ADA bears were in control on Wednesday, with the cryptocurrency trading near the $0.31 level per coin, down nearly 2.5% on the day, with a loss of nearly 6.0% from Monday’s peak close of $0.33. Price forecasts have turned less bullish this week. ADA, the token that powers the Cardano blockchain, is now up just under $0.30, up only 5.0% from the annual low it printed in November.
Price Prediction – Can This Trend Channel Support ADA?
Some technicians believe that ADA may find support from the short-term bullish trend channel it has been trading in over the past few weeks. If the upcoming US inflation data surprises again to the downside, the cryptocurrency could be looking for a return to monthly highs in the $0.33 area, perhaps catalysed by macro optimism.
However, a breakout below this short-term uptrend would confirm that in the longer term, ADA bulls remain very much in control. In fact, ADA/USD is locked well within a downtrend that has been in play since mid-August.
ADA/USD is also capped by a long-term downtrend that has been in play since the cryptocurrency hit a record high above $3.0 in mid-2021.
Can Cardano Overtake Dogecoin This Week?
At current prices, Cardano’s ADA token has a market capitalization of around $10.7 billion while Dogecoin has a market capitalization of around $12.7 billion. This means that the market capitalization of Dogecoin is about 19% larger than that of Cardano. While the cryptocurrency is highly volatile, which means that traders should not rule out the possibility that Cardano could close a 20% gap against Dogecoin this week, Cardano’s current bearish state means that this is not the case in the near future. The move is highly unlikely.
IOHK executive compares current crypto market to dot-com bubble
In a recent interview at the Messari mainnet conference, Jerry Fragiskatos, a top executive at Input Output Hong Kong (IOHK), the company that works on the development of the Cardano blockchain, compared the current state of the cryptocurrency market to the dot-com bubble. Late 1990s/early 2000s.
The dot-com bubble saw massive investment in Internet companies that ultimately failed. But it has also seen the likes of Amazon and Facebook become long-term success stories. Fragiskatos said that ADA will emerge as a survivor, arguing that the lack of venture capital investment in Cardano allows the ecosystem to take a long-term approach to growth.
Here is the full interview:
Dash 2 Trade (D2T)
Those looking to invest in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up and coming analytics and social trading platform is expected to take the crypto trading space by storm with its unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system, and strategy back-testing tools. Dash 2 Trade’s ecosystem will be powered by D2T tokens, which users will need to purchase and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. The D2T token sale recently exceeded $8.94 million. The sale has now entered its fourth and final phase and the pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule.
IMPT
Amidst the rise in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider IMPT Token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprint and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second phase of presale, IMPT has raised over $14.7 million. This equates to over $300K in token sales in just the last 24 hours. Investors only have four days to buy the token at the current discounted price of $0.023. IMPT token exchange listing will start in seven days.
Calvaria (RIA)
Major blockchain-based games such as Axis Infinity have lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an emerging play-to-earn battle card crypto game, could be a good option. Calvaria seeks to promote crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA Token Pre-Sale. Calvaria has now raised $2.23 million and is in the final stages of its fundraising process. Only 28% of the pre-sale tokens remain up for grabs.
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