Cardano Crypto Price Prediction – Can ADA Reach $5 by 2023?

cryptonews.com:

The price of Cardano (ADA) has risen by 2% in the past 24 hours, reaching $0.436895. This represents a 1% dip in a week and a 9% fall in a fortnight, with the macroeconomic backdrop of high inflation, rising interest rates and a potential global recession weighing down the altcoin's movement.

However, these external pressures aside, ADA's fundamentals remain in good shape. And with the altcoin decidedly oversold and undervalued at the present moment in time, there's a very good chance it could lock in some substantial gains in the medium-to-long term.

Indeed, not only does $1 seem like a realistic medium-term objective, but the more distant future could see ADA reach $5, assuming that Cardano posts some substantial organic growth.

ADA's current level of $0.436895 means that it's 85.5% down from its all-time high of $3.08, set back in September 2021. This is a relatively large comedown, but it's actually slightly smaller than the retreats from ATHs seen with SOL (87%), DOT (88%) and AVAX (88%).

ADA's indicators confirm that it's on a low ebb right now. Its relative strength index (purple) has fallen to 40, while its 30-day moving average (red) is well below its 200-day average (blue).

Both of these indicators signal that ADA is oversold right now, and going at a discount. They also suggest that, in the short-term, we could expect to see the ADA price move up a little, particularly after recent falls.

Looking at recent benchmarks, its seven-day high of $0.475899 suggests that it could post a 9% increase from its price at the time of writing. Even better, its 30-day high of $0.521808 indicates a potential gain of 19.6%, assuming a proportional upswing.

Turning to the medium and longer term, Cardano's fundamentals leave every