Cardano Price Forecast – Can ADA 10x in 2023?

The price of ADA, Cardano’s native cryptocurrency, has dropped significantly from yesterday. However, crypto analysts and enthusiasts believe the asset will see major gains once the market flips bullish. 

Can ADA pump 10x by next year? 

ADA Price Movement

Currently, the ADA token trades at $0.3355, a downtrend of 1.25% in the past 24 hours, in line with the broader market and its 1.7% plunge. 

ADA is now trading below all of its major moving average (MA) indicators. With its 10-day MA of $0.3363 and 200-day MA of $0.3395, ADA appears to be in for a sustained bearish streak. 

Similarly, ADA’s moving average convergence divergence (MACD) has slid into the negative zone. However, its relative strength index of 44.27 indicates that the asset is approaching the underbought region. 
 

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Successful Vasil Hard Fork Bolsters Long-Term Hopes 

Although ADA is in a downturn, the crypto asset remains a profitable one. The Cardano blockchain’s fundamentals remain strong, especially following the launch of its Vasil hard fork last month. 

#Vasil mainnet HFC event successful!🍾

We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
🧶1/5

— Input Output (@InputOutputHK) September 22, 2022

Vasil has been touted as an important update that will make the Cardano blockchain much faster and cheaper. The upgrade should improve the blockchain’s functionality, thus making it ideal for developers. 

And as Cardano’s adoption grows, so should the price of ADA over time.

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Improved Network Activity 

The Cardano blockchain has been experiencing impressive user numbers recently. Network transactions on the blockchain hit 97,959 on October 19: the highest point since the start of the month and a 75% jump on a month-to-month basis. 
 

4/Cardano activity is growing:
– NFT volume hit 3.0m and 2.8m ADA on 17/18th Oct, solidifying Cardano as the 3rd largest NFT protocol @opencnft

– Network transactions on 19th Oct hit 97,959, up ~+75% MoM @cardanoscanio

– @MinswapDEX volume highest in half a year at 3m+ daily pic.twitter.com/KSL9x2Qu8i

— ADA whale (@cardano_whale) October 19, 2022

Data has also shown that the blockchain’s non-fungible token (NFT) activity has spiked. Volumes hit 3 million ADA on October 17, with Cardano as the third-largest blockchain for NFT activity. 

The daily NFT market update is a wild one today👀

🚀Cardano breaking into the top 3 with @the_ape_society @DerpBirdsNFT @claymates leading the way!
🐂Hedera gets on the left side of the chart for the first time as @HangryBarboons does 2m HBAR volume!
🦎 @Gekofam back on top! pic.twitter.com/6FczXG3yPE

— Chain Gab (@ChainGab) October 17, 2022

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