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The price of Cardano is bouncing back after falling in response to the FTX-triggered crash in the crypto market this week. The smart contract token broke the $0.3810 support without any interruption, opening the door for an extreme decline, causing it to drop to $0.3090. ADA is now trading at $0.3410 and is being unanimously pushed by the bulls To close the day above the crucial $0.3810 level. However, given the risk-off market sentiment, its rally could be short-lived.
FTX Australia Contacted Administrators
In this week’s crypto meltdown is the crypto exchange Sam Bankman-Fried (SBF). A liquidity crunch forced the exchange to suspend withdrawals, drawing behind-the-scenes attention to one of the world’s leading crypto exchanges.
It is alleged that SBF diverted approximately $4 billion of FTX funds backed by various tokens such as FTT and Robinhood shares to its trading platform, Alameda Research.
According to a report published by Reuters on November 10, some of the funds transferred from the exchange were customer deposits. It is believed that the SBF did not inform the other top executives at FTX as they had repurchased the funds, although the value of the deposit could be calculated.
Meanwhile, the latest update in the SBF saga reveals that FTX Australia and FTX Exchange, subsidiaries of Tangled FTX, has begun involving administrators. The entities did so after failing to attend the SBF board meeting, CoinDesk reported on Friday.
After local directors handed over the firm’s operations, Cordamentha administrators began reviewing the crypto exchange’s records to determine whether it had enough assets to repay local consumers.
If Bitgate Managing Director Gracie Chen moves forward with plans to help Alameda gain liquidity, it could be a glimmer of hope. Chen says FTX deserves some kindness after helping keep other businesses afloat for years.
Cardano price prediction as ADA bounces off support
Cardano price is back in the green after leaving support at $0.3090. The 61.8% Fibonacci retracement is expected to tag along at $0.3880 before ADA performs a temporary pullback – possibly to collect liquidity. On the bright side, breaking and holding above the same level could change the outlook from bearish to bullish, as investors will look to move to $0.5000 later and $1.0000 later.
The bullish outlook in ADA was strengthened as the Moving Average Convergence Divergence (MACD) sent a buy signal. The continued movement of MACD towards the mean line and possibly in the positive zone would call for more buyers to hop on a northward trend.
A class of investors, commonly referred to as whales, continues to pour more money into ADA, oblivious to the ongoing crypto turmoil. On-chain data from Sentiment shows that addresses holding between 10,000 and 100,000 ADA tokens increased from about 131,550 recorded on Monday 7 to around 132,320 seen on Friday 11.
There was also increased buying pressure from addresses holding 100,000 and 100,000 ADA tokens from 20,652 to 20,600 in the same period. This decision by investors to continue buying ADA indicates a strong bullish outlook for Cardano price.
Losses from Sentiment’s insights also led to an increase in daily on-chain trading volume. In other words, most transactions on the Cardano blockchain are at a loss compared to the price at which they last moved.
Often spikes in this metric are preceded by a bullish trend reversal. If holders suffer an unrealized loss, they are unlikely to continue selling. With selling pressure declining, the path of least resistance will be to the upside.
The same daily time frame chart warns that traders should be cautious from now on, especially with the potential collapse of FTX. Besides, the 50% Fib resistance at $0.3720 could hinder a premature recovery for Cardano.
Nevertheless, a minor correction in the 23.6% Fibonacci to $0.3400 could be a blessing as it will allow the bulls to accumulate more liquidity before considering another recovery attempt.
Alternative investments that promise massive returns
Cardano is considered one of the most ambitious tokens with long-term growth potential. However, recent events in the crypto market continue to affect its bullish outlook. However, interested investors may start looking at other upcoming projects with an equally positive — if not better — outlook.
Tamadoge (TAMA) is one of these unique digital assets, having soared more than 1,800% (compared to its pre-sale price) in early October after being listed on OKX, one of the leading exchanges in the crypto industry.
Plus, investors can diversify their crypto portfolio with projects such as Dash Trade, IMPT and Calvaria. All three tokens are undergoing pre-sales and stand for strong fundamentals, indicating a high probability of a rally after their initial exchange listing.
Dash 2 Trade (D2T)
Dash2Trader is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the heart of the Dash 2 trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
think about dash 2 trade As an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies that allows them to take advantage of opportunities in the market.
D2T is currently selling at 0.0513 USDT, but the price will move up to 0.0533 USDT in the next presale phase.
IMPT, built on the Ethereum POS blockchain, is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be achieved by shopping with a wide range of eco-friendly retailers. Since carbon credits are now marked as NFTs, it is possible to track them more transparently, which helps to address many issues that have previously affected the carbon market.
IMPT pre-sale raises over $12.6 million A few weeks after its launch, it became one of the most popular crypto sales.
RIA could be the next major cryptocurrency for blockchain gaming enthusiasts. This digital asset offers several promising prospects that are increasing interest among investors.
The native token for Calvaria: Duels of Eternity is the RIA. The game, which takes place in a metaverse with an afterlife theme, aims to help traders purchase non-fungible token (NFT) trading cards. Players are tasked with creating strategies to help them win these battles outright. RIA is a token that makes NFT purchases possible through the in-app NFT Marketplace.
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