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Cardano Price Forecast – Can ADA Reach $10?

Arslan Butt
Last updated: | 3 min read

Cardano price forecast remains bullish, especially after ADA has rebounded above the $0.3365 level, and now it’s heading north towards the $0.4395 target. 

Cardano price has jumped by more than 70% since the beginning of the year 2022. Can we expect the Cardano price forecast to be bullish and reach $10 in 2023?  Let’s find out! 

Cardano Price & Tokenomics 

Cardano’s current price is $0.40, with a 24-hour trading volume of $957 million. In the last 24 hours, Cardano has dropped over 2%. However, it’s still up more than 12% in the last seven days. CoinMarketCap now ranks #8 with a live market cap of $13 billion. 

Cardano Price & Tokenomics – Source: coinmarketcap

It has a total quantity of 45,000,000,000 ADA coins and a circulating circulation of 34,314,331,832 ADA coins.

Frederik Gregaard met German Economist, Dr. Stefan Berger

A Member of the European Parliament (MEP), Stefan Berger, tweeted about meeting with Cardano Foundation CEO Frederik Gregaard. He disclosed that MiCA, Europe’s crypto regulatory package, was a topic of discussion. He continued his effusive praise of Cardano by calling it “a rocket in the crypto realm.” 

Following the meeting, Frederik Gregaard tweeted that the German politician was an enthusiastic and engaged policymaker who had asked thoughtful questions about Cardano and was committed to fostering the expansion of blockchain applications across the European Union. 

Dr. Stefan Berger, a member of the Christian Democratic Union (CDU) of Germany, has been a member of the European Parliament since 2019. A former member of the State Parliament of North Rhine-Westphalia, where he served for a time. 

The European Parliament’s Committee on Economic and Monetary Affairs approved a draft of the Markets in Crypto Assets (MiCA) crypto regulatory package in April. 

The framework covers a wide range of topics relevant to the cryptocurrency sector, such as the standardization of crypto exchanges and the standing of the most prominent cryptocurrencies and stablecoins. 

With a tweet on October 10th, Stefan Berger announced that the MiCA legislation had been approved by the committee.

Cardano Price Forecast – Can ADA Reach $10?

This week, the ADA/USD pair is trading sharply bullish, breaking its weekly bearish streak and forming bullish engulfing candles. Last month, ADA fell more than 14% to $0.37; however, this level acted as a major support and triggered an uptrend. 

On the daily timeframe, ADA has broken out of a descending triangle pattern that had been holding it back near $0.40, but this level is now acting as significant resistance. A bearish triangle pattern breakout usually results in sharp selling and the continuation of a downward trend.

Cardano Rebounds to Retest Descending Triangle-Source: Tradingview

On the downside, ADA’s immediate support remains near $0.35, and a bearish breakout of this level could drive the price of ADA even lower, possibly to $0.30. 

Leading indicators such as MACD and RSI are entering buying zone, however, the 50-day moving average point to a selling bias. Long-term bullish trends are not supported by technical indicators; however, the fundamental side indicates a future bullish trend. 

Cardano is unlikely to reach $10 anytime soon, but a breakout and close of candles outside $0.42 may drive a further buying trend until $0.48.

New Crypto Presales

Traders hoping for a quick profit may be disappointed, as Cardano price predictions suggest a slow bullish recovery in the year 2022. Dash 2 Trade’s presale has already raised over $2.5 million in a little over a week, making it one of the largest token sales of the year.

The goal of Dash 2 Trade, a platform built on Ethereum, is to give users access to a wide range of real-time analytics and social trading signals. The amount of money that has been raised so far is a huge show of support for the system.

The company plans to list its D2T token on multiple exchanges after its presale ends and before the launch of its platform in the first quarter of 2023. D2T has solid foundations to propel it toward even greater success if other presales held this year are any indication.

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