Cardano price prediction is neutral, with ADA trading sideways in a narrow trading range of $0.3000 to $0.3285. The ADA/USD pair opened at $0.3071 on December 12.

The ADA/USD pair is currently trading at $0.3048, having reached a high of $0.3071 and a low of $0.3015. In the last 24 hours, the price has dropped nearly 2.5%. Furthermore, the ADA/USD pair fell by more than 5% in the previous week.

Weekly Development Report

Olga Hryniuk is a member of the Marketing and Communications team at IO Global (IOG), the blockchain technology company responsible for the creation of Cardano. She reported in her company’s latest Cardano Weekly Report on December 9.

According to the report, there are already 108 Cardano projects, 1,151 Cardano projects in the works, 7.2 million tokens, and 4,347 Plutus scripts. Furthermore, there are now 7.2 million native tokens on the Cardano network, an increase of 90,000.

The achievement of 4,000 smart contracts on the Cardano Plutus platform drew the most attention. By 10.2%, the figure had risen dramatically. Plutus currently has 400 smart contracts out of 4,347 on the updated platform.

The weekly development report gave the Cardano community reason to rejoice, revealing that the ecosystem had improved and reached several significant milestones. The developments aided the ADA/USD, slowing its decline.

Cardano’s Rising Development Activity

On December 7, Adaverse News tweeted that 133,00 more Cardano wallets had been created in the previous month. This increase indicated that ADA demand could soon rise.

On December 8, CardanoDaily tweeted that more people were contributing to the platform’s GitHub. Cardano was at the top and had surpassed many other coins. Cardano’s DEX activity would be another performance metric.

According to DappRadar, Miniswap, a well-known Cardano DEX, saw a significant increase in volume last week, increasing by 11.07%. Furthermore, the number of transactions on the DEX increased by 14.61% in the previous 24 hours.

The increased activity on Cardano’s DEXes also had an impact on its TVL. Cardano’s total value was $59 million at the time of writing, down 2.49% in the previous 24 hours. Rising Cardano development activity is good for ADA/USD.

US Economic Indicators

On December 9, US economic indicators revealed additional Fed pivot uncertainty. The wholesale inflation rate in the United States was higher than expected. It had a negative impact on the NASDAQ Composite Index, the larger cryptocurrency market, and the ADA/USD. Wholesale inflation fell from 8.1% to 7.4% on an annual basis.

While 7.2% is expected, experts believe it will be lower. In November, the producer price index increased by 0.3%, exceeding the 0.2% estimate.

Recent data and the NASDAQ Composite Index, which fell 0.74%, trumped Cardano network upgrades. As a result, the ADA/USD is now falling.

Furthermore, the US Federal Reserve will raise interest rates on December 13. It comes after several 75-basis-point increases in interest rates this year. The interest rate hike scheduled for tomorrow is expected to be lower than in the past.

If the interest rate increase is 50 basis points or less, the global financial and cryptocurrency markets will experience a small to moderate relief rally. All prices will fall significantly more if interest rates rise by more than 50 basis points.

Cardano Price Prediction – Daily Technical Levels

Support Resistance
0.3040 0.3129
0.3006 0.3184
0.2951 0.3218

Pivot Point: 0.3095

Cardano Price Prediction – Can ADA Reach $3 by 2023?

On the technical front, Cardano is trading sideways, with a price range of $0.300 to $0.3285. On the plus side, a bullish breakout of the ADA/USD pair could extend the uptrend to the $0.3745 level. A bearish breakout of the $0.3000 level, on the other hand, could expose ADA to the $0.2600 level.


ADA/USD Price Chart – Source: Tradingview

Cardano’s RSI, MACD, and 50-day moving averages are all indicating a selling trend. On a daily basis, the ADA/USD pair is forming Doji and Spinning top candles, indicating a neutral bias; perhaps investors are waiting for a solid reason to trigger a breakout.

Cardano has the potential to reach $3 by the end of 2023 in the long run. There are also several alternative coins with enormous upside potential!

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