Cardano price forecast is still bullish, particularly now that ADA has risen above $0.3365 and is moving up toward the $0.4395 target.
Since the start of 2022, the price of Cardano has increased by more than 70%. Can we anticipate an optimistic Cardano price estimate with a $10 price target in 2023? Let’s investigate!
Today’s Cardano Price
ADA has broken out of a descending triangle pattern on the daily timeframe that had been keeping it from moving past $0.40, but this level is now acting as strong resistance. Sharp selling and the continuation of a downward trend are typically the outcomes of a bearish triangle pattern breakout.
A bearish breakthrough of this level would likely push the price of ADA much lower, maybe to $0.30. On the downside, ADA’s immediate support is still located close to $0.35.
Leading indicators like the MACD and RSI are moving towards a buying zone, but the 50-day moving average indicates a bias toward selling. Technical indications do not support long-term bullish patterns, but the fundamental side points to a bullish trend in the future.
While it is improbable that Cardano will ever hit $10, a breakthrough and close of candles outside of $0.42 may trigger a continuation of the purchasing trend till $0.48.