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Stronger-than-expected US ISM Service PMI data that points to a resilient US economy midway through the third quarter and, alongside last Friday’s stronger-than-expected US labor market figures, keeps pressure on the US Federal Reserve to continue with its policy of aggressive rate hikes into 2023, weighed on risk appetite and cryptocurrency prices on Monday. ADA was no exception.
The native cryptocurrency of the Cardano blockchain was last changing hands around 1.5% lower on the day and was down about 1.8% in the last 24 hours as per CoinMarketCap. ADA/USD was last trading in the $0.31s, having been nearly as high as $0.33 earlier in the session. The recent drop marks a bearish breakout from the upwards trend channel that ADA/USD had been moving higher within over the last few days. As a result, near-term price predictions have become less bullish.
Cardano is still about 7.5% up versus its November lows, but its failure to hold sustainably above its 21-Day Moving Average (around current levels) isn’t a good sign. With ADA still locked within a long-term downtrend that has been in play since summer, it looks likely ADA/USD may soon be headed for fresh annual lows back under the $0.30 area.
Price Prediction – Can ADA Hit All-time Highs in 2023?
ADA’s price saw explosive growth from 2020 into early 2021. From its 2020 lows to 2021 highs, Cardano’s price surged as much as 18,000%. In that regard, traders shouldn’t regard the prospect that 2023 could see a rapid surge back to record highs above $3.0.
Cardano’s fundamentals remain solid, with the network running as strong as ever and ranking as one of the most decentralized and developed in the crypto space. But macroeconomic conditions will need to be right. That doesn’t mean necessarily mean a strong economy.
2020 was the year that the Covid-19 pandemic shook the world, and forced governments into massive fiscal and monetary stimulus. It was this stimulus that propelled cryptocurrencies, and risk assets more broadly. With many economists predicting a nasty recession in 2023 and inflation in major economies like the US coming rapidly under control, it’s not out of the realm of possibility that central banks, who have generally been aggressively lifting interest rates this year, start cutting again.
That could set the stage for an ADA recovery. Technicians will also want to see Cardano break above a long-term downtrend that has been suppressing ADA’s price on the logarithmic chart for more than a year.
Cardano – Third Most Developed Crypto Project
Cardano has recorded the third-highest average GitHub daily development score, according to data supplied by Santiment. The blockchain lags Polkadot and its public test chain Kasuma and ranks Cardano well ahead of Ethereum.
Separately, according to data from Cardano Blockchain Insights, the number of plutus scripts (smart contracts) deployed on the Cardano blockchain has now surpassed 4,000. That represents a more than 300% jump since the start of the year, when there were under 1,000 Plutus scripts deployed.
Cardano became a smart-contract-compatible blockchain network back in September 2021 when it deployed the Alonso hard fork. It recently implemented another hard fork in September 2022 which involved a number of major blockchain performance upgrades.
ADA Undervalued Relative to Subreddit Presence?
On 4th of December, the well-known pseudo-anonymous Cardano-focused Twitter account @cardano_whale posted an update concluding that ADA’s price is slightly undervalued relative to the broader cryptocurrency market given the size of its subreddit community.
Back on the 18th of January, when @cardano_whale last posted a similar update, ADA’s price was slightly overvalued relative to the rest of the cryptocurrency market.
Cardano More Decentralized Than Ethereum?
Cardano is far more decentralized than Ethereum, Cardano-focused blockchain enthusiast Sooraj argues in a recent Twitter thread. One of the key arguments he makes to support this claim is that Cardano has a MAV of 24 versus Ethereum’s MAV of 3.
MAV stands for minimum attack vector, or the minimum number of independent parties running blockchain nodes that would have to collude to gain control of 51% of the network.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $8.4 million. The sale is very close to entering its fourth phase, with over 96% of stage 3 tokens now sold. When the sale enters its next stage, prices per token will be lifted to $0.0533 from $0.0513.
Visit Dash 2 Trade here
IMPT
Amid the growth in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second stage of the presale with IMPT having raised over $14.1 million. That amounts to $400K in token sales in just the last 48 hours. Investors only have another six days to purchase tokens at the current discounted price of $0.023.
Visit IMPT Now
Calvaria (RIA)
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.23 million and is in the final stage of its fundraising process. Only 28% of pre-sale tokens remain up for grabs.
Visit Calvaria Now
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