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Cardano Price Prediction as $200M Trading Volume Happens – Where Does ADA Go Now?


ADA/USD daily chart

Cardano’s price is gasping for breath as bulls work around the clock to stay momentum. The smart contracts token started the year negatively, with declines below $0.30 extending to $0.24. However, ADA has been climbing for the past few days and hit a weekly high of $0.27.

A retracement is underway at the time of writing, with Cardano price trading at $0.2645. ADA’s trading volume in the past 24 hours exceeded $200 million, with a market capitalization of $9.3 billion. If the recovery exceeds $0.30, ADA could replace Dogecoin (DOGE) and become the eighth largest cryptocurrency.

Cardano Price trades with a temporary retracement at $0.30 Beckons

Traders who bought ADA as it bounced off the support at $0.24 are taking profits and adding pressure at the resistance at $0.27. Nevertheless, pullbacks are normal even when the price goes up.

Investors could see the retracement as an opportunity to buy more ADA at a lower price level before another 11.7% move due to the formation of an inverted head and shoulders (H&S) pattern.

ADA/USD daily chart
ADA/USD four-hour chart

An inverted H&S pattern is bullish, and its appearance suggests that the trend is about to change course to the upside. A break above the neckline resistance reinforces the validity of the pattern. In the case of Cardano, the price has already validated the H&S for an 11.7% move to $0.29.

As ADA price falls back from the hurdle at $0.27, bullish traders are waiting for a bounce off the neckline. This critical support in confluence with the 100-day exponential moving average (EMA) (in blue) at $0.26. Know that the breakout target is equal to the length of the extrapolated H&S pattern above the breakout point.

Traders looking for long Cardano positions can consider booking profits at the 200-day EMA (in purple) and $0.29, respectively. However, extremely bullish investors can wait for ADA to mark $0.30 and hopefully $0.33.

Information from the Moving Average Convergence Divergence (MACD) indicator shows that the uptrend in Cardano price is still intact despite the minor correction from its weekly high. Realize the MACD (line in blue) standing above the signal line (red) at the time of writing while closing the gap with the average. The rally in ADA is set to continue as the MACD moves into the positive region; this indicator should therefore be monitored.

ADA/USD daily chart
ADA/USD daily chart

Some investors, especially with portfolios containing between 10,000 and 100,000 tokens, seem unfazed by predictions of a longer crypto winter. According to on-chain data from Santiment, this address tier has increased to hold 11.66% of Cardano’s supply from 10.48% around six months ago.

Spikes in the supply distribution measure indicate improving investor sentiment. In other words, they see the price of Cardano increasing significantly in value in the weeks or even months to come. A slight increase in demand for ADA often contributes to the bullish force propelling the price.

Cardano Supply Distribution
Cardano Supply Distribution

Altcoins to consider in 2023

Cardano’s price offers an attractive opportunity for investors to buy ADA while the price is still low. However, the state of the market is neither here nor there, with the US CPI and the Federal Reserve (Fed) interest rate decision expected to determine the direction cryptos take later this year. this month.

Meanwhile, investors can consider some select altcoins that could yield above-average gains when they debut on the exchange for the first time. All of the tokens listed are in the pre-sale phase, providing investors with the opportunity to be early adopters.

FightOut (FGHT)

As the fitness industry spreads its wings from web2 platforms to web3 platforms, it becomes difficult for investors to decide which projects to support. Although FightOut is relatively new, its features set it apart from the rest.

The team behind this promising Move-to-Earn (M2E) project believes that everyone should be able to lead a healthy and active life according to their personalized goals, abilities and needs.

FightOut offers M2E fitness app and gym channel to gamify fitness lifestyle. By completing pre-determined workouts and challenges, users in this ecosystem will earn the FGHT token, receive badges, and grow within the community.

The FightOut presale is underway and raised $2.63 million by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus to buy FGHT, but only until the presale hits the $5 million mark.

Visit FightOut now.

Trade Dash 2 (D2T)

Investors keen to explore crypto analytics may look no further than Dash 2 Trade. The team behind this promising ecosystem presents a never-before-seen opportunity, where merchants can use a token to access key information to make decisions.

D2T is the ERC-20 token that powers the Dash 2 Trade ecosystem. Dash 2 Trade aims to become a leading crypto analytics and social trading platform.

Dash 2 Trade offers many features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers a bespoke scoring system for traders who want to participate in crypto pre-sales.

The Dash 2 Trade pre-sale raised $13.62 million of the planned $15.42 million. In this final pre-sale stage, D2T is selling for $0.0533 ahead of its first stock exchange listing on January 11.

Visit Dash 2 Trade now.

C+Load (CCHG)

Investors passionate about saving our beloved planet from pollution by greenhouse gas emissions should start paying attention to C+Charge. This is a groundbreaking crypto project that hopes to incentivize electric vehicle (EV) drivers by rewarding them with carbon credits every time they pay with CCGH to charge their vehicles.

C+Charge believes it is the first on-chain or off-chain project to push for the democratization of the carbon credit industry from big companies like Tesla.

The C+Charge platform has the potential to become the standard platform across all sectors of the electric vehicle charging industry, aiming to reduce average transaction latency and improve transaction throughput.

The C+Charge presale is underway, with $76,300 raised. Investors are currently buying 1 CCHG token for 0.013 USDT. There are approximately 156 million tokens left before the price reaches 0.0165 USDT.

Visit C+Charge now.

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