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Breaking News: Trump Media Set to Issue Non-Transferable Crypto Tokens, Cutoff Date February 2

Cardano Enters 2023 With A Bang, But ADA Still Bearish In The Short Term 

Christian Encila
Christian Encila
Last Updated: March 8, 2023 7:26 am
4 mins read
Cardano

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Cardano (ADA) started 2023 with an upward trend that retested the $0.2522 resistance level but has since failed to gather any meaningful momentum to sustain the run.

As of writing, Coingecko notes an increase of a measly 0.2%. This might be small gains, but is a great indicator that investor sentiment has reversed by the start of this fiscal year. 

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Can ADA Bounce Back?

Cardano in 2022 has been very bearish in terms of its native token ADA. Even after its Vasil hard fork, an event likened to the Ethereum Merge, the token still continued its downward spiral to its current price of $0.2491. 

One reason that pushed ADA’s price down is the current macroeconomic situation. During the first quarter of 2022, the U.S. Federal Reserve raised rates until last month which is the seventh rate increase in 2022. 

This in turn had adverse effects on the market, pushing the price of both traditional finance instruments and digital assets down. But 2023 seems to have a new effect on the struggling ecosystem. 

Image: Coinmama

Cardano Fared Better Vs. Competitors

The recent FTX debacle dealt a blow to any protocol or ecosystem affiliated with the failed exchange. Solana, a touted “Sam coin”, fell in value tremendously. According to recent news, Solana’s native token SOL has fallen so much that some are saying they are nearing collapse. 

According to Santiment, ADA is undervalued at the moment, showing extreme exhaustion of the bears. Twitter users who are very bullish on Cardano share metrics that are increasing. With the upcoming on-chain upgrade bringing more features on the platform, investors on ADA might see more bullish action in the coming weeks. 

Check the #Cardano on-chain stats. Everything goes up. pic.twitter.com/Q7pw44WTkA

— Cardano YODA (@JaromirTesar) January 1, 2023

With Solana down, the NFT market is shifting from Solana to Cardano. However, Cardano still has a long way to go to be even on par with Solana’s trade volume and value. ADA investors and traders could see the token break through the $0.2522 price resistance. 

ADA total market cap at $8.7 billion on the daily chart | Chart: TradingView.com

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Can Polygon (MATIC) Break 2022 Sideways Momentum? 

2 years ago

A break on this price resistance level could be a new sign of life to the struggling ecosystem. In the long term, investors and traders should watch for macroeconomic developments as this has a strong effect on the crypto markets. 

As markets recover, ADA’s current price movement could be a catalyst to a stronger bullish movement. However, ADA’s volatility is increasing which, if the $0.2522 resistance holds, can lead to drops as low as $0.2397.

-Featured image: The Independent

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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