Cardano Price Prediction: Today’s ADA Price, 23rd Feb 2023

A source claims that from February’s first week, the Cardano blockchain has experienced a sharp increase. Over the previous few weeks, there have been at least 2,000 ADA transactions every day with a USD value of at least $100,000. Prior to February, there had seldom ever been more than 500 transactions per day for more than $100,000.

It’s interesting that ADA whale transactions are increasing right now for Cardano. First off, the eighth-largest cryptocurrency in the world has had a year-to-date increase of over 50% thanks to the crypto market surge that started earlier this year and continued until Wednesday, February 22. The launch of the eagerly anticipated overcollaterized USD-pegged algorithmic stablecoin Djed, which is expected to bring fresh capital into the Cardano ecosystem as Decentralized Finance (DeFi) investors seek out new ways to generate yield, is among the interesting Cardano ecosystem development milestones that have been reached in the meantime.

Today’s Cardano Price

DATE	ADA	USD
Today	01	0.3805592

Cardano Price Prediction

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A token of ADA/USD was last trading at roughly $0.38, down around 10% from previous monthly highs in the $0.42 range. In the midst of Wednesday’s widespread decline in cryptocurrency prices, Cardano is under selling pressure and now poses a risk of breaking back below its 200-Day Moving Average (DMA).

Crypto is following the lead of US stocks, which are declining due to concerns that equity investors may have underestimated the extent to which the Fed will continue raising interest rates this year and additional evidence of an impending earnings recession in the wake of the most recent Walmart and Home Depot earnings reports.

ADA bearish will now be watching for a test of the 50DMA in the $0.36 range, which also roughly corresponds with the upward trend of this year. Cardano has a decent chance of rising back towards recent highs if it can find support here. If not, it’s likely that a recent double bottom slightly below $0.3450 will be tested.

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