Cardano Price Forecast as $200 Million Trading Volume Comes In – Here’s Where ADA is Headed Next
Cardano’s price has fallen significantly in the past few days, even experiencing a loss of over 4% in the past 24 hours. It has now dropped below the key support level of $0.30, causing concern among some traders.
At present, it is trading at around $0.28 as traders attempt to stabilize the price and potentially push it back above the $0.30 level. Here’s where it’s headed next.
Cardano Price Forecast as Whales Buy the Dip
On the daily chart, Cardano’s price can be seen approaching the lower boundary support of a falling channel. Previous efforts to elevate the price above the middle boundary of the channel were unsuccessful, as the price was unable to surpass the resistance at $0.33.
The ADA price is now heading lower toward the $0.27 trendline support.
If the Moving Average Convergence Divergence (MACD) indicator indicates a sell signal, overhead pressure will likely increase. This will signal to investors to intensify their selling efforts would be shown by the MACD (shown in blue) crossing below the signal line (shown in red).
It is important to note that since the MACD is currently below the mean line (0.00), the path of least resistance for Cardano is downward.
The growing influence bears have on Cardano price may gain traction if support ($0.27) at the channel’s lower boundary gives way.
Sell orders could be triggered slightly below the channel ahead of possible take-profit targets at $0.26 and $0.20, respectively. If push comes to shove, Cardano will retest support at $0.16, where it will tap into immense liquidity for a significant bullish turnaround.
Fundamentals Strengthen as Cardano Price Falls
It is possible that the current downward trend will only be temporary, and the price may recover in the near future. Therefore, traders may want to be on the lookout for sudden price reversals.
According to Santiment’s Market Value Realized Value (MVRV) metric, which is currently at -8.37, Cardano’s price is currently in a buying zone. When this on-chain metric falls below 1, it indicates that ADA is undervalued, and investors may be hesitant to sell due to concerns about realizing losses.
Some larger investors, known as whales, may also take advantage of the lower price by buying more ADA in the hope of selling when the MVRV ratio rises above 1 again.
Large volume holders are already heeding the call to stack ADA based on data graphically presented by Santiment. The chart below shows addresses with between 1 million and 10 million tokens buying back the tokens they sold in the last seven days. This cohort now holds 16.03% of Cardano’s total supply, up from 15.98% recorded on December 14.
ADA whales can keep buying as the price drops. This indicates that investors see a long-term bullish outlook in Cardano.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
FightOut (FGHT)
Running on the Ethereum blockchain, FightOut (FGHT) is a move-to-earn fitness app that combines real-life workouts with Web3. Building on the foundations laid by earlier M2E platforms such as STEPN, it tracks and rewards not only steps taken but all manner of workouts, including boxing, weightlifting and yoga. It also offers in-app and physical courses, helping users to lead much more active lifestyles.
📣 It’s official #FightOutCrew!
— Fight Out (@FightOut_) December 16, 2022
We reached another milestone – over $2M raised! 🔥
Buy now and get up to a 50% bonus with $FGHT!
Don’t miss out! 👊⬇️https://t.co/xwthuHJbBG pic.twitter.com/1lXXlwWG8l
Launched only this week, its presale has already raised over $2 million, with $1 currently buying you 60.06 FGHT tokens.
Visit FightOut Now
Dash 2 Trade (D2T)
Also running on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping to build stronger portfolios and arrive at more informed decisions.
The sale of its D2T token has raised over $9.9 million and is now in its final stage. It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy market-beating returns.
RobotEra (TARO)
One for the gamers, RobotEra (TARO) is a Sandbox-style Metaverse that lets users play as robots and create its virtual world. This will include creating NFT-based land, buildings, and other in-game items, while the game also has the very ambitious aim of letting players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. It has already raised over half a million dollars.
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