Cardano’s price started the week on a negative note amid a general decline in the crypto market. Bitcoin (BTC) is down 2.06% over the past 24 hours and is currently trading at $15,800, while Ethereum (ETH) is trading at $1,110.
The debacle of FTX continues to wreak havoc, which means that the recovery in prices could be dampened in the short term. With the loss of investor confidence in centralized exchanges (CEX), discussions around decentralized exchanges (DEX) are gaining momentum.
According Raphael Hauptfounder and CEO of Toucan Protocol, the collapse of FTX shows how decentralized control is undervalued and yet vital. Regulators cannot take on all of this responsibility, which should lead to integrating governance into the value chain – coded into smart contracts.
“Using smart contracts and decentralizing protocol governance where possible creates more secure and transparent pathways through which every asset’s movements can be publicly verified at any time,” Haupt commented of the crisis. of the FTX.
Price predictions for Cardano
Cardano price continues to slide lower after failing to breach resistance at $0.44. Although the $0.32 level was expected to act as support, the price has now fallen to $0.30.
Cardano price needs to hold at $0.30 to avoid sinking towards the $0.25 area. Bulls should tread carefully, given the sell signals indicated by the MACD (Moving Average Convergence Divergence).
On the other hand, if ADA is able to consolidate above $0.30 for a few days, then ADA may attempt to rally towards $0.44 and higher in the coming weeks, in the event of a recovery in the markets.
According to CoinMarketCap, ADA recorded a spike in its trading volume that exceeded $300 million in the past 24 hours. Investors are still on high alert due to events around FTX, and some prefer to convert their crypto assets to dollar-pegged stablecoins, such as USDT.
Net outflows on exchanges hit new highs last week, according to on-chain data published by CryptoQuant. Binance saw around 81,712 BTC worth around $1.3 billion withdrawn from its vaults. Binance CEO, Changpeng Zhao (CZ), said a slight increase in withdrawals during market downturns is normal.
Investors will likely continue to embrace decentralized cryptocurrency storage platforms to avoid the risks associated with centralized exchanges.
Whales continue to show interest in ADA despite the huge price drop. The total number of addresses holding 1 to 10 million tokens increased from 2,374 to 2,398, according to data from Santiment on Nov. 20.
A similar growth pattern was seen among addresses with over 10 million ADA, which currently stands at 477 from a 30-day low of 469. This trend shows investors have confidence in the future of Cardano, despite short-term price corrections.
Pre-sales offering massive short-term gains
It may take several weeks or even months for ADA to hit $1+. This is why some investors are interested in cryptocurrencies currently in pre-sale for faster returns.
Dash 2 Trade (D2T)
Dash 2 Trade is a platform for creating and testing trading strategies so that investors can make the most appropriate decisions based on market conditions. Dash 2 Trade is designed to take your crypto trading business to the next level by providing data-driven signals.
D2T is based on the Ethereum network and powers the entire Dash 2 Trade platform. The token provides access to crypto analytics, signals, and social trading features needed to excel in the market.
Take part in the Dash 2 Trade pre-sale
RobotEra is another Ethereum-based platform. It is a Sandbox-like metaverse where players can embody robots and participate in the creation of a virtual world. Its alpha version will go live in the first quarter of 2023, and its ecosystem will allow users to create their own NFT-based terrains, buildings and other game elements.
1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), but this price will drop to $0.025 during the second phase of its presale, which will start soon.
Participate in the pre-sale of RobotEra
Calvaria (RIA) is a new game that revolves around collecting and trading NFT-based cards, which can also be used to battle other players for rewards. Calvaria sets itself apart from other blockchain-based games by allowing users to play without having to hold crypto, which could make it more accessible to casual gamers.
Within its ecosystem, RIA will be used for purchasing in-game items and for staking, giving it a strong use case within its ecosystem. The pre-sale of the token raised just over $1.8 million and is currently in its fourth phase, during which 40 RIA can be obtained for 1 USDT.
The current RIA price is $0.025 and it will drop to $0.03 in the next stage of the presale.
Take part in the Calvaria pre-sale
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