Cardano Price Forecast as $200 Million Trading Volume Comes In – Here’s Where ADA is Headed Next

Cardano price has again plunged into red waters days after rebounding significantly in the crypto markets. The smart contracts token lost more than 4% of its value in the last 24-hours, besides crashing the key support at $0.30.

ADA currently exchanges hands at $0.28 as the bulls fight tooth and nail to hold the short-term support and are expected to retest the crucial $0.30 level.

Buy Whale Dip as Cardano Price Prediction

The daily chart below shows cardano price The lower boundary of the descending channel is grinding towards support. Recent attempts to hoist the coin above the pattern’s throughline proved futile, as the bulls could not overcome the hurdle at $0.33.

For now, traders who entered short positions immediately after Cardano price was rejected by the middle range of the channel are looking to book profits at the lower boundary support near $0.2780.

The overhead pressure is set to increase if the Moving Average Convergence Divergence (MACD) indicator sends a sell signal. This call for investors to double their selling activity would appear with the MACD (in blue) crossing below the signal line (in red).

It is worth remembering that the path of least resistance for Cardano is to the downside, since the MACD is stuck below the Mean Line (0.00).

The upward move on Cardano price could gain traction if the support at the lower boundary of the channel holds. Sell ​​orders can be triggered slightly below the first channel with potential take-profit targets at $0.26 and $0.20, respectively. If push comes to shove, Cardano will retest the support at $0.16 where it will use the extreme liquidity for a significant bullish turnaround,

Fundamentals strengthen as Cardano price declines

There are chances that the ongoing downtrend may last only for a short period of time, and a recovery could happen in the coming sessions. Therefore, traders may consider watching for a sudden reversal while other investors are filling their wallets.

Cardano price is moving back into the buy zone, according to the Market Value Realized Value (MVRV) position at -8.37. When this on-chain metric of sentiment falls below the mean line (1), it signals that ADA is undervalued. Investors hold on to their assets for fear of realizing a loss.

Some may even buy (as in the case of whales) taking advantage of the low price of ADA tokens. In other words, an MVRV ratio below one tells investors to buy with the expectation of selling as the ratio rises above that level.

Holders of large amounts are already heeding the call to pile up ADA based on data presented by Sentiment. The chart below shows addresses between 1 million and 10 million tokens that bought back tokens sold over the past seven days. This cohort now holds 16.03% of Cardano’s total supply, up from 15.98% recorded on 14 December.

ADA whales may continue buying if the price declines. This indicates that investors see a long-term bullish outlook for Cardano. Price analysis suggests that the $0.2780 support is likely to avoid an extended downtrend.

Long positions can be activated as ADA prints a green candle above $0.30. Gains above the middle line of the channel and the 50-day exponential moving average (EMA) at $0.3353 (in red) will take ADA out of the channel. Such a move could open the door for a massive northward move towards $0.55 and $1.00, respectively.

New Altcoins Promising Huge Profits

Given the unpredictable nature of cryptocurrencies, Investors may soon look to new coin launches to capitalize on their initial exchange listing momentum for quick profit. Some selected crypto projects such as Tamadoge (TAMA) completed their presales phases. Since its October listing, TAMA has rallied over 1,800% against major bear market forces.

The three altcoins listed below are performing well in their pre-sales, somewhat ahead of schedule, such as Dash 2 Trade (D2T). While rallies can’t be guaranteed, these coins stand by their solid fundamentals.

Dash 2 Trade (D2T)

First on the list is Dash 2 Trade, an Ethereum-based crypto project that provides users with world-class crypto analytics and social trading features. Dash 2Trade makes it easy to build trading strategies and back-test them using accurate data – on-chain and off-chain.

D2T is the token powering this ecosystem By giving users access to all services such as signals, trading tools and social trading features. The pre-sale has raised over $9.9 million and is now in the final stages.

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Robotera (Tarot)

This crypto project could potentially transform the gaming community, and the virtual world is Robotera (Tarot). Users can create a personalized world in Metaverse and even design their own NFTs.

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.

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Calvaria (RIA)

Calvaria is a project focused to accelerate the mass adoption of crypto through a play-to-earn battle card game. The RIA Calvaria card game is called Calvaria: Duels of Eternity.

Players create strategies to help them win battles directly. The platform’s native token, RIA, enables NFT purchases and other in-house transactions.

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