Cardano Price Prediction as ADA Pushes Past Dogecoin in Coin Rankings – Can ADA Reach $10 in 2023?
Cardano (ADA), the cryptocurrency that powers the decentralized smart-contract-enabled layer-1 Cardano blockchain protocol, has been ebbing higher on Thursday, continuing its positive run that started after the cryptocurrency hit multi-month lows on Monday.
ADA was last changing hands just above $0.25 per token, up 6% versus Monday’s lows under $0.24.
While Cardano is still down around 2% for the month, over 30% versus its July highs around $0.38 and over 45% since April’s yearly highs above $0.46, its latest rebound has seen the cryptocurrency’s market cap rise back above that of Dogecoin’s.
As of Thursday, Cardano’s market cap was just above $8.8 billion whilst Dogecoin (DOGE)’s was just under $8.8 billion, as per CoinGecko.
While Cardano has stepped up in the crypto rankings – it is now the seventh largest crypto by market cap (and DOGE the eighth) – the bulls shouldn’t declare victory.
That’s because price predictions remain bearish thanks to Cardano remaining stuck within a bearish medium-term trend.
Despite its recent rebound, ADA/USD remains stuck below both its 21DMA and a downtrend that has been in play since late July.
A break to the north of the resistance around $0.26 would really be needed for Cardano (ADA) to get some serious bullish traction.
If ADA was able to break above $0.26, the first levels to target would be the 50DMA at $0.275, support-turned-resistance at $0.28 and then the 100DMA at $0.284, before a possible retest of support-turned-resistance at $0.30.
In terms of the cryptocurrency’s longer-term outlook, the picture is mixed.
On the one hand, the Cardano ecosystem continues to develop and continues to show every sign of being a major future play in the crypto space, which is expected to experience
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