Cardano price is starting the week on a negative note amid a broader downtrend in the crypto market. The largest cryptocurrency, Bitcoin (BTC), is down 3.6% on the day and is trading at $16,041While Ethereum (ETH) traded at $1,116.
The FTX debacle continues to wreak havoc in the space, meaning that price recovery may remain lacking in the near term. With the loss of investor confidence in centralized exchanges (CEX), the conversation around decentralized exchanges (DEX) is gaining momentum.
According to Raphael Haupt, founder and CEO of Touken Protocol, the collapse of FTX shows how decentralized crypto control is not yet important. Regulators cannot shoulder all the burden, which demands integration of governance into the value chain – codified in smart contracts.
Haupt commented on the FTX crisis, “Using smart contracts and decentralizing protocol administration where possible creates a safer and more transparent rail, allowing the movement of every asset publicly at any time.”
ADA Puts Up Last Line of Defense as Cardano Price Forecasts
Cardano price dragged its leg further down after failing to break above the $0.44 resistance. Although the $0.32 level was expected to act as support, the price has now dropped to $0.30 in line with the broader crypto markets.
Cardano price must remain strong at $0.30 to avoid further downsides towards $0.25. Bulls should tread cautiously keeping in mind the sell signal from the Moving Average Convergence Divergence (MACD), as seen by the red bars.
On the other hand, if ADA is able to consolidate above $0.30 for a few days, it could make another attempt at $0.44 and higher in the coming weeks. But of course, the crypto markets are not out of the woods yet.
According to Coinmarketcap, the trading volume has increased by 116% in the last 24 hours to exceed $300 million. Investors are still on high alert due to the FTX debacle, and some prefer to convert their crypto assets into dollar-pegged stable coins like USDT.
Net outflows from exchanges reached a new record high last week, according to on-chain data published by crypto quant, Binance saw approximately 81,712 BTC worth approximately $1.3 billion. Binance CEO Changpeng Zhao (CZ) said that a slight increase in withdrawals is normal during a market downturn.
Investors will continue to adopt decentralized crypto storage platforms to avoid the risks associated with centralized exchanges.
A large number of holders continue to show interest in ADA despite the massive drop in price. From the chart below, holders are taking advantage of low-priced ADA to fill their bags. The total number of addresses holding 1M to 10M tokens has increased from 2,374 to 2,398, as recorded by Sentiment on November 20.
A similar growth pattern was reflected in addresses with more than 10 million ADA, which currently stand at 477 from a 30-day low of 469. This trend shows that investors have faith in the future of Cardano, despite the short-term price correction.
Presales offering huge profits in a short period of time
It may take weeks or even months for ADA to reach $1 and above. This is why some investors have started looking to crypto presales for faster returns. There are some of the best on the market today.
Dash 2 Trade (D2T)
The Dash 2 Trade In is the first of promising pre-sales. The platform enables the creation and testing of trading strategies for traders and investors to make informed market decisions. Dash 2Trade is designed to take your crypto trading to the next level by providing data-based crypto signals.
D2T is based on the Ethereum network and powers the entire Dash 2 trading platform. Token allows access to the crypto analytics, signals and social trading features needed to excel in the market.
Visit the Dash 2 Trade Presale Now
Robotera (Tarot)
Another Ethereum-based platform, robot era (TARO), a sandbox-style metaverse in which gamers can play as robots and participate in the creation of its virtual world. Its alpha version will go live by Q1 2023, with its ecosystem allowing users to create their own NFT-based land, buildings and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), however this price will increase to $0.025 in the second phase of its pre-sale, which will start soon.
Calvaria (RIA)
calvaria (RIA) is a new game that revolves around the collecting and trading of NFT-based cards, which can also be used to battle with other players and earn rewards. What sets it apart from other blockchain-based games is that users will be able to play it without any cryptocurrency, which could make it more accessible to more casual gamers.
Within its ecosystem, RIAs will be used to purchase in-game items and place bets, giving it a strong use case within its ecosystem. The pre-sale for the tokens has raised just over $1.8 million and is currently in its fourth phase, during which there can be up to 40 RIAs for 1 USDT.
The current price of RIA is $0.025 and it will increase to $0.03 in the next phase of pre-sale.
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