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Cardano price sinks back into the murky red waters a few days after crypto markets rebounded significantly. The smart contracts token lost over 4% of its value over the last 24 hours, in addition to crashing critical support at $0.30.
ADA currently exchanges hands at $0.28 as bulls fight tooth and nail to secure short-term support and hopefully reclaim the crucial $0.30 level.
Cardano Price Forecast as Whales Buy the Dip
The daily chart below shows Cardano price grinding toward a falling channel’s lower boundary support. Recent attempts to hoist the token above the pattern’s throughline proved futile, as bulls could not push past the hurdle at $0.33.
For now, traders who entered into short positions immediately Cardano’s price was rejected by the channel’s middle boundary are looking forward to booking profits at the lower boundary support near $0.2780.
Overhead pressure is bound to soar if the Moving Average Convergence Divergence (MACD) indicator sends a sell signal. This call to investors to double down on their selling activities would manifest with the MACD (in blue) crossing below the signal line (in red).
It is worth remembering that since the MACD is stuck below the mean line (0.00), Cardano’s path with the least resistance is on the downside.
The growing influence bears have on Cardano price may gain traction if support at the channel’s lower boundary gives way. Sell orders could be triggered slightly below the channel ahead of possible take-profit targets at $0.26 and $0.20, respectively. If push comes to shove, Cardano will retest support at $0.16, where it will tap into immense liquidity for a significant bullish turnaround.
Fundamentals Strengthen as Cardano Price Falls
Likely, the ongoing downtrend may last only a short time, and recovery might ensue in the coming sessions. Therefore, traders might consider watching for sudden reversals while other investors fill their bags.
According to the Market Value Realized Value (MVRV) position at -8.37, Cardano price is slipping back into the buy zone. When this on-chain metric from Santiment falls below the mean line (1), it signals that ADA is undervalued. Investors tend to hold onto their assets due to the fear of realizing losses.
Some may also buy (like in the case of whales), taking advantage of the lower-priced ADA tokens. In other words, an MVRV ratio below one calls on investors to buy with the hope of selling as the ratio lifts above the same level.
Large volume holders are already heeding the call to stack ADA based on data graphically presented by Santiment. The chart below shows addresses with between 1 million and 10 million tokens buying back the tokens they sold in the last seven days. This cohort now holds 16.03% of Cardano’s total supply, up from 15.98% recorded on December 14.
ADA whales can keep buying as the price drops. This indicates that investors see a long-term bullish outlook in Cardano. Price analysis reveals that support at $0.2780 might escape the extended downtrend.
Long positions may be fired up as ADA prints a green candle above $0.30. Gains above the channel’s middle line and the 50-day Exponential Moving Average (EMA) (in red) at $0.3353 would catapult ADA out of the channel. A move like this might open the door for a massive northbound move to $0.55 and $1.00, respectively.
New Altcoins Promising Massive Gains
Given the unpredictable nature of cryptocurrencies, investors may consider new tokens launching soon to capitalize on their initial exchange listing momentum for quicker gains. Some selected crypto projects like Tamadoge (TAMA) completed their presales stages. Following TAMA’s listing in October, it rallied by over 1,800% against dominant bear market forces.
The three altcoins listed below are doing well in their presales, with some ahead of schedule, like Dash 2 Trade (D2T). Although rallies cannot be guaranteed, these tokens stand out for their solid fundamentals.
Dash 2 Trade (D2T)
First on the list is Dash 2 Trade, an Ethereum-based crypto project providing users with world-class crypto analytics and social trading features. Dash 2 Trade makes it easier to build trading strategies and back-test them using accurate data – on-chain and off-chain.
D2T is the token powering this ecosystem by giving users access to all the services, such as signals, trading tools and social trading features. The presale has raised over $9.9 million and is now at the final stage.
Visit Dash 2 Trade Now.
RobotEra (TARO)
This crypto project can potentially change the gaming community, and the virtual world is RobotEra (TARO). Users can create a personalized world in the metaverse and even design their own NFTs.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
Visit RobotEra Now.
Calvaria (RIA)
Calvaria is a project centered around speeding up the mass adoption of crypto through a play-to-earn battle card game. RIA powers the Calvaria card game called Calvaria: Duels of Eternity.
Players build strategies to help them win battles directly. The platform’s native token, RIA, enables NFT purchases and other in-house transactions.
Visit Calvaria Now.
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