Cardano Price Forecast as $800 Million Trading Volume Pushes ADA into the Green – Time to Buy?
The Cardano price is bouncing back after falling in response to the FTX-triggered crash in the crypto market this week. The smart contracts token unceremoniously cracked support at $0.3810, opening the door to overarching declines that saw it plunge to $0.3090. ADA now trades at $0.3410 amid a unanimous push by the bulls to close the day above the critical $0.3810 level. However, its rally may be short-lived given the risk-off market sentiment.
FTX Australia Reaches Out to Administrators
This week’s crypto meltdown has the crypto exchange linked to Sam Bankman-Fried (SBF) written all over it. A liquidity crunch forced the exchange to suspend withdrawals, drawing attention to the behind-the-scenes of one of the leading crypto exchanges in the world.
As per a report published by Reuters on November 10, some of the funds moved from the exchange were customer deposits. It is believed that SBF did not inform other top executives at FTX as he mismanaged the funds.
Meanwhile, the latest updates in SBF’s saga reveal that FTX Australia and FTX exchange, the subsidiaries of the embattled FTX, have started engaging administrators. Yahoo Finance reported on Friday that the entities did so after SBF failed to attend a board meeting.
After the local directors handed over the firm’s operations, the KordaMentha administrators started reviewing the crypto exchange’s records to determine whether there were sufficient assets to repay local consumers.
Cardano Price Prediction as ADA Bounces from Support
Cardano’s price is back in the green after leaving support at $0.3090 in the rearview. A 61.8% Fibonacci retracement is expected to tag $0.3880 before ADA makes a temporary pullback – possibly to collect liquidity. On the bright side, breaking and holding above the same level could change the perspective from bearish to bullish, as investors will be eyeing a subsequent move to $0.50 and later to $1 in the coming weeks.
The bullish outlook in ADA was reinforced as the Moving Average Convergence Divergence (MACD) sent a buy signal. A continued movement of the MACD toward the mean line and probably into the positive region will call more buyers to hop onto the northbound trend.
A section of investors commonly referred to as whales continue to sink more funds into ADA, despite the ongoing crypto turmoil. On-chain data by Santiment shows that addresses holding between 10,000 and 100,000 ADA tokens grew from approximately 131,550 – recorded on Monday 7, to around 132,320 observed on Friday 11.
The buying pressure was also fueled by addresses holding between 100,000 and 1,000,000 ADA tokens from 20,652 to 20,600 in the same period. This decision by investors to continue buying ADA exhibits a strong bullish outlook for Cardano’s price.
Insights from Santiment also show a spike in the daily on-chain transaction volume in a loss. In other words, most of the transactions on the Cardano blockchain are in loss compared to the price at which they last moved.
Often spikes in this metric come before a bullish trend reversal. Holders are unlikely to keep selling if they face unrealized losses. With a drop in selling pressure, the path with the least resistance will be to the upside.
The same daily time frame chart warns that traders should be cautious from now on, especially with the likely collapse of FTX. Moreover, resistance at the 50% Fibonacci at $0.3720 could prematurely hinder Cardano’s recovery.
Nevertheless, a minor correction to the 23.6% Fibonacci at $0.34 might be a blessing because it will allow bulls to collect more liquidity before making another recovery attempt.
Alternative Investments Promising Massive Gains
Cardano is considered one of the most ambitious tokens with long-term growth potential. However, recent events in the crypto market continue to stifle its bullish outlook. However, interested investors can start looking into other upcoming projects with more short-term profit potential. The following projects have ongoing presales at the moment:
Dash 2 Trade (D2T)
Dash 2 Trade is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the center of the Dash 2 Trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
Think of Dash 2 Trade as an all-in one terminal where investors have access to precise and timely market data to test trading strategies that allow them to take advantage of the opportunities in the market.
D2T currently sells for 0.0513 USDT, but this price will go up to 0.0533 USDT in the next presale stage.
Built on the Ethereum PoS blockchain is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers. Since carbon credits are now tokenized as NFTs, it is possible to track them more transparently, which helps to address several issues that have previously plagued the carbon market.
IMPT’s presale has raised more than $12.6 million a few weeks after launch, making it one of the most popular crypto sales.
RIA might be the next major cryptocurrency to buy for blockchain gaming enthusiasts. This digital asset offers several promising possibilities that are raising interest among investors.
The native token for Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to aid traders in buying non-fungible token (NFT) trading cards. Players are tasked with building strategies to help them win these battles directly. RIA is the token that makes NFT purchases possible through an in-app NFT marketplace.