Cardano Price Prediction – $698 Million Traded Yesterday – ADA Going All the Way to $0.41?
Cardano price continues to wallow in heightened volatility owing to the decision by the Federal Open Market Committee (FOMC) to hike interest rates by another 0.75%. As discussed on Wednesday, ADA stretched its leg further down and tested support at $0.3810. The smart contracts token now trades at $0.3910 as traders scan for short-term buy orders to $0.4100.
Meet the New Cardano Improvement Proposal
The CEO of the Cardano Foundation, Fredrick Gregaard, announced the release of a new Cardano Improvement Proposal (CIP) on Wednesday – referring to it as a key milestone in the network’s open-source journey.
According to the CEO, a CIP is a conduit that allows the Cardano Community to bring forward new features and collect input from the ecosystem on issues pertaining to the network. Gregaard added that full transparency is necessary when making informed decisions. Hence, the new CIP requires all participating projects to be enlisted.
With the CIP-9999 – the community can highlight problems that have yet to be solved and could form the basis for grant allocation built on top of proposals. The new CIP gives power to the Cardano Community – because they can make the changes they want to see implemented.
The changes to the CIP process will empower the #CardanoCommunity. @Cardano_CF works to make it as easy as possible for community members to create the changes they want. We operate with complete transparency and ensure everyone can make an impact and an informed decision. 6/8— Frederik Gregaard (@F_Gregaard) November 3, 2022
Cardano Price Prediction: ADA Matches into Short-term Recovery
Cardano price sustained an uptrend throughout the third and fourth week of October, bolstered by increased demand from support it had confirmed at $0.3350. An ascending trend line functioned as the uptrend’s springboard, ensuring that buyers were mainly in control despite frequent retracements as investors locked in profits at various price points.
Nevertheless, what goes up must come down. Cardano’s positive move faltered as the price brushed shoulders with $0.4420, although the bullish candle’s wick tagged $0.4400. Subsequently, a bearish candle breached the rising trend line, breaking ADA’s winning streak.
As overhead pressure roared into the market, Cardano dropped below all the applied moving averages – including the 200-day EMA (Exponential Moving Average (EMA) (in purple), the 50-day EMA (in red) and the 100-day EMA (in blue).
The MACD (Moving Average Convergence Divergence) indicator, which had on Sunday confirmed a sell signal, slipped below the mean line – adding credence to the bearish outlook in Cardano price.
Meanwhile, the same MACD indicator could flash a buy signal in the coming sessions, which will compel traders to place short-term long positions to $0.4100. Nonetheless, before activating their buy orders, traders must wait for ADA to make a clean move above the 50-day EMA.
The bullish outlook for Cardano’s price is also supported by fundamentals like the spike in the number of daily active addresses on the network. According to on-chain data from Santiment, these addresses almost hit a new monthly high but topped 84,478 on November 2.
Spikes in this metric imply high speculation levels among ADA holders. In other words, more people are betting on Cardano’s ability to keep the uptrend intact. Therefore, a consistent increase in the number of addresses transacting on the protocol daily is necessary to move not only to $0.4100 but to $1.0000.
The resistance highlighted by the 50 EMA could sabotage the anticipated move to $0.4100 if bullish pressure fades. This means that short positions below the same moving average could immediately turn profitable.
However, traders might wait for a break below the 100-day EMA before going all-in with their short positions to be safe. ADA’s recent support at $0.3810 is a potential take-profit position, but stubbornly bearish traders can hold on until the token tags $0.3650.
Santiment’s MVRV (Market Value Realized Value) on-chain model reveals that most ADA holders are in profit. The metric’s position at 3.88 is above 1, which means investors could consider Cardano overvalued. In such a case, they are likely to sell, thus mounting pressure on ADA to revisit lower price levels.
The MVRV tracks ADA holders’ profit or loss ratio by comparing the price at which the tokens they hold last moved with their current market value. On the other hand, ADA becomes undervalued when the MVRV ratio slides below 1.
As Cardano Price Makes Baby Steps To $0.41, Consider IMPT Presale
Cardano is a crypto project to reckon with in the industry, but investors can also consider other relatively new projects like IMPT, with a potential return of 50x gains.
IMPT is an innovative crypto project offering various opportunities for users to acquire carbon credits from the IMPT.io marketplace. The platform is bridging the gap to a greener environment by allowing individuals and corporations to help fight the climate crisis.
The team is said to have partnered with over 10,000 biggest retailers to help users offset their carbon footprint while shopping. From the IMPT marketplace, users can sell, retire or hold their carbon credits as an investment.
In just four weeks after its launch, the IMPT token presale has brought in more than $12 million, catching the attention of many crypto experts. The team looks forward to raising $25 million in its current presale stage while selling IMPT for $0.023.
Given its fundamentals, it is likely that IMPT will rise dramatically from its presale price once listing on exchanges starts.