Cardano (ADA) started 2023 with an upward trend that retested the $0.2522 resistance level but has since failed to gather any meaningful momentum to sustain the run. As of writing, Coingecko notes an increase of a measly 0.2%. This might be small gains, but is a great indicator that investor sentiment has reversed by the start of this fiscal year. Related Reading: Can Polygon (MATIC) Break 2022 Sideways Momentum? Can ADA Bounce Back? Cardano in 2022 has been very bearish in terms of its native token ADA. Even after its Vasil hard fork, an event likened to the Ethereum Merge, the token still continued its downward spiral to its current price of $0.2491. One reason that pushed ADA’s price down is the current macroeconomic situation. During the first quarter of 2022, the U.S. Federal Reserve raised rates until last month which is the seventh rate increase in 2022. This in turn had adverse effects on the market, pushing the price of both traditional finance instruments and digital assets down. But 2023 seems to have a new effect on the struggling ecosystem. Image: Coinma ..
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