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

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

Price forecasts therefore remain depressed.

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

For now, however, the ADA price is being helped by solid support in the form of the 200-day moving average (DMA) just above $0.35.

In fact, the bears tried to push the price below this level on Monday, but to no avail.

While the bounce from the 200DMA is a good sign, prospects for a Tuesday rally may remain limited, with Cardano struggling amid the same capacity issues seen on other major blockchains like Bitcoin and Ethereum, which have arguably weighed on crypto sentiment in recent 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 in check on Tuesday is Wednesday’s looming US Consumer Price Index (CPI) report, said to be this week’s key macro risk event.

ADA can rise higher or lower based on how the inflation figures come in compared to expectations and whether this affects expectations of the Fed’s interest rate plans.

Cardano (ADA) price forecast when total value locked on blockchain rises by 300% in 2023

In light of cryptocurrencies’ recent bearish breakout of a descending triangle, the risk is tipped to the downside for Cardano.

That’s despite the cryptocurrency’s blockchain ecosystem showing some healthy signs of growth in recent weeks.

The dollar value of crypto locked in smart contracts on the Cardano blockchain, or Total Value Locked (TVL), was last around $170 million, up nearly 300% since the start of the year, according to data presented by DeFi Llama.

This means that investors have moved funds into Cardano’s Decentralized Finance (DeFi) ecosystem to capture improved return-generating opportunities, thereby improving the ecosystem’s liquidity.

Despite all this, ADA may soon initiate a retest of its 200DMA in the $0.35 area and in doing so, also test an uptrend that began late last December.

As long as ADA can stay above this uptrend (and the 200DMA), the bull market thesis should remain intact.

If not, a test of the March low of $0.30 becomes very likely.

Can ADA reach $10?

From the peak of the 2018 market highs (at $1.31) to the 2020 bear market lows (at below $0.02), ADA lost an impressive more than 98%.

It then posted a more than 170x recovery to hit new highs above $3.13 at the peak of the 2021 bull market.

When ADA fell below $0.24 last year, it marked a decline of more than 92% from its 2021 highs.

If history were to repeat itself and ADA were to deliver 170x gains from these lows, that would mean ADA price rising above $40.

Now this may be a bit optimistic.

Along with the broader cryptocurrency market, Cardano is maturing as an asset, meaning that the swings between bull market peaks and troughs and back again will become less extreme over time.

But can ADA achieve 40x gains compared to the 2022 declines to reach $10 per token during the upcoming bull market?

If the likes of Bitcoin push into the hundreds of thousands of dollars per token and Ether pushes above $10,000 in the coming years, there’s no reason why Cardano can’t make strong exponential gains.

Many bulls will look at $10 as a long-term profit target.

Buy Cardano now

Greener Cardano Alternative to Consider – Ecoterra (ECOTERRA)

Investors should always be looking to diversify their crypto holdings.

A high-risk, high-reward investment strategy that some investors may want to consider is getting involved in crypto pre-sales.

This is where investors buy the tokens of fledgling crypto projects to help fund their development.

These tokens are almost always sold very cheaply, and there is a long history of pre-sales that provide huge exponential gains to early investors.

Many of these projects have amazing teams behind them and a great vision to deliver a revolutionary crypto application/platform.

If an investor can identify such projects, the risk/reward of their pre-sale investment is very good.

The team at Cryptonews spends a lot of time finding pre-sale projects to help investors.

One such project that the team has identified as having very strong potential is Ecoterra.

Ecoterra is the original cryptocurrency of a blockchain-powered green ecosystem that encourages environmentally friendly behavior.

Ecoterra’s ecosystem consists of a Recycle to Earn (R2E) platform, a carbon offset marketplace, a recycled materials marketplace, and an impact profile.

The green web3 startup’s R2E app is supported in all countries that use reverse vending machines (RVM), which means a huge potential market.

Ecoterra is in the fourth phase of its ECOTERRA token presale, with tokens currently priced at just $0.00775.

The project has just passed the huge milestone of raising nearly $3.4 million.

Potential investors should note that the presale price will soon rise to $0.0085 and that the token will be listed on exchanges at $0.01 – a jump of almost 30% from the current level.

Visit Ecoterra here