Cardano Price Prediction – Can ADA Reach $10 by 2023?

Cardano’s ADA token has been a beneficiary of the current market rally. However, what are the prospects of the asset hitting the $10 mark by the end of next year?

ADA Price Action

At press time, ADA trades at $0.40, marking a downtrend of 1.36% in the last 24 hours. However, ADA increased by 12.36% over the past week, in line with the crypto market.

The crypto asset has benefited from the recent market rally, which pushed the industry over the $1 trillion market cap value for the first time in over two months.

ADA’s strong performance has led it to some impressive technical gains. The asset is trading in line with its 10-day moving average (MA) of $0.4020, and it currently outperforms all other short-term MA metrics. ADA’s 100-day and 200-day MA, which stand at $0.41 and $0.40, respectively, also align with its trading price.

ADA displays a positive moving average convergence divergence (MACD), indicating a buy signal. And with a relative strength index (RSI) of 39.20, the token is still underbought.

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