Cardano price is registering modest gains as investors shrugged off the arrest of FTX’s Samuel Bankman-Fried (SBF). Investors are focusing more on the recently released United States inflation data and the Federal Open Market Committee’s decision on interest rates.
The ninth-largest cryptocurrency jumped almost 3% on Wednesday to trade at $0.31, ADA has attracted over $329 million in trading volume, while it has a market cap of $10.90 billion.
According to Raphael Kim, founder of Reframe, a crypto VC company in Seoul, investors expect the Fed to be slow on tighter measures to combat inflation.
US inflation levels eased in November, with the consumer price index (CPI) rising 7.1% year-on-year. This is the lowest gain in 11 months in addition to a 0.2% increase in core CPI – 6.0% year-on-year. Kim believes that “this is the main reason for the increase in prices.
Cardano Price Forecast: ADA Lives Between a Rock and a Hard Place
Since the second week of November, Cardano price has oscillated between the support at $0.30 and the resistance at $0.33. Attempts by smart contract tokens to break these limits have been unsuccessful, leading to a prolonged period of consolidation.
The presence of the bulls in the market cannot be over-emphasized, considering that they have recently pushed ADA above the lower trend line (in black). However, the upside momentum faded before an uptrend was confirmed above the second trend line (broken line). Strengthening this resistance is the 50-day Simple Moving Average (SMA) (in red) at $0.32.
There is a possibility of another bullish breakout if the Moving Average Convergence Divergence (MACD) indicator maintains a positive outlook in the coming sessions. As the MACD closes the distance from the Mean Line, more buyers will emerge from the sidelines, while a move into the positive zone will open the door for further gains above $0.30.
A break and hold above the second moving average, the 100-days EMA (in blue) at $0.3399, is needed to strengthen the bulls’ influence on ADA price. Movement towards $1.00 will depend on Cardano’s ability to overcome an aggressive seller concentration zone at the 200-day EMA (in purple).
On-chain data from Sentiment shows that Cardano remains in a suitable buy zone. The market value realized value (MVRV) sits at -5.70 after rising above the 30-day low of -15.59. This continued growth pattern shows that investors are becoming more confident in ADA’s recovery. Remember, some holders may consider selling as the MVRV ratio flips above the average line at 1.00.
Addresses with 10,000 and 100,000 coins have continued to fill their bags, ignoring the many uncertainties in the crypto market and global economy. Although the FOMC may be slowing rate hikes, inflation is still quite high.
From the chart below, the above group holds 11.40% of the total supply of Cardano, compared to the 30-day low of 10.87%. If this buying spree continues, investors can expect a breakout from ADA to $1 to consolidate the uptrend.
Consider Cardano Options for Huge Short-Term Profits
Cardano is in a buy zone as cryptos navigate the remaining days before the new year. As long as the buying pressure, especially from whales, increases, ADA could rally to $1.
Nevertheless, a select few new and exciting pre-sales are promising above-average returns to investors. some of the The tokens listed below are performing well in their pre-saleWith some, like D2T, ahead of time.
Dash 2 Trade (D2T)
Dash 2 Trade is a platform that helps traders take advantage of opportunities in the market with actionable trading signals. This world-class crypto ecosystem provides access to the latest on-chain analytics while supporting all the necessary trading tools.
With Dash 2 Trade, investors and traders get the most out of the market using top features like the soon-to-be-launched Pre-Sale Dashboard. Users will also be treated for listing alerts to allow for faster investment decisions.
Dash 2 Business operates on a three-tier membership structure. Basic free tier not required User to hold D2T token, but the starter tier comes with a monthly subscription of 400 D2T tokens. A premium tier gives access to all services on Dash 2 Trade – it costs 1,000 D2T tokens.
Robotera (Tarot)
Robotera is a powerful sandbox-style metaverse platform that combines entertainment and interaction. Taro is the token that powers this ecosystem. It is used for various in-world transactions ranging from purchases, event tickets and game access.
The platform also supports Robot NFTs that act as user characters around the world. Since it is a metaverse, users can buy land to build property and sell facilities. Robotera is an inclusive platform for creating assets, playing games and increasing value through multiple in-world interactions.
Calvaria (RIA)
Calvaria is a crypto project that aims to accelerate the mass adoption of crypto through a play-to-earn battle card game. The team hopes to be the first effective ambassador between the “real world” and the digital world, and their idea is to create a fun and accessible game that can be accessed on mobile app stores and PCs.
The RIA pre-sale is in an advanced stage, with $2.44 million raised. Only 21% of the tokens issued for the five pre-sale phases are left. Hence, taking a look at the website before listing of RIAs on exchanges can help you secure an early bird ticket.
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