Cardano Price Prediction: ADA Falls 7% as Crypto Markets Retrace – Time to Buy the Dip?
Cardano (ADA) is experiencing a bounce at key support in the $0.28 area in the form of its 21-Day Moving Average and an uptrend from the June lows.
The bounce, which comes as crypto markets breathe a sign of relief in wake of not-as-hot-as-feared US jobs numbers, keeps alive hopes that ADA has formed a bullish ascending triangle structure.
These technical patterns tend to form ahead of a bullish breakout.
So, with ADA still nearly 7% down from earlier weekly highs in the psychologically important $0.30 area as the broader crypto market retraces, is it time to buy the dip?
Price Prediction – Where Next for Cardano (ADA)?
With Cardano still in the process of forming a bullish short-term technical structure, bull are optimistic and short-term price predictions are thus bullish.
If ADA can break above resistance in the $0.30 area, this could open the door to a swift recovery back to its 200DMA and resistance in the $0.35 area.
If ADA can pull of this rally, it would have recovered practically all of the ground it lost in wake of the US Securities and Exchange Commission’s labeling of it as a security this time last month.
And it’s not just technicals that suggest an ADA recovery is on the cards.
The blockchain’s Decentralized Finance (DeFi) ecosystem continues to go from strength to strength, despite SEC FUD (which stands for Fear, Uncertainty and Doubt).
As per DeFi Llama, the USD-denominated total value locked (TVL) of crypto locked in Cardano smart contracts (via Cardano Decentralized Apps) is back above $200 million and almost back to yearly highs.
ADA-denominated TVL, meanwhile, continues to hit new all-time highs.
All said, while US regulatory uncertainty continues to hang over ADA, now could be a good time to buy the dip.
Cardano (ADA) Alternative to Consider – DeeLance (DLANCE)
An innovative new web3 project called DeeLance is building a crypto and NFT-powered metaverse that, in an industry first, puts the jobs market on the blockchain.
The project, which is touted as one of 2023’s hottest crypto start-ups, is building a metaverse to unite freelancers and employers and promises to overhaul remote working forever, as well as the $761 billion-dollar recruitment sector.
Using the decentralization and transparency of the blockchain, DeeLance wants to remove overly powerful middlemen like Fiverr and Upwork that have been abusing freelance workers and employers alike for the last decade.
DeeLance is already generating huge hype in web3 circles and some observers think could upend the still very web2 platform-centric freelance/gig work economy.
The project has already raised a whopping near $1.5 million in just a few months since the launch of its $DLANCE token presale.
DeeLance also recently secured a huge $1.12 million strategic investment from top venture capital firm Bitgert Ventures, a sign that institutions are increasingly taking note of the project’s potential.
Investors are encouraged to move quickly to secure tokens, as when the presale hits $1.7 million, the price will rise from its current super-cheap $0.038 level.
Given that DLANCE will debut on major cryptocurrency exchanges later this year at $0.57, investors who get in now can be sat on gains of around 50%.
Adding to the excitement is a massive $500K $DLANCE token giveaway competition that DeeLance is conducting.
The top five wallets that buy the most $DLANCE between now and the end of presale stage four will be rewarded with a share of $500K worth of $DLANCE tokens.
$DLANCE can be bought using ETH, BNB and USDT (the ERC-20 and BEP-20 variants).
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.