Cardano Price Forecast as Cardano Prepares to Launch New Algorithmic Stablecoin in 2023
The cryptocurrency market continues to wade through the murky red waters of a bearish trend – made worse by the collapse of FTX. Despite the negative market mood, ADA has so far held well against the rest of the market, down only 0.6% in the past 24 hours.
Cardano’s First Algorithmic Stablecoin DJED to Launch In 2023
The Cardano ecosystem continues to grow despite the bear market. According to the latest updates from the crypto space, DJED will be the first algorithmic stablecoin to launch on Cardano’s mainnet in January 2023.
The team confirmed the launch of the stablecoin on the mainnet during the Cardano Summit 2022.
Currently, the team at DJED is working around the clock to develop a payment platform and cryptocurrency gateway referred to as Djed Pay. This payment gateway will enjoy the support of the Cardano Foundation, elevating its status among businesses. DJED will also help investors manage risk, given recent events in the crypto market.
Cardano Price Forecast: Bulls Have to Hold Firmly at $0.30 Support
Cardano’s price is struggling to hold above a critical level, as highlighted by the gray band at $0.30 (S-1). ADA has also formed a lower-high pattern, with its upside capped by a bearish descending trendline.
Sellers will likely stay in control, especially with Cardano trading below all the major moving averages, including the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue), and the 200-day EMA (in purple).
Losing support at $0.30 could be detrimental to Cardano’s price as it might trigger further selling.
Traders looking to short current levels must wait until ADA closes below $0.30 to avoid a bear trap which quickly rebounds to the upside Take-profit targets on the downside have been highlighted at $0.20 and $0.165.
The Stochastic oscillator in the same 3-day timeframe confirms the strong bearish grip on the price. However, it also shows that ADA faces extremely oversold conditions that could pave the way for a recovery in the short term. Asset prices tend to return to fair market values. Hence, there is a chance for a short-term rally. That said, all momentum seems to point at the price breaking down, so bulls may need to wait for a strong green candle before jumping in.
A break above the descending trend line could mark the beginning of an uptrend. Potential take-profit targets to look out for as ADA recovers include the 50-day EMA at $0.465, the 100-day EMA at $0.649 and the 200-day EMA at $0.862.
Cardano Alternatives to Consider as The Year Ends
As analyzed, Cardano must hold above $0.30 to avoid revisiting downstream levels to $0.165. While ADA still dons a positive outlook, it may take longer to materialize, with its recovery stifled by the uncertainty of a bear market cycle. That’s why interesting investors can look into promising presales with the potential to rally after listing on exchanges.
Dash 2 Trade (D2T)
Dash 2 Trade is a new cryptocurrency project, providing investors with world-class crypto analytics that make navigating the market easier. With these analytics, traders can build and test strategies on a simplified platform.
Due to launch in the first quarter of 2023, the sale of its native D2T token has already raised more than $6.7 million. It has also announced listings on BitMart and LBANK Exchange for early next year, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. Within its platform, gamers will be able to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
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, which will begin soon.
Visit RobotEra Presale Now.
IMPT is 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. Its tokenization of carbon credits as NFTs means that such credits can be tracked more transparently, helping to solve many of the problems that have undermined carbon markets up until now.