Cardano ADA Price Set To Reach $1 In 2023?
Cryptocurrency Cardano’s native token ADA is breaking through key resistance levels and could be on its way to hit $1 USD in the coming two years. We have seen a strong surge in price in the last few weeks, as the token has been trading at multi-month highs.
Cardano ADA is currently trading at about $0.49 with a 24-hour market cap of nearly $14 billion. The token has broken the key resistance level of $0.48 and is now aiming for the next major resistance level of $0.50.
If it breaks through this level, then there’s potential for it to eventually hit $1 USD or more in 2023 as analysts and traders are bullish on its prospects over the long term.
The rising price can be attributed to increasing institutional interest in cryptocurrency and blockchain technology. Last week, scientists from IOHK announced that they had successfully developed a new proof-of-stake algorithm called Ouroboros BFT, which is set to launch later this year and could increase Cardano’s scalability.
Cardano has also recently revealed their plans for “Project Catalyst”, an open-source project meant to encourage collaboration among developers, entrepreneurs, researchers, and investors interested in building decentralized applications on its platform.
It remains to be seen if Cardano can reach the expected milestone of hitting $1 USD by 2023 but with its current trajectory, it seems increasingly likely that it will do so.