Cardano’s course could continue to rise or lose a lot due to a crypto crash.
January 2023 was one of the most successful months for the Cardano (ADA) price since the start of the bear market. The course has gone from a very low $0.24 to over $0.37 in recent weeks. Will the price increase continue in the coming weeks? What is the Cardano forecast for February?
Cardano (ADA) price has seen a stronger rise in recent weeks, rehabilitating itself after heavy losses in late 2022. Cardano price has risen from $0.24 to over $0.38 in the last 3 to 4 weeks. This increase was more than 50 percent.
The percentage increase was even higher than the one in Bitcoin and Ethereum. The ADA token has been one of the most successful cryptocurrencies of 2023 so far. Cardano came from a very low point. In the fourth quarter of 2022, the ADA token still experienced very significant losses.
Why Could the Cardano Price Go up So Much?
The market woke up again in early 2023. The price of Bitcoin was able to rally above $17,000 in the early days of 2023. With a break of this resistance, Bitcoin was able to rally massively, causing the market to explode. Of course, this also caused massive increases for the ADA token.
Nevertheless, the Cardano course was able to rise considerably in the early days. The cryptocurrency reacted particularly strongly to the bull market, as in the previous weeks, the ADA token had to accept painful losses. 2023 has been a rally so far, which explains the stronger increases at the beginning of the year.
What is the Cardano Forecast for February 2023?
In recent weeks, the Cardano price has finally been able to reflect how the network has evolved, because especially in the bear market, there are always very good developments in the background. The Vasil upgrade took place on Cardano, and this is the first step of the Basho development phase, which aims to increase scalability on Cardano.
With Vasil alone, the Cardano network has gained scalability. Moreover, in recent months it became known that Cardano is now the number 3 Blockchain for NFTs. These developments are ultimately reflected in the price, and could also cause the price to rise in February.
However, as always, the market development in general has the last word. If the market remains bullish, and the Bitcoin price rises above the $23,000 resistance, the Cardano price could continue to rise. However, if a Bitcoin crash is imminent, Cardano or the ADA token should lose more again.
Where is Cardano Price in the February Forecast?
Cardano’s course could continue to rise or lose a lot due to a crypto crash.
In the first scenario, a continuation of the Bitcoin price rise can be seen, as well as no events that cause the market to fall. In this case one Cardano forecast of $0.45 to $0.55 by the end of February could be assumed.
In the second scenario, another cryptographic crash occurs. Therefore, an insolvency of Digital Currency Group could lead to such an event. If this happens, there could be a sharp drop of the Cardano rate, from $0.22 to $0.30, until the end of the month.
By Audy Castaneda
