at 82.82, which depicts an overbought zone. This is a possible sign of a trend reversal for the ADA token & may bring the long-running bear trend to an end.
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Osim toga, MACD indikator also seems to favor the price of ADA, as lately it’s been on an upward trend, signaling an upcoming bullish trend.
Mass Whale Accumulation
Touted as the “Ethereum-killer”, Cardano has observed an increase in the proportion of the altcoin’s supply held by investors with large Novčanici. According to the information provided by the behavior analysis platform Santiment, the number of key Cardano sharks hoarding ADA tokens has been on an upward trajectory since June of 2022.
🦈 Ključ # Cardano ajkule se stalno gomilaju od juna. I podigli su ovaj nivo dip kupovine na novi nivo od godine #FTX padavine početkom novembra. Adrese koje imaju 10k do 100k $ ADA su dodali kovanice u vrijednosti od 83 miliona dolara od 7. novembra. https://t.co/ispmPHym3G pic.twitter.com/zPRbi6ZON1
- Santiment (@santimentfeed) Decembar 22, 2022
S obzirom da je kolaps FTX razmjene in early November, prices of cryptocurrencies have been largely affected by the growing negative market sentiment. But, large wallet addresses have taken dip buying to a whole new level. According to the data, since November 7th, 2022, $83 million worth of ADA has been transferred to wallet accounts holding between 10,000 and 100,000 ADA tokens.
Cardanov rastući ekosistem
The Cardano ecosystem has lately been making headlines with new developments and product launches. Quite recently the Cardano team restarted the testing of its native DJED stablecoin with enhanced features. The project also showed explosive growth in the number of Plutus Scripts, which is a Cardano-based pametan ugovor platformi.
Čitaj više: Cardano’s Founding Entity Launches New Social Networking App
Moreover, Cardano’s co-founder and CTO Charles Hoskinson has previously outlined the company’s intentions for Midnight, a privacy-centric blockchain that will include a confidentiality architecture to address the issue of smart contract privacy.
Nft is another such sector where the Ethereum rival Cardano has made notable advancements. The price of “Cardano Apes” NFTs has lately skyrocketed due to an unprecedented increase in demand. According to the most recent information, “Cardano Ape Francisque” sold for a staggering $250,000, thus pitching them in direct competition with the highly successful Bored Ape NFTs.
There are cardano apes selling for almost the same price as bored apes.
Honestly impressed by the growth of this ecosystem. People still fading. pic.twitter.com/qCtACJabAp
— wab.eth ❁ (@wabdoteth) Decembar 23, 2022
Cardano (ADA) Price Rally In 2023?
According to market experts and crypto analysts, the strong fundamentals and technical metrics exerted by Cardano, depict a brighter picture for the altcoin in the coming year of 2023. Additionally, the recent push for metaverse projects on the network has further rekindled the hopes of the Cardano community to see the project back at its all-time-high $3, back in September 2021.
With a massive $105 million in trading volume over the past 24 hours, Cardano (ADA) ranks as the 9th largest cryptocurrency by a tržišna kapitalizacija of $8.91 billion. According to crypto market tracker CoinMarketCap, ADA currently trades at $0.26 and is up by 0.06% in the past 24 hours, at the time of writing.
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Takođe pročitajte: Hoće li Rippleova cijena XRP-a porasti na 1 dolar na velikom reliju 2023.?
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Source: https://coingape.com/cardano-ada-price-blast-past-3-in-the-upcoming-2023-bull-run/