Cardano (ADA) price is maintaining its last line of defense a week after slipping below its key support at $0.30. cryptocurrency market The past two months have been disappointing, with Sam Bankman-Fried and FTX topping the headlines.
Due to the contagion sparked by the collapse of the FTX exchange, experts predict a crypto winter to go well into 2023. However, a steady increase in the volume of the stablecoin, as shared in the latest report coinmetrics, shows that once confidence in the crypto sector is restored there will be enough deployable resources to reverse the course of the trend. Therefore, the $3 explosion in the price of Cardano is commendable.
in between, ADA exchanged hands at $0.2578 at the time of writing (Saturday – European session). coinmarket cap reported a 38.78% drop in trading volume to $126 million. Boating $8.89 billion in smart contract token market cap, it ranks ninth in the market.
ADA sinks deeper into buy territory as Cardano price prediction
After correcting 91.6% from its all-time high of $30.9 on September 2, 2021, Cardano price will end the year in a seemingly endless rabbit hole. ADA wiped out 82.6% of its value in just one year, further paralyzing investors.
The market value realized value (MVRV) profit or loss model has spent the better part of the year below its average line at 1. Sentiment Profile The property will be undervalued when the MVRV falls below the mean line. In such circumstances investors tend to hold their tokens for a longer period of time. Some will buy even more in anticipation of a rally.
Therefore, an MVRV ratio of -15.09 means that ADA is in a buy zone, awaiting a catalyst for a rebound. On the other hand, investors sell as the MVRV crosses the Mean Line to book profits.
Some investors, whales to be specific, have heeded the call and are currently on a buying spree. On-chain data from Sentiment shows that addresses holding 1M to 10M ADA now hold 16.19% of the network’s total supply, up from 15.98% recorded on 14 December.
A similar growth pattern is reflected in whale and shark addresses with 10M and 100M ADA. The share of this category in total supply increased by 0.42% to 41.54% during the same period. As soon as the demand for ADA increases, the value of Cardano will start to increase and the market decline will come to an end.
The Cardano protocol is supported by a strong development team working under the umbrella of Input Output Global (IOG). The network has received several significant upgrades over the past year, with the Vasyl hard fork being the latest and most complex in the history of the protocol. These developments could positively affect the ADA price going into 2023.
The community expects IOG to work on increasing the block size of the network to 8KB while increasing the volume to 80KB – allowing access to a larger bandwidth to support a higher transaction throughput. IOG is also working on making Cardano more scalable to accommodate increased demand following the transition to a proof-of-stake (PoS) protocol.
The unique features of Cardano make it a blockchain network to be reckoned with in the industry. As long as IOG remains committed to the project, as it has been in the past, the drop to $0.25 could be a temporary hurdle before a bigger rally that could see ADA value retrieved $3 Then.
Altcoins promising quick returns
Cardano price is the last line of defense with the potential to explode to $3 in 2023. However, before the rally can gain momentum, ADA may be forced to seek a bottom down the rabbit hole.
Nevertheless, there may be interested investors View tokens currently in their presale But to rally after listing for the first time with solid fundamentals. Some tokens, such as Dash 2 Trade, have already secured listing agreements with major cryptocurrency exchanges.
Fightout (FGHT)
It is a revolutionary Move-to-Earn (M2E) Fitness App and Gym Chain, that simplifies the fitness lifestyle. FitOut aims to make the fitness industry less cost-prohibitive for the masses while democratizing profit.
Users will earn rewards in the ecosystem’s FGHT tokens for completing workouts and challenges. FightOut plans to launch a fully supported app with a range of web3 aspects and physical gyms with the ability to track M2E progress.
FightOut’s pre-sale is underway and has raised over $2.35 million. For purchases made before $5 million, the team is offering a 50% bonus.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform that features integrated analytics and a dashboard with features designed to help traders achieve success. With this crypto terminal, traders access trading signals that lead to buy/sell opportunities in the market.
The platform’s social feel and on-chain analytics ensure traders can trade spot-trending coins. A strategy builder is also present to help investors develop and share ideas with others.
Dash 2 Trade pre-sales in final stages, with $10.59 million raised of an expected $13.42 million. The first CEX launch of the token will go live on Wednesday, January 11, 2023.
C+ charge (CCHg)
C+Charge is a crypto-powered Electric Vehicle (EV) charging and payment solution designed to democratize the carbon credits industry. It is the first on- or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits at the CCHG while charging their vehicles. Charge station operators will also receive payments in CCHG, increasing the utility of the token.
The C+Charge pre-sale recently raised $17,000. Investors can buy 1 CCHG for 0.013 USDT, but the price will move up to 0.0165 USDT in the next presale phase.
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