Is Cardano (ADA) a good investment in 2023?
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Cardano (ADA) remains among the exciting cryptocurrency projects with a host of network development initiatives, with investors hoping the activities will positively influence the asset’s price in the future.
Notably, Cardano has enjoyed steady development updates over the course of 2022’s bear market, with metrics like smart contracts hitting new milestones. Indeed, the asset has been weighed down by the general crypto market meltdown, with incidents like the FTX collapse and the macroeconomic factors taking center stage.
> 📝 ADA price analysis
ADA has lost major support levels across 2022 with decentralized finance (DeFi) token trading in the shadow of the 2021 bull market, where it rallied to a record high above $3. By press time, the asset was changing hands at $0.26, with losses of about 82% from the yearly high of $1.50.
Having registered a daily rise of about 1.7%, ADA investors will be hoping the asset has bottomed to form the foundation for a new rally moving into 2023. At the moment, ADA is looking to reclaim the $0.30 support that can act as a base for rallying toward $0.50.
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