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Cardano price is on the verge of a bullish breakout after a week full of negative headlines related to it. ftx scandal, Industry’s ninth largest cryptocurrency Sustained decline, testing lower price levels around $0.31.
If the buyers can sustain the price for a few days, a recovery towards $0.4400 could start.
IOHK’s Charles Hoskinson hits out at those attacking Cardano’s leadership
Cardano co-founder, Charles Hoskinson has once again fired back at those who keep questioning the progress of the Cardano ecosystem. The developer and CEO of Input-Output Hong Kong, an organization tasked with the maintenance and development of the blockchain, responded to a Twitter post directed at her for under-promising and under-delivering.
It is noteworthy that Cardano has now introduced smart contract functionality and has millions of dollars in total value locked on its blockchain.
Cardano Price Prediction: Time To Buy A Dip Or Is It A Dead Cat Bump?
Cardano price is up a subtle 1.2% on the day after printing a bullish candle on the four-hour chart. The higher support at $0.3300 is expected to be useful as ADA climbed north of its primary support at $0.3000.
The movement of the Stochastic oscillator from the oversold area (below 30.00) above the median line reinforces the increasing influence of the bulls on the price. Its positive divergence from price shows that buyers have the upper hand and are ready to climb higher on the ladder.
The bullish outlook for Cardano is likely to continue uninterrupted recently due to a buy signal provided by the Moving Average Convergence Divergence (MACD) indicator. Traders ready to trigger long positions in ADA should wait for the four-hour candlestick to close above the descending trend line at $0.3300. Potential take-profit targets are located at $0.3700, $0.4100, and $0.4400, respectively.
Why Cardano’s Price Is Fundamentally Poised To Rally
From the above analysis, Cardano price is holding a short-term positive outlook. However, more is needed for a sustainable uptrend. Therefore, background activity – blockchain data and insights to be precise – needs to be considered.
According to the sentiment chart below, whales continue to fill their bags with ADA tokens despite the selloff due to the FTX collapse. The number of addresses with 10,000 to 100,000 tokens increased from 130,000 a month ago to 134,000. This indicates that whales are expecting a price rally.
A similar trend can be seen in the cohort with 100,000 to 1,000,000 tokens. The number of addresses increased from 20,770 to 20,800 in the same period. This incredible rise of ADA means that investor sentiment is strongly positive and has not wavered despite uncertainties in the crypto market and global economy.
The Market Value Realized Value (MVRV) places Cardano in a suitable buy zone. The model’s current reading of -8.75 shows that the ADA is undervalued. Since the assets are correct in their fair market values, investors consider buying when the MVRV falls below 1. Conversely, when the ratio moves above the same line, they prefer to sell.
Promising options for portfolio diversification
The outlook in Cardano is highly unpredictable, especially if recent events in the crypto market are to continue. That’s true, at least for the short term.
Thus, it is worth looking at other tokens that arguably have a more promising future. Notably, a significant percentage of coins that have had prior sales this year posted impressive profits on the listing, And while not every new cryptocurrency can be assured of success, the following are:
Dash 2 Trade (D2T)
running on ethereum, dash 2 business Is a trading intelligence platform that will launch in the first quarter of 2023. It will provide investors with real-time market data and social indicators to help them make more informed decisions.
D2T tokens are currently selling at 0.0513 USDT, but this will increase in the next phase of the sale.
Another Ethereum-based platform, robot era (TARO), is developing a sandbox-like metaverse in which gamers can play as robots and participate in the creation of its virtual world. Scheduled to release its alpha version by the end of Q1 2023, it will enable players to create land, buildings and other in-game items, all of which are represented and owned in the form of NFTs.
Investors can participate in its Taro token sale by visiting its website and buying with USDT or ETH, with 1 Taro currently going for 0.020 USDT. This price will increase to $0.025 in the second phase of its presale.
calvaria (RIA) is a play-to-earn blockchain-based game in which players can collect, battle and trade NFT-based cards. Also scheduled to launch its alpha in Q1 2023, it has the distinction of enabling users to play it without holding any crypto, something that will make it more accessible than other similar blockchain-based games. could.
That said, the native token RIA can also be used to purchase in-game items and for staking, giving it a strong use case within its own ecosystem. The pre-sale for the tokens has raised just over $1.7 million and is currently in its fourth phase, during which there can be up to 40 RIAs for 1 USDT.
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