Cardano price is on the cusp of a bullish breakout in the wake of a week filled with negative headlines related to the FTX scandal. The industry’s ninth-largest cryptocurrency endured declines, testing lower price levels around $0.31.
If buyers can maintain the price for a few days, a recovery to $0.4400 will likely begin to take shape.
The co-founder of Cardano, Charles Hoskinson, has once again fired shots at people who keep questioning the progress of the Cardano ecosystem. The developer and CEO of Input-Output Hong Kong, the organization tasked with the blockchain’s maintenance and development, responded to a Twitter post directed to him for underpromising and under-delivering.
It is worth mentioning that Cardano has now launched smart contract functionality and accrued millions of dollars in total value locked on its blockchain.
Cardano price is up a subtle 1.2% on the day after printing a bullish candle in the four-hour chart. Higher support at $0.3300 is expected to come in handy as ADA climbs north of its primary support at $0.3000.
The Stochastic oscillator’s movement from the oversold area (below 30.00) above the midline reinforces bulls’ growing influence on the price. Its positive divergence from the price suggests that buyers have the upper hand and are ready to thrust higher up on the ladder.
The bullish outlook in Cardano may continue uninterrupted owing to a buy signal recently provided by the Moving Average Convergence Divergence (MACD) indicator. Traders ready to trigger long positions in ADA must wait for a four-hour candlestick to close above the descending trend line at $0.3300. Potential take-profit targets to the upside lie at $0.3700, $0.4100, and $0.4400, respectively.
From the above analysis, Cardano price dons a short-term positive outlook. However, more is needed to have a sustainable uptrend. Hence, the need to consider background activity – blockchain data and insights, to be precise.
According to Santiment’s chart below, whales have continued to fill their bags with ADA tokens despite the sell-off due to the FTX collapse. The number of addresses with between 10,000 and 100,000 tokens has risen to134,000, up from 130,000 just a month ago. This indicates that whales are expecting prices to rally upward.
A similar trend can be seen in the cohort with 100,000 to 1,000,000 tokens. The number of addresses grew to 20,800 from 20,770 in the same period. This incredible uptake of ADA means that investor sentiment is strongly positive and has not wavered despite the uncertainties in the crypto market and the global economy.
The Market Value Realized Value (MVRV) places Cardano in a suitable buy zone. The model’s current reading at -8.75 shows that ADA is undervalued. Since assets tend to correct to their fair market values, investors consider buying when the MVRV drops below 1. Conversely, they prefer to sell when the ratio slips above the same line.
The outlook in Cardano is highly unpredictable, especially if the recent events in the crypto market are to carry on. This is true, at least for the short term.
As such, it’s worth looking at other tokens that arguably have more promising futures. In particular, a significant percentage of coins that have had their presales this year have posted impressive gains upon listing, and while not every new cryptocurrency can be assured of success, these are the ones worth following:
Running on Ethereum, Dash 2 Trade is a trading intelligence platform that will launch in Q1 2023. It will provide investors with real-time market data and social indicators so as to help them make more informed decisions.
Its native token, D2T, began its token sale over three weeks ago and has raised over $6 million, while it also recently announced its first CEX listing on LBank Exchange.
D2T tokens are currently selling for 0.0513 USDT, but this will increase in the next stage of the sale.
Visit Dash 2 Trade Now
Another Ethereum-based platform, RobotEra (TARO), is developing a Sandbox-like Metaverse in which gamers can play as robots and participate in the creation of its virtual world. Scheduled to release its alpha version by the end of Q1 2023, it will enable players to create land, buildings, and other in-game items, all of which are represented and owned as NFTs.
Investors can participate in the sale of its TARO token by heading over to its website and buying with either USDT or ETH, with 1 TARO currently going for 0.020 USDT. This price will increase to $0.025 in the second stage of its presale.
Visit RobotEra Now
Calvaria (RIA) is a play-to-earn blockchain-based game in which players can collect, battle with and trade NFT-based cards. Also scheduled to launch its alpha in Q1 2023, it has the distinction of enabling users to play it without having to hold any crypto, something which could make it more accessible than other similar blockchain-based games.
That said, the native token RIA can also be used to purchase in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.7 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
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