Cardano (ADA) Price Prediction 2023

Cardano price has suffered a sharp decline in the last month, declining by nearly 19%. The downtrend is exacerbated by a breakout below the psychological $1 mark

Cardano (ADA) price has suffered a sharp decline in the last month, losing nearly 19% of its value. The downtrend is exacerbated by a breakout below the psychological $1 mark, adding more selling pressure to the asset. However, ADA price has shown a remarkable rejection of any price action below the $0.850 level in the last ten days, signaling its establishment as a near-term support level.

ADA price risk-reward assessment

ADA price is trading at $0.871 at press time, adding 1% to its daily chart. The coin’s key fundamentals, despite its recent losses, signal a potential reversal in the coming weeks. According to IntoTheBlock, 71% of investors have held the coin for more than a year.

Interestingly, ADA price traded below the $1 mark for two-and-a-half years before breaking above that level on November 22. As a result, 60% of ADA coin holders are still “In the Money” despite recent losses. This suggests that a bearish sentiment has not yet set in. Nevertheless, profit-taking could extend the current consolidation, but a near-term reversal is on the cards if ADA price manages to stay above the $0.80 level.

Whales currently hold 29% of the coin’s circulating supply, making their activity pivotal to Cardano price’s potential recovery. However, recent trends show a decline in whale interest in the coin, with transactions valued at $100k or more dropping from 744 to 443 in the last seven days. A continuation of this trend could add selling pressure to the coin.

Cardano Price Prediction

Pivot: Cardano price pivots at $0.882. The upside will prevail if the price action manages to stay above that level. Conversely, moving below that mark could shift the momentum to the downside.

Resistance: The first resistance is likely to be encountered at $0.910. Clearing above that level could pave the way for a test of $0.945.

Support: The first support is likely to be present at $0.850. Action below that level will invalidate the upside narrative. Extended bearish control could send the price down further to test $0.820.