Key Takeaways:
- Cardano appears to be in deep trouble after the fresh price plunge which has dragged the price below the crucial area of support.
- The ADA price witnessed a steep drop of more than 12% during the weekend and closed the previous day’s trade at $0.2659 with a market capitalisation of $9.21 billion and a circulating supply of 34.48 billion ADA.
- The markets appear to have been deeply stuck within a firm bearish trap and hence the the Cardano price may also close the yearly trade within consolidated levels.
Cardano Price History: 2022 Year in Review
| Month | ADA Price | % Change |
| Jan | $1.0376 | -26.68% |
| Feb | $0.8579 | -5.12% |
| March | $1.1903 | +25.56% |
| April | $0.8051 | -39.03% |
| May | $0.57 | -15.64% |
| June | $0.4656 | -30.65% |
| July | $0.5232 | +275.51% |
| August | $0.4523 | -19.11% |
| Sept | $0.4382 | -4.47% |
| October | $0.406 | -4.21% |
| November | $0.3094 | -22.30% |
| December | $0.2654* | -17.65* |
Prices as on 19 December, 2022.
Additional Read: Top Altcoins 2022
This is How Cardano Price Performed in 2022
Source:Tradingview
Cardano price has lost more than 90% of its value in 2022 after making new highs a year ago in September 2021. Most of the cryptos received a significant push during the NFT boom in Q4 2021 and marked new highs then, but ADA price began to deviate towards the south which continues until the present time. Many assumed the platform was inactive as the token slashed its volatility to a large extent.
Multiple events contribute to the continued descending trend and the prevailing FUD with the space is preventing ADA bulls to re-enter the ring and uplift the price. Presently, the ADA price continues to remain under huge bearish pressure and is assumed to end the yearly trade on a bearish note. However, the upcoming days are presumed to be pretty fruitful which may induce a significant strength to propel high.
Cardano Technical Analysis for 2022
Source: Tradingview
- The Cardano price has been trading within a bearish trend since the beginning of the year 2022, but appears to have intensified in the past few months.
- The ADA price maintained its trend within a descending parallel channel and woefully heading towards the lower support of the channel.
- Meanwhile, the bulls are trying to hold the price, but the prevailing bearish sentiments within the space is expected to compel the price to plunge hard or may even slice through the lower support too.
- By the end of the year, the ADA price is expected to form new lows and after reaching the lower support of the channel may ignite a rebound to rise towards the middle bands.
Cardano Price Prediction 2023
Source: Tradingview
Ever since the crypto markets collapsed due to the failure of the Terra ecosystem, the ADA price remained within a falling wedge which is considered bullish. The extended selling pressure has now compelled the price to reach the pinnacle of the consolidation and hence a bullish move is expected anytime from now. With the beginning of the fresh year 2023, the price may slide down slightly and may maintain a firm upswing with a notable bounce.
The price may face a couple of hurdles, initially at $0.5 and later around $0.6 wherein the bears could try to extract their profits. However, with the flipped market sentiments, the ADA bull is believed to maintain its strength and keep up the momentum towards the north. Therefore, with a couple of pullbacks, the ADA price could maintain a notable recovery phase throughout 2023. As it reaches the end of the yearly trade, the intensified bullish action may even ignite a bull rally too.
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Cardano Price Prediction 2024
Source: Tradingview
Considering the larger perspective, Q1 2023 is believed to remain with the bearish trap and this could be when the ADA price may mark new lows. After a significant descending consolidation, the Cardano price is believed to rebound and rise high. As the price is trending within a falling wedge a rebound appears imminent.
Q1 2023 is expected to remain bearish and as the trade approaches the mid of Q2 2024, the price could rise with increased volume and volatility. Maintaining a similar trend, the Cardano price could being with a firm upswing in H2 2024. It may also reclaim the lost levels beyond $1, carrying the fear of a significant rejection ahead. By the end of 2024, the ADA price could hover around $1.09 to $1.15.
Cardano Price Prediction 2025
Source: Tradingview
The Cardano price maintained a significant descending trend from the beginning and raised extremely high during the 2021 bull run. However, the price traded along with the lower trend line and rebounded on contact. Presently, the price is testing the same trend line in the longer time frame and hence is believed to rebound finely any time in the near future.
Woefully, the price has been captivated by an intensified bearish volume from the past few months due to which it could be extremely difficult for the bulls to uplift the price close to the highs. Hence, the price is believed to undergo minor spikes and hover just below the ATH in 2025 and by the end of the yearly trade, may try hard to form new highs close to $3.85 to $4.
| Year | Cardano Price Prediction |
| 2022 | $0.19 to $0.25 |
| 2023 | $0.43 to $0.61 |
| 2024 | $1.2 to $2.2 |
| 2025 | $2.98 to $3.78 |
Additional Read: Cardano Price Prediction
Overview of Cardano On Chain Analysis:
Whale Accumulation
Source: Santiment
Whale accumulation is one of the important indicators and widely followed to have an idea of the upcoming trend. If the whales are bullish on the token, they are believed to accumulate more, else fall under FUD and liquidate. The above-displayed accumulation manifests that the small bulls holding 10K to 100K ADA tokens have intensified their accumulation heavily.
Conversely, the whales holding the token beyond these numbers, i.e. 100K to 10M have let off their holdings to a large extent. Interestingly, these whales depleted their reserves soon after the market collapsed in May-June 2022. It was the same time when the holders holding 10K to 100K tokens intensified their accumulation.
Daily Active Address
Source: Santiment
The daily active address(DAA) usually determines the activeness of the platform. It records the user’s activity on the platform regardless of whether the user is placing a buy order or a sell order. In short, it is a metric recording the number of addresses that interacted with the platform in a day. In the case of Cardano, the count has slashed considerably.
The DAA remained somewhat stagnant since August, but in the last couple of days, the levels have dropped, indicating the platform to be largely inactive. The DAA count hovered between 85K to 65K during the same time which has plunged below 60K in the past few days. However, the values are believed to rise, which may intensify the trend that may heavily impact the price ahead.
Total Weighted Sentiments
Source: Santiment
The total weighted sentiments is a metric that sheds light on the social dominance of the token. It combines all the positive and negative mentions and compares them with the frequency of the mentions over the time. Meanwhile, it does not directly impact the token’s value but could manifest the user’s behaviour with respect to the crypto.
The ADA’s sentiments remained roughly under the average levels throughout the year, including a couple of spikes that vanished quickly. Presently, the price has risen and hovered within the positive regions signifying the traders are bullish on the token. However, the price may also have a longer impact, if these levels remain within the positive range for a longer time.
Should you Invest in Cardano in 2023?
Cardano has been working to be fundamentally strong, regardless of the price trend. The roadmap of the platform does indicate the prime focus of the project to work hard for the decentralized space, offering a secured environment for better trade. Meanwhile, the prices have dropped heavily, but are expected to rise finely and lay down a firm upswing very soon. Importantly, before investing in ADA, deep industry knowledge and keen observation of the market trends is imperative.
Top Crypto News of 2022 that Impacted ADA Price
- The entire crypto space was shaken up by the uncertainties that prevailed due to the tensions between Russia and Ukraine which impacted the broader markers too.
Bitcoin tumbles 8% and other cryptocurrencies crash after Russia attacks Ukraine https://t.co/FmUtE3B4rO
— CNBC (@CNBC) February 24, 2022
- The widely talked about event of 2022- The Terra ecosystem collapsed, slashed the cryptos into half including the Cardano price
today's attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺 (@caemanfrini) May 8, 2022
- Multiple failures were recorded post to the collapse of Terra, with the latest to be a popular exchange FTX.
1) I'm sorry. That's the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
Read more Top Crypto News