Cardano Price Forecast – ADA Price Action Hints at 25% Pump
Cardano price flipped green on Monday, following in the footsteps of its bigger siblings – Bitcoin (BTC) and Ethereum. The smart contracts token has moved 1.85% in 24 hours, attracting $380 million in trading volume. Its short-term technical picture screams bullish – forecasting a 25% breakout.
Retail Investors Are Ready to Back Cardano Price Breakout
Cardano price is trading 87.90% below its all-time high of $3.09, set in September 2021. While its value tanked immensely over the last year, holders of between 100 and 1,000 tokens now account for 1.15% of the network’s circulating supply, up from 0.92%.
A similar growth pattern occurred among addresses with between 1,000 and 10,000 ADA tokens, growing by 0.59% to account for 4.95% of the total supply. In spite of this increase in demand, pressure has continued to mount intensely on Cardano.
ADA Supply Distribution
Retail holders mustn’t lose sight of what lies ahead. In other words, the bear market rarely lasts forever. Moreover, much development often occurs when markets are dull and bloody.
For instance, Cardano recently hit a new milestone with the release of the Vasil hard fork. With this software upgrade, the IOHK (Input Output Hongkong) maintained blockchain tapped new scalability scales.
As recently reported, the founder of Cardano, Charles Hoskinson, highlighted that the Vasil hard fork focused on expanding the network’s transaction capacity, which meant great improvements in its scalability features.
Cardano has also become a leader in the DeFi (decentralized finance) sector. Last year, the launch of its smart contracts feature saw it rise to rival established platforms like Ethereum, Solana (SOL) and the BSC (Binance Smart Chain).
The MVRV (market value realized value) places ADA in a buy zone with its recent pullback to -17.57%. Due to this index’s negative correlation with the price, Cardano may be considered a worthy buy for investors looking to HODL.
In other words, an MVRV reading below the mean line implies ADA is undervalued, making it attractive to investors. On the other hand, a reading significantly above the mean line assumes ADA is overvalued and, therefore, prone to selling as investors book profits.
Cardano MVRV model | Santiment
Cardano Price Prediction
A falling wedge pattern on the 12-hour chart paints a positive picture of ADA price. Its short-term bullish outlook stems from a recently reinforced support at $0.36.
Although a falling wedge pattern foreshadows a northbound outcome, traders are advised to wait for a break above the upper descending trend line before triggering their long positions.
It is worth mentioning that a breakout is expected before the trend lines meet. Furthermore, a spike in volume often accompanies the bullish move.
ADA/USD 12-hour chart
The MACD (Moving Average Convergence Divergence (MACD) indicator could don a buy signal in the same timeframe. Traders may use this momentum indicator to validate ADA’s building impetus as the 12-day EMA (Exponential Moving Average), blue, crosses above the 26-day EMA, orange.
Traders should consider taking profits whenever they can, keeping in mind the market is still technically bearish. Hence, some key potential take-profit (exit) positions are the 50-day SMA at $0.4178, the 100-day SMA at $0.4455 and the 200-day, currently holding the ground at $0.4692.
IMPT: The Green Crypto Promising 50x Gains
Building value is every investor’s dream, but the challenge to many has always been spotting gems at an early stage, especially in the crypto industry. For instance, some people bought Bitcoin at $1.00 while others bought it at an all-time high of $69,000.
IMPT is a green crypto currently in its presale phase. The token could appeal to ESG investors hoping to create a sustainable portfolio.
According to the official website, IMPT has the potential to make the world become greener compared to tokens like SolarCoin, Powerledger and other PoS (proof-of-stake) coins.