The fact that the Cardano coin recently lost its two year Support at $0.3440 has got many investors panicking about the next target for this coin. The price had continued on this downward trend to create a new low at $0.3142 in November, 2022. Will Cardano bounce back soon? Have Cardano Prices hit the Rock Bottom so far in 2022? What is the next target for Cardano? Well, this work will help you learn more about the general expectations from the Cardano Coin amidst the current bear season.
You will also learn from this work how to trade the Cardano coin and the list of the best crypto exchanges to engage in Cardano CFD trading.
What Is Cardano?
Cardano coin is an important crypto project which aims to integrate all the special features of Bitcoin and Ethereum into one network. It is known today as the third-generation blockchain with greater flexibility than most traditional cryptocurrencies founded before it. Cardano has been created using a strong programming language known as Haskell. This reduces the risk of attacking the blockchain and gives users greater confidence while carrying out transactions on the blockchain. Cardano further uses a special Proof-of-Stake mechanism called Ouroboros which according to scientific research ranks amongst the most secure methods for staking on the Blockchain.
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Price History Of Cardano
Cardano ranks amongst the most successful crypto projects ever launched. The price yielded a fair return from its issue price at $0.0026 to its highest level attained in October 2021 at $3.12. However, the price had dipped from this level and now ranges at $0.3320 in November 2022.
Have Cardano Prices Hit The Rock Bottom?
There has been great concern from investors on which level could go for the bottom price for the Cardano coin in 2022. Investors were all the more thrown into greater panic after the price of Cardano lost its two years support at $0.3440 to create a new low at $0.3142 on Sunday 13th November 2022. However, there was a massive bounce back from this level which brought the price back to the previous support at 0.3440. Can the bulls defend this support or are we hoping for more dip?
For Cardano to hold above this region will be dependent on the market trend indicated by Bitcoin. As long as the price of Bitcoin holds above the new low created last week at $15,550, then we can expect Altcoins including Cardano coin to hold above their current support levels. A further downside below this level for Bitcoin will likely drag down the price of Cardano and Altcoins to new lows.
Forecast For Cardano Prices In 2023
The Cardano coin is one of the most traded cryptocurrencies by investors today and ranks as the ninth most valuable cryptocurrency in the world based on the total capital invested into it. Given the fact that Cardano has a maximum supply of 45 Billion which is proof against future inflation, analysts believe that this coin can easily attain $1.5 before the end of 2023. Others see this coin as revisiting its all-time high of $3.12 in 2023.
How To Trade Cardano Coin
There are three major ways to trade the Cardano Coin today such as Spot trading, Margin, and Futures trading.
Spot trading offers the trader legal ownership of the Cardano Coin purchased while Margin and Futures trading are a leveraged form of trading that does not offer legal ownership for the Cardano Coin traded.