cardano (ADA) remained well above its 200-day moving average just above $0.3500, but selling pressure is building.
Even then, price prediction getting more and more despicable.
The world’s seventh-largest cryptocurrency by market capitalization was last trading around $0.3550, up as much as 4.0% on the day, as the US dollar rose despite fresh losses. US data shows an easing of price pressures and a gradually weakening labor marketthus raising the expectation that The Fed’s interest rate hike cycle is complete,
ADA, the cryptocurrency that powers cardano The smart-contract-enabled and highly decentralized blockchain is looking uncertain.
If the cryptocurrency loses its hold on the 200DMA, it is at risk of falling below the unopposed uptrend line that has been in place since late December 2022.
This would open the door for a retest of the March low under $0.30 in play.
Equally, if ADA finds strong support at current levels, a strong rebound from 200 DMA will be taken as a medium-term bullish indicator and a retest of recent highs in the $0.46 area in the coming months. Testing will likely happen.
But with bitcoin (BTC) price looking vulnerable to a technical-driven sell-off from the low of $27,000 to the current level of $25,000, the risk appears to be on the downside for Cardano, with bitcoin generally outperforming the broader crypto market. leads.
Cardano’s Hydra Scaling Solution – A Game Changer?
Cardano’s recent downside comes despite a major upgrade in its ecosystem recently.
The developers recently deployed Hydra, a layer-2 scaling solution for the Cardano mainnet.
According to Cardano’s websiteHydra aims to “increase transaction speed through low latency and high throughput, while also offering the lowest transaction costs”.
Observers hail the upgrade as a significant step forward, as it will allow the Cardano ecosystem to support decentralized applications that require high throughput.
The deployment of more sophisticated dApps on the Cardano blockchain should boost the ecosystem’s trade value lock (TVL) in smart contracts in the long run, which should also boost demand (and utility) for the ADA token.
According to DeFi Lama, Cardano last had a TVL of around $170 million.
Is it time to buy?
Despite the fact that the crypto market may be in the early stages of a new bull market, Cardano is still down about 89% from its 2021 peaks.
As mentioned above, the risk of aggravation of short-term losses is high, but a drop to $0.30 will almost certainly attract the smart money back inside.
And as the new crypto spring approaches, Cardano’s ecosystem is showing a lot of promising signs.
Cardano remains one of the most highly developed blockchain and new decentralized finance (DeFi) projects – such as the much talked about launch of Cardano. Cardano-based DJED stablecoin Project – moving forward, which admittedly is still running small, but is developing rapidly Cardano trade value locked in smart contracts.
With the long-term prospects of Cardano looking good, now might be a good time to buy.
If ADA posts 10X gains from current levels in the coming years, it won’t matter whether you bought at $0.35 or $0.30.
Greener Cardano Alternatives To Consider – EcoTera (EcoTera)
Investors should always be looking to diversify their crypto holdings.
One high-risk-high-reward investment strategy that some investors may consider is getting involved in crypto presales.
This is where investors buy tokens of up-start crypto projects to help fund their development.
These tokens are almost always sold very cheaply and have a long history of pre-sales providing huge exponential returns to early investors.
Many of these projects have great teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their pre-sale investment is great.
on the team cryptonews Spends a lot of time combing through pre-sales projects to help pick out investors.
One such project that the team has identified as having very strong potential is ecoterra,
ecoterra Cryptocurrency is the core of a blockchain-powered green ecosystem that encourages eco friendly behavior,
acotera’s The ecosystem includes a Recycle to Earn (R2E) platform, a carbon offset marketplace, a marketplace for recycled materials, and an Impact Profile.
The green web3 start-up’s R2E app is supported in any country that uses reverse vending machines (RVMs), meaning a huge potential market.
Ecoterra is in the fourth phase of its ECOTERRA token pre-sale, currently the token price is only $0.00775.
The project is closing in on the huge milestone of having raised $3.5 million.
Potential investors should note that the pre-sale price will soon rise to $0.0085 and the token will be listed on exchanges at $0.01 – a jump of over 30% from the current level.
