Cardano Price Prediction as ADA Spikes Up 0.8% – How High Can ADA Go in 2023?

cryptonews.com:

Cardano price is delicately balancing last week’s decent rally with the possibility of a pullback below the pivotal $0.40 level. However, the mundane price action is not unique to ADA but is reflected among the top 100 cryptos. For now, the seventh-largest coin displays 15% in weekly cumulative gains while exchanging hands at $0.4080.

A 25% uptick in trading volume to $404 million suggests investors are currently focusing on accumulating more ADA tokens to fill their wallets ahead of an expected bull market in 2023. Cardano boasts slightly above $14 billion in market capitalization, with a circulating supply of approximately 35 billion tokens against a preset maximum supply of 45 billion ADA tokens.

Alex Adelman, the CEO of Lolli, a platform that rewards users with Bitcoin and cash back for spending at selected stores, in a weekly statement said the current bull market would be characterized by price stability, new innovations and accessibility financial resources.

“The next bull market will bring greater price stability and new projects that solve existing issues to make money and financial resources accessible to all, in keeping with bitcoin’s original mission and goals,” Adelman chimed on the expected bull run.

Although the crypto market has generally been bullish since the beginning of the year, Adelman says that a rally is not enough to call a bull market. He reckoned that the impact of FTX collapse on businesses and individuals is still fresh and may could stifle growth in the coming months.

There is also a growing need for clear regulatory frameworks, which if put in place, could bolster crypto into the next long-lasting bull market. Charles Hoskinson, the co-founder of Cardano believes the recent spike in a regulatory