Cardano Price Prediction as ADA Drops Below $0.38 – Is a Rebound on the Horizon?
The Cardano price has dipped by 1.5% in the past 24 hours, dropping to $0.374679 on a day when the market as a whole has suffered a 1% loss.
ADA is now down by 2% in a week, but remains up by 3.5% in the past fortnight and by 27.5% in the last 30 days, with the coin also having risen by 52% since the beginning of the year.
Such gains help to put today’s little dip in a wider context, showing that ADA retains considerable medium- and long-term momentum, and that it should rally again soon enough.
Cardano Price Prediction as ADA Drops Below $0.38 – Is a Rebound on the Horizon?
ADA’s indicators are currently showing signs of slight weakness, yet the overarching trend still remains mostly bullish.
For example, even though ADA’s RSI (purple) has declined noticeably from the high levels it reached in early November, its actual price hit a seven-month high only two days ago.
This suggests ongoing strong momentum, as does the coin’s 30-day moving average (yellow), which continues to put more distance between itself and the 200-day average (blue).
In other words, ADA is still in the middle of a bull phase, and while it may have been bought heavily earlier in the month, previous overselling justifies a prolonged period of growth.
It’s also arguable that ADA’s current position is bullish in the sense that it has come about without heavy involvement from whales, implying that when larger traders do begin accumulating ADA, it may move dramatically.
And while ADA isn’t currently a favored coin among whales, it continues to strengthen its position fundamentally, with its network growing steadily.
For example, its total value locked in has risen by 420% since the start of the year, while that of SOL – which remains a favorite for bigger investors – has grown by only 184%, despite a 450% price rise since January.
It also continues to see more launches on its blockchain, with its network now supporting 149 launched apps and platforms.
ICYMI: the #EssentialCardano development update is live and packed full of all the details of what’s been going on development-wise on #Cardano.
Check it out now! https://t.co/jApqIg3tta
— Input Output (@InputOutputHK) November 26, 2023
As such, the Cardano price can really only go up in the near and more distant future, especially when traders had oversold for so long.
It could reach $0.50 by 2024, with a fully-fledged bull market next year potentially pushing it back up to $1.
New High-Potential Alts Promise Big Rallies
Given that ADA’s progress in recent months has been mostly gradual, many traders may prefer to consider newer alts which show more potential for quicker, above-average rallies.
One of the most exciting new altcoins emerging right now is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised more than $4.4 million in its ongoing presale.
@HIVEDigitalTech expands its global mining footprint with a new data center in Sweden, committed to green energy practices and boosting #Bitcoin production. 🌐#BitcoinMinetrix has also reached another phenomenal milestone, raising over $4,400,000! pic.twitter.com/IcCDlQn7kw
— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
As a stake-to-mine platform, Bitcoin Minetrix enables you to mine actual Bitcoin (BTC) by staking its native BTCMTX token.
The way this works is that staking provides users with tokenized mining credits, which they can then spend on Bitcoin hash power.
This means that mining takes place on their behalf, with those who stake enough BTCMTX earning BTC in return.
They will also earn new BTCMTX when they stake, making Bitcoin Minetrix a potentially very profitable platform.
#BTCMTX provides a reliable cloud mining option for everyone.
Previous worries regarding pricey hardware and deceptive cloud mining schemes have discouraged entry into this realm.
This decentralized approach guarantees transparency and a safe mining experience. 🛠️💎 pic.twitter.com/r3613htyCp
— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
It will also be easy to use, providing an extremely low barrier of entry for anyone who has ever wanted to mine BTC but has lacked the technical savvy to do so.
And because Bitcoin Minetrix looks set to shake up the Bitcoin mining sector, it seems that investors are rushing to its presale, with new buyers able to do so by visiting the Bitcoin Minetrix official website.
1 BTCMTX costs $0.1190 and can be bought using USDT, ETH, BNB or fiat currency.
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.
