Cardano price holds above $0.30 amid another 2022 crypto crash that followed the Binance and FTX drama.
Although the selloff initially affected FTX Token (FTT), which has since lost 75% of its value over the last 24 hours to trade at $4.43, mass withdrawals from the FTX exchange have hammered an already dilapidated cryptocurrency market.
Further downside is anticipated probably until FTX exchange stabilizes, hopefully with the help of Binance CEO, CZ. According to recent reports, FTX was facing a liquidity crunch and had asked Binance, the largest exchange, to swoop in to protect users.
Cardano price is in the red, but for how long?
Cardano price was not spared by the bearish wave sweeping across the market. However, it has absorbed most of the selling pressure relative to other coins. In comparison, ADA’s 8.7% drop on the day is a drop in the ocean compared to the 22.7% decline in ETH, the 13.2% loss in BTC, and the 20% crash in XRP.
Cardano presents extremely bullish factors in light of what is going on in the market. In a post retweeted by the Input-Output CEO, Charles Hoskinson, this platform “is a bulletproof example of how to properly build a crypto ecosystem.” He reckons that ADA is immune to any venture capital (VC) manipulation or insider influence and mainly focuses on research-based manipulation.
Cardano Price Prediction: Is A Relief Rally On The Way
Cardano price now trades at $0.35 after a bearish candlestick, as seen in the daily chart below, tagged $0.348. A Stochastic Oscillator, applied to the same chart, shows that ADA is becoming oversold – and fast, which means a rebound could be on the way.
However, ADA failed to hold support at the upper falling channel (in black), paving the way for a prolonged downtrend likely to test support at the lower channel’s (in purple) middle throughline before bulls consider another trend reversal.
If push comes to shove, Cardano price will exhaust the downtrend at $0.30. Sideline investors will join the market to capitalize on ADA’s recovery potential to $0.50 and then to $1.00 as we inch closer to the end of the year.
Bears looking to short ADA even further must wait for a clear break below the lower channel’s middle boundary for a possible take-profit at $0.33 and $0.30 – support reinforced by the channel’s lower boundary.
On the other hand, short-term pullbacks cannot be ruled out, especially with immense demand expected above $0.30. For this reason, traders scanning for long positions must be patient and wait for the Stochastic oscillator’s rebound from the oversold region into the neutral area before considering triggering their buy orders. A bullish candlestick above $0.30 will go a long way to confirm the return of buyers.
Cardano price appears to be fundamentally strong if its supply distribution metrics are considered. On-chain data from Santiment reveals a consistent increase in addresses with between 1,000 and 10,000 ADA tokens. Despite the drop in ADA price and the uncertain conditions in the market, addresses in this cohort hold at 559,000 compared to 486,000 about 90 days ago.
Addresses with between 10,000 and 100,000 ADA tokens exhibit a similar growth pattern, rising from 121,000 to 131,000 in the same period. The bullish outlook in ADA price will likely remain intact as long as investors in these two cohorts fill their bags.
The Market Value Realized Value (MVRV) on-chain profit/loss model shows that ADA is back in the buy zone. In other words, as the ratio slides below 1, ADA will be considered undervalued. The MVRV now holds at -0.70, which may encourage more buyers to get a piece of a lower-priced ADA ahead of an anticipated bullish trend reversal.
Crypto Presales Offering Quicker Profits
Cardano has a $12 billion market capitalization making it the 8th largest coin in the market. This means that it requires a significant amount of capital for it to reach higher prices and profits for current investors.
That’s why many have started looking at alternatives, with presales being a sector that has been doing particularly well over the past year, despite the bear market.
Here are three new coins that are in presale right now that could post some good returns once they receive their first listings.
Dash 2 Trade
Dash 2 Trade (D2T) is a crypto analytics and intelligence platform for traders and investors. Think of it as a Bloomberg Terminal for crypto enthusiasts.
In just a few weeks, D2T has raised more than $5.7 million, catching the attention of crypto investors around the world.
With LBank being its first confirmed exchange listing, D2T has all the fundamentals to see significant gains in the future.
Visit Dash 2 Trade Now
IMPT is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets by shopping with a wide range of eco-friendly retailers.
IMPT’s presale has now raised over $12.5 million making it one of the most popular sales in crypto right now.
IMPT tokens are currently selling for $0.023, but this will increase and continue to increase in the next stages of the presale.
Visit IMPT Now
Calvaria (RIA) is a new play-to-earn game that lets players earn and battle with NFT-based collectible cards. What distinguishes it from other blockchain-based games is that users can play it without having to hold any cryptocurrency, something which could serve to make it more accessible to a wider pool of gamers.
The presale has raised more than $1.6 million and is about to sell out its fourth stage, with 1 USDT currently buying 40 RIA tokens.
Visit Calvaria Now