Cardano price is gasping for air as the bulls work round the clock to stay happy. The smart contract token closed the year on a negative note, rising from below $0.30 to $0.24. However, ADA has climbed over the past few days and reached a weekly high of $0.27.
A retracement is in progress, with Cardano price trading at $0.2645 at the time of writing. ADA’s trading volume exceeded $200 million in the past 24 hours, amounting to $9.3 billion in market capitalization. If there is a recovery above $0.30, ADA could displace Dogecoin (DOGE) and become the eighth largest cryptocurrency.
Cardano Price Deals With Temporary Retracement as $0.30 Beaks
trader joe Bought ADA as it bounced off support at $0.24 There is booking profits and increasing pressure on the resistance at $0.27. Nevertheless, pullbacks are common, even when the price moves upwards.
Investors may view the retracement as an opportunity to buy more ADA at lower price levels before another move to 11.7% due to the formation of an inverted head-and-shoulders (H&S) pattern.
An inverted H&S pattern is bullish, and its appearance suggests that the trend is about to change its course to the upside. A break above the neckline resistance strengthens the validity of the pattern. In the case of Cardano, the price has already validated the H&S at $0.29 for a move of 11.7%.
Bullish traders await a rebound from the neckline as ADA price recovers from the resistance at $0.27. This key support lies at the confluence of the 100-day exponential moving average (EMA) (in blue) at $0.26. Understand that the breakout target is equal to the length of the H&S pattern extrapolated above the breakout point.
Traders looking to take long positions in Cardano can consider booking profits at the 200-day EMA (in purple) and $0.29, respectively. However, highly bullish investors can wait until ADA is tagged at $0.30 and hopefully at $0.33.
Insights from the Moving Average Convergence Divergence (MACD) indicator show that the bullishness in Cardano price remains intact despite a slight correction from its weekly highs. Feel the MACD (blue colored line) above the signal line (red) at the time of writing when closing the mean gap. ADA recovery to continue as MACD moves into positive territory; Therefore it is worth monitoring this indicator.
Some investors, especially those with wallets holding between 10,000 and 100,000 tokens, seem unfazed by predictions of a long crypto winter. According to on-chain data from Sentiment, this address tier has grown to 11.66% of Cardano’s supply, compared to 10.48% about six months ago.
Spikes in supply distribution metrics to improve investor sentiment. In other words, they see a significant increase in the price of Cardano in the coming weeks, maybe even months. A surge in demand for ADA often contributes to the bullish strength that drives the price up.
Altcoins to consider in 2023
Cardano price offers investors an interesting opportunity to buy ADA while the price is still low. However, market conditions are neither here nor there, with the US CPI and the Federal Reserve’s (Fed) decision on interest rates expected to determine the direction of cryptos later this month.
Meanwhile, investors can be Consider a few selected altcoins As they debut on the exchanges for the first time, they can make above average returns. All the tokens listed are in their pre-sale phase, providing investors with an opportunity to be an early adopter.
Fightout (FGHT)
As the fitness industry expands its wings from web2 to web3 platforms, it is becoming difficult for investors to back projects. Although FightOut is relatively new, its features set it apart from the rest.
The team behind this emerging Move-to-Earn (M2E) project believes that everyone should be able to live a healthy, active lifestyle based on their individual goals, abilities and needs.
FightOut brings an M2E fitness app and gym chain to gamify the fitness lifestyle. By completing predefined workouts and challenges, users in this ecosystem will earn FGHT tokens, receive badges and grow within the community.
FightOut’s pre-sale is underway and has raised $2.63M by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus to buy FGHT, but only until the presale reaches the $5 million mark.
Dash 2 Trade (D2T)
Investors looking to discover crypto analytics can look no further than Dash 2 Trade. The team behind this emerging ecosystem presents an opportunity not seen before, where traders can use a token to access information critical to decision making.
D2T is the ERC-20 token powering Dash 2 trade Ecosystem. Dash 2 Trade aims to become the leading crypto analysis and social trading platform.
Dash 2 Trade has a range of features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers a customized scoring system for traders who want to participate in crypto presales.
The Dash 2 Trade pre-sale raised $13.62 million out of an estimated $15.42 million. In this final pre-sale phase, D2T trades at $0.0533 ahead of its first exchange listing on January 11th.
C+ charge (CCHg)
Passionate investors looking to save our beloved planet from pollution with greenhouse emissions should start paying attention to the C+ charge. It is a revolutionary project in crypto that hopes to incentivize Electric Vehicle (EV) drivers by rewarding them with carbon credits every time they pay with CCGH to charge their vehicles.
C+Charge believes it is the first on- or off-chain project to push for the democratization of the carbon credit industry from large corporations like Tesla.
The C+Charge platform could potentially become the standard platform across all segments of the EV charging sector, with the aim of reducing average transaction latency and increasing transactional throughput.
The C+Charge pre-sale is underway, raising $76.3k. Investors are currently buying 1 CCHG token for 0.013 USDT. There are roughly 156 million tokens left before the price rises to 0.0165 USDT.
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