ADA Price Prediction for 2023: Bullish Target Still at $0.6, Potential Recovery Before End of 2022
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According to a simple price action analysis, there is a 65% chance that Cardano ADA will cross above $0.33 by December 2022. However, the best comfortable support for buyers is at $0.3, with a mini resistance at around $0.4, which may lead to accumulation or range movement as prices stagnate. Buyers are preparing for a potential pump or recovery from the previous dump, with a target of at least the $0.4 resistance in December 2022 or January 2023. Despite this, the bullish target for Cardano ADA in 2023 remains at $0.6.
In the short term, Cardano’s price may experience some setbacks as it approaches the $0.3333 to $0.3444 range, which can act as a resistance level. However, buyers are expected to pull back and break through this resistance level, moving towards the next mini resistance at the $0.38 price range.
Despite this positive momentum, the crypto market is still vulnerable to a potential bear market in 2023. Therefore, the bears may return in mid-2023, and the market could experience a significant downturn. However, the recent recovery from Dec to Jan could be a sign of further growth, pushing the price of Cardano above $0.6 or even higher.
In the meantime, buyers are likely to maintain their momentum throughout December and move up towards the second week of January 2023. Depending on the current capital accumulated by buyers, we could see an even bigger move above the $1 mark, possibly reaching $1.2. However, for this to happen, Cardano’s price needs to break through the $0.3333 and $0.4 resistance levels before heading towards the $1.2 price range.
While there is potential for Cardano’s price to continue its upward momentum towards $1.2, it’s important to keep in mind that the bears could strike back harder in the coming months. In my opinion, this could happen by Feb-March 2023, causing the current recovery to be short-lived.
Currently, the Cardano market is experiencing sideways consolidations, which may suggest that the news and sentiment towards Cardano is still negative. Despite this, there is hope for some upward price movement amidst the chaos of the bear market.
In conclusion, Cardano’s price is expected to remain bullish for the next 8 weeks, possibly through the holidays. However, if you are planning to invest in Cardano, keep in mind that this bull run could end either before or after the 1st quarter of 2023. It’s important to be cautious and consider the potential risks before investing in any crypto.
For those who are already holding ADA Cardano, exercising patience may be the key to unlocking the next big bull run. According to my analysis, it’s likely to happen in late 2024 through 2025. Therefore, it’s essential to have a long-term investment strategy and not be swayed by short-term market fluctuations. Ultimately, Cardano’s success will depend on its ability to deliver on its promises and meet the demands of its growing user base.