Cardano Price Prediction: Today’s ADA Price, 8th Dec 2022

Risk appetite and cryptocurrency prices were affected on Monday by the stronger-than-expected US ISM Service PMI data, which indicates a resilient US economy midway through the third quarter and, along with last Friday’s stronger-than-expected US labor market figures, keeps pressure on the US Federal Reserve to continue with its policy of aggressive rate hikes into 2023. ADA was no different.

According to source, the native coin of the Cardano blockchain was last trading at a price that was 1.5% down on the day and 1.8% lower over the previous 24 hours. ADA/USD was almost as high as $0.33 earlier in the session and was last trading in the $0.31s. A bearish breakout from the ascending trend channel that ADA/USD had been moving higher within over the previous few days is indicated by the latest decline. Price forecasts for the foreseeable future have consequently turned less positive.

Cardano is currently 7.5% higher than its November lows, but the fact that it hasn’t been able to persistently hold above its 21-Day Moving Average (roughly current levels) isn’t encouraging. It appears likely that ADA/USD may soon be headed for new yearly lows back beneath the $0.30 mark given that the currency is still trapped within a long-term downtrend that has been in effect since the summer.

Today’s Cardano Price

DATE	ADA	USD
Today	01	0.3081262

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Cardano Price Prediction

The cost of ADA increased from 2020 to the beginning of 2021. Cardano’s price increased by as much as 18,000% from its lows in 2020 to its peaks in 2021. In that regard, traders shouldn’t take seriously the possibility that prices could quickly rebound to record highs above $3.0 in 2023.

Cardano’s fundamentals are still robust, and its network is one of the most decentralized and advanced in the cryptocurrency industry. However, the macroeconomic environment must be favorable. That does not automatically imply a robust economy.

The Covid-19 pandemic rocked the world in 2020, forcing governments to implement significant fiscal and monetary stimulus. This stimulation was what drove the price of cryptocurrencies and risky assets more generally. It’s not out of the question that central banks, who have typically been aggressively raising interest rates this year, start reducing again. Many economists foresee a devastating recession in 2023, and inflation in large economies like the US is coming under swift control.

That might pave the way for ADA recovery. Additionally, the long-term downtrend that has been holding down the price of ADA on the logarithmic chart for more than a year must be broken by Cardano for technical analysts to be satisfied.

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