It is also being sought whether the ADA token can rise again with more force in the coming weeks.
Cardano (ADA) experienced the very disappointing year in 2022 in terms of price development. The ADA price lost 80% of its value. This ensures that positive technical developments in the network have receded somewhat into the background.
In recent days, however, the ADA course has risen slightly again. So what is Cardano’s forecast for Q1 2023?
At the end of the year, the price of ADA fell again and again. First up was the FTX crash, which pushed the ADA price below $0.35. As a result, there were more losses in the last weeks of 2022. With the turn of the year, the price fell to a value of $0.24.
In the new year, on the other hand, the ADA price rose slightly again, from $0.24 to almost $0.28 in the last 1.5 weeks. The price is still below value immediately after the FTX crash. However, after a few weeks, there has been an increase in the ADA price for several days.
The massive losses of the ADA token in the last few weeks and months have significantly worsened Cardano’s forecast for the end of 2022. The losses can be mainly explained by the bear market that started at the end of 2021, which caused heavy losses for most cryptocurrencies.
What is the Cardano Forecast for Q1 2023?
In the last few days, the ADA token has risen slightly in price again. This increase could continue in the coming weeks. With the heavy losses at the end of 2022, a value very close to the bottom of Cardano could have been reached in the current crypto cycle.
Therefore, the price increase in the last few days is a sign that the ADA price may have already bottomed out. So, there could be a further increase in the price of ADA in the coming weeks.
How High Can ADA Price Go in this Cardano Forecast?
A positive Cardano forecast could already manifest in the first quarter of 2023. If Bitcoin price breaks the $17,000 resistance in the coming weeks and climbs back above the $20,000 mark, it could soon trigger a strong altcoin rally.
After the first gains in the last few days, it becomes clear that the potential medium-term price of Cardano (ADA) could be high. In February, the prices may jump up to $0.40 again. If the bull market continues like this in February and March, ADA levels could be pushed back as low as $0.50 by the end of the quarter.
Therefore, the Cardano (ADA) forecast for the first quarter of 2023 is $0.38 to $0.52.
Is it Worth Investing in ADA Token Now?
The ADA token has reached a price that is likely vastly undervalued for the maturity of the Cardano network. This is also due to the fact that many interest rate hikes by the Fed in the US weakened cryptocurrencies in 2022. Therefore, an increase in the coming weeks and months seems plausible. Now, it seems like a great time to invest.
By Audy Castaneda
