Cardano’s future value is uncertain due to its significant price drops. This bearish outlook has sparked concerns among investors. However, some Cardano enthusiasts still hope for a price recovery despite this price drop.
Moreover, ADA remains a top contender in the market, with large investors constantly accumulating tokens.
According to a Messari report, the number of active ADA wallet addresses has increased significantly by over 15% in 7 days. This raises hopes for a potential rebound for ADA should the momentum remain sustained. But how soon can this happen? Let’s explore the possibilities.
Cardano Price Action
After a steady downward movement, Cardano’s price surged thanks to the positive buzz in the crypto market. Data from Coingecko shows the coin increased massively from $0.24 to $0.39 between October 17 and the start of November.
Unfortunately, this price increase was short-lived as ADA quickly changed direction. This price drop has sparked a lot of reactions within the ecosystem. But despite the mixed sentiments, some experts still believe the coin will do well.
ADA has gained over 3% in the past seven days, with a 20% 14-day price increase. Also, the coin has increased 40% from its past month’s price. This shows more bullish momentum in the more extended time frames.
This momentum could come down to the daily timeframe based on how investors react. As of 7:34 a.m. EST, Cardano ADA is trading at $0.35. Its trading volume is sitting above $409 million, representing a 13% increase in the past 24 hours.
ADA Price Analysis: Technical Indicators Signals Bullish
From the chart above, ADA has recorded a remarkable surge, skyrocketing to an impressive $0.39. However, a formidable resistance at the $0.39 price level has halted its ascent, forcing the asset from increasing further.
Yet, there’s renewed optimism as recent trends indicate a potential upward trajectory.
The coin shows signs of stability through consolidation, holding within $0.358. The chart suggests there’s a lot of market indecision within this zone. In addition, the Relative Strength Index (RSI) is at 65, suggesting that the coin might be in overbought territory.
Investors keenly observe this as a possible sign of an upcoming price surge.
The Moving Average Convergence Divergence (MACD) is also notably above the signal line. This further reinforces the notion of bullish momentum. The coin’s journey unfolds with market forces influencing its movements.
The recent dip below $0.39 acted as a temporary setback, but the current consolidation, coupled with the RSI and MACD signals, sparks hope for a resurgence.
Generally, ADA could bounce back if the bulls finally dominate the market sentiment. Otherwise, the market will continue to sink. However, investors should exercise patience as the market could take a new turn quickly.
Cardano’s Founder Expressed Interest to Partner with Kraken. What’s next?
On November 12, the founder of Cardano expressed his desire to partner with Kraken, a prominent U.S. crypto exchange. He said this potential partnership will create a new layer-2 blockchain network.
Meanwhile, Kraken is seeking a blockchain developer to boost its tech capabilities.
— Charles Hoskinson (@IOHK_Charles) November 12, 2023
This move by Kraken is part of a more significant trend where major crypto companies are getting into blockchain tech development. By doing this, they explore new ways to make money and strengthen their position in the crypto market.
Interestingly, if this partnership happens, it will boost investors’ confidence in the market. Also, the demand for the native coin will increase, which will also affect the price.
Cardano Best Alternative: Bitcoin ETF
While the price of ADA is not currently stable, investors may consider this new token in the market. It’s already making headlines due to how its presale is going. The project will do well since its design allows it to benefit from BTC ETF approval.
This means that if a spot Bitcoin ETF is approved, this coin’s price will increase.
But other factors could also push the price up. Meanwhile, the project is providing a staking feature for its users. This feature will enable its users to earn 491% of their investment.
Different users have Already added 58 million $BTCCETF to the staking smart contract. This shows more individuals are already investing in the project.
Bitcoin ETF Tokenomics & Burning Mechanism
BTCETF is an ERC-20 token hosted on Ethereum. When it launches, the coin will grace the prominent decentralized exchange, Uniswap. Moreover, the coin has a total supply of 2.1 billion BTCETF tokens.
However, 40% is allocated for this ongoing presale, 25% for staking rewards, 10% for liquidity pools, and 25% will be burned.
The Bitcoin ETF Token operates on a deflationary model, featuring a burn mechanism to support its price by decreasing the overall token supply. Upon launch, every transaction with the Bitcoin ETF Token incurs a 5% burn.
Bitcoin ETF has raised more than 70,000 in this ongoing presale, nearing its target of $810,000. The token is selling for $0.0052, and there are less than two days left. Interested investors should visit the project’s site and buy the token using ETH, USDT, and a card.
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