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The Cardano price forecast remains above an important support level after a scattered rebound in the cryptocurrency market. The smart contracts token had a V-shaped recovery after the bulls intervened near the USD 0.3350 support level.
ADA’s gains moderated as resistance neared $0.4200 over the weekend. If the $0.4000 support level holds, investors can look to further gains for Cardano, first towards $0.50 and then $1 in the coming weeks.
IOHK director Charles Hoskinson will not stop
Cardano’s founder and CEO of Input Output Hong Kong (IOHK) shared in a recent video that he is not ready to stop. According to the tech guru, who recently turned 35, he will not be swayed by the “hate” and “bitterness” spread on social media.
“How many books can be written? How many horrible trolls can attack me? How many people can say and do horrible things every day and attack everything about me, from my knowledge and title to my honesty and my weight? How many days would you last? Hoskinson said in an emotional video.
Hoskinson added that it’s “frustrating” to see people saying so many wrong things about Cardano’s progress. He has assured his followers that he will not throw in the towel, especially if there is “something to gain”.
Cardano Price Forecast: ADA Sends Important Buy Signal
The 8th largest cryptocurrency looks bullish in the short-term, which could set the stage for a positive long-term trend. In the chart below, you can see a Super Trend indicator that shows a buy signal that lures normal and outside investors back into the market with an expected big rise.
As a moving average, the Super Trend indicator runs through the entire chart and takes into account the Average True Range (ATR) to reflect market volatility. A daily indication below Cardano’s price points to a buy signal, as shown in the chart below. ADA is likely to remain in the hands of the bulls until the Super Trend indicator rises above it and issues a sell signal.
The Moving Average Convergence Divergence (MACD) and Directional Movement Index (DMI) indicators reflect a positive outlook. Traders can stay in ADA for the long term if the MACD remains above the average.
The icing on the cake for the bullish outlook in ADA price is the 12-day exponential moving average (EMA) (the blue line) above the 26-day EMA (the red line). A similar positive outlook can be seen in the DMI indicator as the -DI line (blue line) is above the +DI.
In addition, Cardano’s bulls are ready to drive the price up – using the V-shaped pattern. This pattern is very bullish and forms after an extended decline.
With the pressure easing, buyers are flying into the market to push the coin back to the level where the V-shaped pattern originated (see chart below).
What can negate the bullish momentum in the Cardano price?
According to Santiment’s market value-realized value (MVRM) profit/loss model, most ADA holders are in a profit position. This on-chain model tracks profit or loss for Cardano investors by comparing the last movement of the price with the current price.
In the chart below, you can see that the MVRV ratio is 6.18, which is above 1. Results above 1 show that ADA’s price is slightly overvalued, investors can sell at this time and withdraw their profits.
With most Cardano holders tied, the pressure may mount again as they cash out their winnings. This may explain Monday’s 3.5% drop. Still, this is nothing to worry about as pullbacks allow outside investors to re-enter the market, increasing demand and driving ADA’s price back up.
Crypto experts believe that you will get better gains with these cryptos
For investors looking for altcoins that have a better short-term outlook, there are several new projects in pre-sale. As seen in the presale and listing of Tamadoge (TAMA), you can make big gains by first buying a new coin early and then selling it after it is added to an exchange.
Here are three new pre-sale crypto projects that you can make a lot of money from after they get their initial listing.
Dash 2 Trading
Dash 2 Trade is an excellent crypto analysis and social trading platform that aims to make it easier for investors to make better decisions using actionable market data. The heart of the Dash 2 Trade ecosystem is D2T – an ERC-20 token created on the Ethereum blockchain.
Users of this platform can develop and test trading strategies that allow them to take advantage of new opportunities in the market.
The team has raised more than $5.4 million so far, and the presale is expected to sell out well before the end.
The D2T token is currently worth 0.0513 USDT, but this price will increase to 0.0533 USDT in the next phase of the presale.
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Also running on the Ethereum blockchain, IMPT is a carbon credit marketplace where users can earn and trade NFT carbon offsets that can be earned by shopping from a wide range of climate-friendly retailers. The tokenization of carbon credits as NFTs means that these credits can be more easily tracked, solving many of the problems of previous carbon markets.
IMPT’s presale has already raised $12.4 million in just weeks after launch, making it one of the most popular crypto sales to date.
With Microsoft and Lego as partners, IMPT has a strong foundation to become a great success.
Visit the IMPT Presale now
Calvaria (RIA) is a new monetization game that rewards players for competing with trading cards like NFT. What sets Calvaria apart from other blockchain games is that users can participate without owning cryptocurrency, something that allows them to reach a wider part of the gaming market.
The Calvaria presale has already raised more than $1.5 million and has just entered its fourth phase. With 1 USDT you can currently buy 40 RIA tokens.
Visit Calvaria Now