Cardano (ADA) price is currently more than 90% down from its 2021 all-time high. The smart contract cryptocurrency has underperformed in 2023 compared to other L1 assets. Traders are awaiting the ADA coin to show some strength before opening any positions.

Since the start of 2023, ADA price has been up 17%. The year started on a very positive note as the price rallied to $0.46 in April 2023. However, the bulls lost momentum, and the price action reversed. The Security and Exchange Commission's (SEC) crackdown against cryptocurrencies intensified the selling pressure as the coin plummeted to its fresh yearly lows of $0.22 in June 2023. Since then, Cardano has been in the midst of a recovery.

ADA Price Consolidates Before Major Move

On Tuesday, most altcoins are trading sideways as BTC price consolidates around $29,400. The sideways price action of Bitcoin has sucked the air out of most altcoins. Consequently, most of the altcoins are trading close to their yearly lows. After rising by 0.41% on Monday, ADA lost its gains and turned red on Tuesday. At press time, Charles Hoskinson's brainchild was trading at $0.289 after a 0.55% drop.

According to the latest Cardano news, the founder Charles Hoskinson has lashed at Cardano critics, saying the project is here to stay. Due to the slow development and lagging adoption stats, Cardano price has suffered a lot in the past couple of years.

Cardano TVL Surges 250% In 2023

DeFi data tracking site DeFi Llama reveals that the TVL on Cardano blockchain has more than tripled in 2023. The following chart depicts a constant increase in the total locked value on the network. The Layer 1 platform started the year with $50 million TVL. However, this figure has now risen to $177.7 million.

This sharp increase in the total locked value (TVL) can be attributed to the increased network activity on the smart contract platform. As per the latest on-chain stats, Miniswap, Indigo, and Liqwid are the biggest dapps on the network, with TVL of $47M, $38M, and $19.7M, respectively.

Cardano Price Prediction Remains Bearish

The following ADA coin chart is self-explanatory. The price is currently consolidating below the key level of $0.30. This level has proved to be a very critical level on many occasions. After a breakdown below this level in June 2023, it has become a significant resistance. As long as the price trades below this level, Cardano price prediction will remain bearish for me.

On a higher timeframe, I don't see any significant upside for Cardano until it gains strength above the $0.40 level. Considering the previous bear markets, I expect the price to accumulate within the $0.20-$0.40 trading range for the rest of the year.