{"id":514453,"date":"2023-01-02T12:20:40","date_gmt":"2023-01-02T17:20:40","guid":{"rendered":"https:\/\/wncen.com\/?p=514453"},"modified":"2023-03-08T07:26:11","modified_gmt":"2023-03-08T07:26:11","slug":"cardano-enters-2023-with-a-bang","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano-enters-2023-with-a-bang\/","title":{"rendered":"Cardano Enters 2023 With A Bang, But ADA Still Bearish In The Short Term\u00a0"},"content":{"rendered":"
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. <\/span><\/p>\n As of writing, <\/span>Coingecko<\/span><\/a> 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.\u00a0<\/span><\/p>\n Cardano in 2022 has been very bearish in terms of its native token ADA. Even after its <\/span>Vasil hard fork<\/span><\/a>, an event likened to the Ethereum Merge, the token still continued its downward spiral to its current price of $0.2491.\u00a0<\/span><\/p>\n One reason that pushed ADA\u2019s price down is the current macroeconomic situation. During the first quarter of 2022, the U.S. Federal Reserve <\/span>raised rates<\/span><\/a> until last month which is the seventh rate increase in 2022.\u00a0<\/span><\/p>\n 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.\u00a0<\/span><\/p>\n <\/p>\n The recent FTX <\/span>debacle<\/span><\/a> dealt a blow to any protocol or ecosystem affiliated with the failed exchange. Solana, a touted <\/span>\u201cSam coin\u201d<\/span><\/a>, fell in value tremendously. According to recent news, Solana\u2019s native token SOL has fallen so much that some are saying they are nearing <\/span>collapse<\/span><\/a>.\u00a0<\/span><\/p>\n According to <\/span>Santiment<\/span><\/a>, ADA is undervalued at the moment, showing extreme exhaustion of the bears. Twitter users who are very bullish on Cardano share metrics that are <\/span>increasing<\/span><\/a>. With the <\/span>upcoming<\/span><\/a> on-chain upgrade bringing more features on the platform, investors on ADA might see more bullish action in the coming weeks.\u00a0<\/span><\/p>\n Check the #Cardano<\/a> on-chain stats. Everything goes up. pic.twitter.com\/Q7pw44WTkA<\/a><\/p>\n \u2014 Cardano YODA (@JaromirTesar) January 1, 2023<\/a><\/p><\/blockquote>\n With Solana down, the NFT market is <\/span>shifting<\/span><\/a> from Solana to Cardano. However, <\/span>Cardano<\/span><\/a> still has a long way to go to be even on par with <\/span>Solana\u2019s<\/span><\/a> trade volume and value. ADA investors and traders could see the token break through the $0.2522 price resistance.\u00a0<\/span><\/p>\n <\/p>\nCan ADA Bounce Back?<\/strong><\/h2>\n
Image: Coinmama<\/pre>\n
Cardano Fared Better Vs. Competitors<\/strong><\/h2>\n
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ADA total market cap at $8.7 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n