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Cardano price is posting modest gains as investors shrug off FTX’s Samuel Bankman-Fried (SBF) arrest. Investors are focusing more on the recently released United States inflation data and the Federal Open Market Committee’s decision on the interest rate.
The ninth-largest cryptocurrency jumped by nearly 3% on Wednesday to trade at $0.31. ADA has attracted over $329 million in trading volume while its market cap holds at $10.90 billion.
According to Raphael Kim, the founder of Reframe, a crypto VC company in Seoul, investors expect the Fed to slow down on the tight measures used to combat inflation.
US inflation levels subsided in November, with the Consumer Price Index (CPI) up 7.1% year-on-year. This is the least gain in 11 months in addition to the 0.2% climb in the core CPI – up 6.0% year-on-year. Kim believes “this is the main trigger in the increase in prices.
Cardano Price Forecast: ADA Holds Between a Rock and A Hard Place.
Since November’s second week, Cardano price has teetered between support at $0.30 and resistance at $0.33. Attempts by the smart contracts token to break these boundaries have been unsuccessful, leading to a longer consolidation period.
The presence of bulls in the market cannot be overemphasized, considering that they have recently pushed ADA above the lower trend line (in black). However, its upside momentum faded before confirming an uptrend above the second trend line (broken line). Reinforcing this resistance is the 50-day Simple Moving Average (SMA) (in red) at $0.32.
Another bullish breakout will likely occur if the positive outlook in the Moving Average Convergence Divergence (MACD) indicator holds in the upcoming sessions. More buyers will emerge from the sidelines as the MACD closes the distance to the mean line while moving into the positive region would open the door for gains above $0.30.
A break and hold above the second moving average, the 100-day EMA (in blue) at $0.3399, is required to cement the bulls’ influence on ADA price. Movement toward $1.00 will depend on Cardano’s ability to overcome an aggressive seller concentration area at the 200-day EMA (in purple).
On-chain data from Santiment reveals that Cardano is still in a suitable buy zone. The Market Value Realized Value (MVRV) sits at -5.70 after lifting from a 30-day low at -15.59. This consistent growth pattern shows investors are becoming more confident in ADA’s recovery. Remember, some holders might consider selling as the MVRV ratio flips above the mean line at 1.00.
Addresses with 10,000 and 100,000 tokens have continued to fill their bags, ignoring the many uncertainties in the cryptocurrency market and the global economy. Although the FOMC could slow down on interest rate hikes, inflation is still significantly high.
From the chart below, the above cohort holds 11.40% of Cardano’s total supply compared to a 30-day low of 10.87%. If this buying spree continues, investors can expect ADA to strengthen the uptrend for a breakout to $1.
Cardano Alternatives to Consider for Huge Short-term Gains.
Cardano is in a buy zone as cryptos navigate the remaining days ahead of the New Year. ADA can rally to $1 as long as buying pressure, especially from whales, increases.
Nevertheless, some selected new and exciting presales are promising investors above-average gains. Some of the tokens listed below are performing well in their presales, with some, like D2T, ahead of schedule.
Dash 2 Trade (D2T).
Dash 2 Trade is a platform that helps traders take advantage of opportunities in the market by furnishing them with actionable trading signals. This world-class crypto ecosystem offers access to the latest on-chain analytics while supporting all the necessary trading tools.
With Dash 2 Trade, investors and traders make the most out of the market using top-notch features like the soon-to-launch presale dashboard. Users will also be treated to listing alerts to allow faster investment decisions.
Dash 2 Trade functions on a subscription structure comprising three tiers. The basic free tier does not require users to hold D2T tokens, but the starter tier comes with a monthly subscription costing 400 D2T tokens. A premium tier offers access to all the services on Dash 2 Trade – it is priced at 1,000 D2T tokens.
RobotEra is a powerful Sandbox-style metaverse platform that combines entertainment and interaction. TARO is the token that powers this ecosystem. It is used for various in-world transactions ranging from purchases, event tickets and game access.
The platform also supports robot NFTs that function as user characters worldwide….
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