Cardano Price Forecast – Bulls Keep ADA Above $0.30, Can Prices Rally Now?

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Cardano Price Above $0.30 After Another 2022 Crypto Crash Binance and FTX Drama.

Although the sell-off initially affected the FTX token (FTT), which has lost 75% of its value in the past 24 hours to trade at $4.43, the massive withdrawal from the FTX exchange has dented the already dilapidated cryptocurrency. affected the market.

Until the FTX exchange stabilizes, further downside is expected, hopefully with the help of Binance CEO, CZ. According to recent reportFTX was facing a liquidity crisis and had asked the largest exchange, Binance, in one fell swoop to protect users.

Cardano price is in the red, but for how long?

Cardano price has not been spared from the bearish wave across the market. However, it has absorbed most of the selling pressure compared to other coins. In comparison, ADA’s 8.7% drop on the day is seasick, compared to a 22.7% drop in ETH, a 13.2% drop in BTC, and a 20% drop in XRP.

Cardano presents extremely bullish factors in the light of what is happening in the market. In a post retweeted by Input-Output’s CEO, Charles Hoskinson, the platform is “a bulletproof example of how to properly build a crypto ecosystem.” He believes that ADA is free from any venture capital (VC) manipulation or insider influence and focuses primarily on research-based manipulation.

Cardano Price Prediction: A Relief Rally Is On The Way

As seen in the daily chart below, Cardano price is now trading at $0.35, as tagged at $0.348 in the daily chart below. A Stochastic Oscillator, applied to the same chart, indicates that ADA is becoming oversold – and bullish, which means a rebound could be on the way.

However, ADA failed to hold support at the upper descending channel (in black), paving the way for a longer downtrend to test support at the lower channel (in purple) mid throughline, before the bulls Consider another trend reversal.

If the push comes to blow, Cardano price $0.30 . but will end the downtrend, Sideline investors will join the market to capitalize on ADA’s recovery potential to $0.50 and then $1.00 as we approach the end of the year.

ADAUSD Daily Chart |  tradingview
ADAUSD Daily Chart | tradingview

Bears looking for a lower ADA should wait even further for a clear break below the middle range of the lower channel for a potential take-profit at $0.33 and $0.30 – support reinforced by the lower boundary of the channel.

On the other hand, a short term pullback cannot be ruled out especially with excessive demand above $0.30. For this reason, traders scanning for long positions should be patient and wait for the Stochastic Oscillator to rebound from oversold territory to neutral territory 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 the supply distribution indicators are considered. On-chain data from Sentiment shows that there has been a steady increase in addresses between 1,000 and 10,000 ADA tokens. Addresses in this group are at 559,000 compared to 486,000 about 90 days ago, despite the ADA price drop and uncertain market conditions.

Cardano Supply Distribution |  sentiment
Cardano Supply Distribution | sentiment

Addresses containing the 10,000 and 100,000 ADA tokens exhibit a similar growth pattern, rising from 121,000 to 131,000 over the same period. As long as investors from both these groups fill their bags, the bullish outlook for ADA prices will remain intact.

The Market Value Realized Value (MVRV) on-chain profit/loss model shows that ADA is back in buy territory. In other words, as the ratio falls below 1, ADA will be considered devalued. MVRV is now at -0.70, which could encourage more buyers to acquire a piece of lower-priced ADA before the anticipated bullish trend reversal.

Cardano MVRV Ratio |  sentiment
Cardano MVRV Ratio | sentiment

Crypto Presales Offering Fast Profits

Cardano has a market capitalization of $12 billion which makes it the 8th largest coin in the market. This means that it requires a large amount of capital to reach high prices and profits for existing investors.

This is why many people have started looking for alternatives, with presales being an area that has been performing particularly well over the past year, despite the bear market.

Here are three new coins that are in pre-sale right now that could post some decent returns once they get their first listing.

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 grown by more than $5.7 millionCapturing the attention of crypto investors around the world.

with ElBank is its first confirmed exchange listingD2T has all the basic elements to see significant gains in the future.

Go to Dash 2 Trade Now

IMPT

IMPT is a carbon credits marketplace where users can earn and trade NFT-based carbon offsets by shopping with a wide range of eco-friendly retailers.

IMPT pre-sale is now Raised over $12.5 million This is one of the most popular selling in crypto right now.

IMPT tokens are currently selling for $0.023, but this will increase and continue to grow in the next stages of the presale.

Visit IMPT Now

calvaria

calvaria (RIA) is a new play-to-earn game that lets players earn and battle with NFT-based collectible cards. What sets it apart from other blockchain-based games is that users can play it without any cryptocurrency, something that could serve to make it more accessible to a wider pool of gamers.

Presale has raised over $1.6 million and is about to sell its fourth phase, with 1 USDT currently buying 40 RIA tokens.

Visit Calvaria Now



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