Cardano (ADA) price is holding its last line of defense a week after sliding below its critical support at $0.30. The cryptocurrency market has been deplorable over the last two months, with Sam Bankman-Fried and FTX topping the headlines.
Due to the contagion spread from the fall of the FTX exchange, experts predict crypto winter to go well into 2023. However, a steady increase in stablecoin volume, as shared in the latest report from CoinMetrics, shows that there will be enough deployable resources to change the course of the trend once confidence in the crypto sector has been restored. Therefore, a blast in Cardano price to $3 is plausible.
Meanwhile, ADA exchanges hands at $0.2578 at the time of writing (Saturday – European session). CoinMarketCap has reported a 38.78% drop in trading volume to $126 million. The smart contracts token ranks ninth in the market, boating $8.89 billion in market cap.
Cardano Price Prediction as ADA Sinks Deeper into The Buy Zone
Cardano price will likely end the year in a seemingly endless rabbit hole after correcting 91.6% from its historical high of $30.9 on September 2, 2021. ADA obliterated 82.6% of its value in just a year, further paralyzing investors.
The Market Value Realized Value (MVRV) profit or loss model has spent the better part of the year below its mean line at 1. Santiment outlines that an asset would be undervalued when the MVRV slides below the mean line. Investors tend to hold onto their tokens longer in such conditions. Some would even buy more in anticipation of a rally.
Therefore, an MVRV ratio of -15.09 implies that ADA is in a buy zone, awaiting a catalyst for a rebound. On the other hand, investors tend to sell as the MVRV flips past the mean line – to book profits.
Some investors, whales to be specific, have heeded the call and are currently on a buying spree. On-chain data from Santiment reveals that addresses with 1M to 10M ADA now hold 16.19% of the network’s total supply, up from 15.98% as recorded on December 14.
A similar growth pattern has been reflected among whale and shark addresses with 10M and 100M ADA. This tier’s share of the total supply is up 0.42% over the same period to 41.54%. As demand behind ADA increases, Cardano’s value would begin to increase and mark the end of the market downturn.
The Cardano protocol is supported by a strong development team working under the umbrella of Input Output Global (IOG). The network has received many vital upgrades in the last year, with the Vasil Hard Fork being the latest and the most complex in the history of the protocol. These developments could positively influence ADA price going into 2023.
The community expects IOG to work on increasing the network’s block size by 8KB while pushing the volume to 80KB – allowing access to a larger bandwidth to support a higher transaction throughput. IOG is also working on making Cardano more scalable to accommodate increased demand following the transition to a proof-of-stake (PoS) protocol.
Cardano’s unique features make it a blockchain network to be reckoned with in the industry. As long as IOG remains committed to the project, as it has been, the fall to $0.25 could be a temporary nuisance ahead of a major rally that could see ADA price reclaim $3 again.
Altcoins Promising Quicker Returns
Cardano price holds at the last line of defense with the potential to blast to $3 in 2023. However, before that rally gains momentum, ADA may be forced to search for a bottom further down the rabbit hole.
Nevertheless, interested investors may check out tokens currently in their presales but with solid fundamentals to rally after listing for the first time. Some tokens like Dash 2 Trade have already secured listing agreements with leading cryptocurrency exchanges.
This is a revolutionary Move-to-Earn (M2E) fitness app and gym chain, gamifying the fitness lifestyle. FightOut aims to make the fitness industry less cost-prohibitive for the masses while democratizing benefits.
Users will earn rewards in the ecosystem’s FGHT token for completing workouts and challenges. FightOut plans to launch the app fully supported with Web3 aspects and a chain of physical gyms, with the ability to track M2E progress.
FightOut’s presale is underway and has raised over $2.35 million. For purchases made before the $5 million mark, the team is offering a 50% bonus.
Dash 2 Trade (D2T)
Dash 2 Trade is a cryptocurrency platform offering a dashboard with integrated analytics and features designed to help traders achieve success. With this crypto terminal, traders access trading signals that lead to buy/sell opportunities in the market.
The platform’s social sentiment and on-chain analysis ensure that traders can trade spot-trending coins. A strategy builder is also in place to help investors develop and share ideas with others.
Dash 2 Trade’s presale is in the final stage, with $10.59 million out of the expected $13.42 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution designed to democratize the carbon credit industry. It is the first on or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits in CCHG while charging their vehicles. Charge station operators will also receive payment in CCHG, which increases the token’s utility.
C+Charge presale launched recently with $17k raised. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next presale stage.