Cardano Price Forecast as Total Value Locked on Blockchain Rises by 300% in 2023 – Can ADA Reach $10?

cryptonews.com:

Cardano (ADA), the cryptocurrency that powers the smart-contract-enabled Cardano blockchain, continues to suffer amid elevated crypto market selling pressure on Tuesday.

Price forecasts thus remain downbeat.

ADA/USD was last changing hands around 0.5% lower on the day in the $0.36s, with losses on the week last at around 3.4% after ADA dropped below key support near $0.38 on Monday.

For now though, the ADA price is being helped up by firm support in the form of the 200-Day Moving Average (DMA) just above $0.35.

Indeed, the bears attempted to push the price below this level on Monday but to no avail.

While the bounce from the 200DMA is a good sign, the prospect of a Tuesday rebound may remain limited, with Cardano struggling amid the same capacity problems being seen on other major blockchains like Bitcoin and Ethereum, which has arguably been weighing on crypto sentiment in the last few days.

Cardano’s blockchain is close to reaching its maximum transaction processing capacity before a transaction queue begins to form just as higher demand for block space on the Bitcoin and Ethereum networks amid a meme coin craze sends transaction fees through the roof.

Another factor likely to keep the bulls at bay on Tuesday is Wednesday’s looming US Consumer Price Index (CPI) report, which is touted as this week’s most important macro risk event.

ADA could spike higher or lower based on how the inflation numbers come in relative to expectations and whether this influences expectations as to the Fed’s interest rate plans.

In light of the cryptocurrencies recent bearish breakout of a descending triangle, risks are tilted towards fresh downside for Cardano.

That’s despite the fact that the cryptocurrency’s blockchain ecosystem has been showing