The price of Cardano is starting the week on a negative note with a broad decline in the crypto market. The largest cryptocurrency Bitcoin (BTC) is down 3.6% on the day and is trading at $16,041, while Ethereum (ETH) is trading at $1,116.
FTX’s decline continues to wreak havoc on the space, meaning a price recovery could remain a hurdle in the short term. With investors losing confidence in centralized exchanges (CEXs), talks around decentralized exchanges (DEXs) are on the rise.
According to Raphael Haupt, founder and CEO of Toucan Protocol, the failure of FTX shows how important decentralized crypto control is. Regulators can not take all the weight, which integrates management in the value chain – to the code of smart contracts.
“Using smart contracts and expanding protocol governance will create safer and more transparent railroads,” Haupt commented on the FTX crisis.
Cardano price prediction when ADA holds the last line of defense
Cardano price extended a leg up after failing to break above resistance at $0.44. Although the $0.32 level was expected to act as support, the price has now dropped to $0.30 along with the broader crypto markets.
Cardano’s price should hold firmly at $0.30 to avoid sinking below $0.25. Bulls should tread carefully, keeping in mind the sell signal from the moving average converging divergence (MACD) as shown by the red bars.
On the other hand, if ADA can strengthen above $0.30 for a few days, it may make another test at $0.44 and above in the coming weeks. But of course the crypto markets are not out of the woods yet.
According to CoinMarketCap, it has seen a 116% increase in trading volume over $300 million in the last 24 hours. Investors are still on alert due to FTX’s collapse, and some prefer to convert their crypto holdings into dollar-backed stablecoins such as USDT.
On-chain data published by CryptoQuant shows that net inflows from exchanges hit new highs last week. Binance saw 81,712 BTC withdrawn from its vaults, worth around $1.3 billion. Binance CEO Changpeng Zhao (CZ) said a modest increase in withdrawals during market downturns is normal.
Investors continue to embrace decentralized crypto storage platforms to avoid the risks associated with centralized exchanges.
Large volume holders continue to show interest in ADA despite the large price reduction. From the chart below, holders are using the lowest priced ADA to fill their wallets. As reported by Sentiment on November 20, the total number of addresses with 1M to 10M tokens increased from 2,374 to 2,398.
The same pattern of growth is reflected among the more than 10 million addresses, currently at 477 from the 30-day low of 469. This trend shows that investors have faith in Cardano’s future despite short-term price adjustments.
Pre-sale offers huge profits in a short period of time
It may take weeks or months before the ADA reaches $1 and above. This is why some investors have started looking at crypto presales for quick returns. Here are some of the best on the market today.
Dash 2 Trade (D2T)
Foremost among these promising pre-sales is Dash 2 Business. This platform allows traders and investors to create and test trading strategies to make informed market decisions. Dash 2 Trade is designed to take your crypto trading to the next level by providing data-driven crypto signals.
D2T is based on the Ethereum network and powers the entire Dash 2 trading platform. The token provides access to crypto analytics, signals and social marketing features needed to excel in the market.
Visit the Dash 2 Trade Presale now
Robotera (TARO)
Another Ethereum-based platform, RobotEra (TARO), is a sandbox-style Metaverse where players play as robots and participate in the creation of a virtual world. The alpha version will go live in Q1 2023, allowing users of the ecosystem to create their own NFT-based terrain, buildings and other in-game objects.
1 TARO is currently at 0.020 USDT (can be bought in USDT or ETH), although this price will increase to $0.025 in the second phase of the pre-sale, which will start soon.
Visit RobotEra now
Calvary (RIA)
Calvaria (RIA) is a new game that revolves around collecting and trading NFT-based cards to battle other players and earn rewards. What makes it stand out from other blockchain-based games is that users can play without holding any crypto, something that makes it more accessible to casual players.
Within the ecosystem, the RIA is used to purchase and package in-game items, providing a strong user interface within the ecosystem. The token presale raised over $1.8 million and is currently in the fourth stage, where 40 RIA can be obtained for 1 USDT.
The current RIA price is $0.025 and this will increase to $0.03 in the next pre-sale phase.
Visit Calvary now