Cardano Price Prediction – Can ADA Shoot For $1 This Week?

Cardano’s share price has risen modestly as investors focus on the latest US inflation data and the Fed’s decision on interest rates.

The ninth-largest cryptocurrency rose nearly 3% on Wednesday to trade at $0.31. ADA has attracted over $329 million in trading volume, with a current market cap of $10.90 billion.

Investors expect the Fed to cut interest rates to combat inflation, with the US inflation rate falling in November.

Cardano price prediction: ADA is between two fires

Since the second week of November, Cardano’s price has hovered between support at $0.30 and resistance at $0.33. The smart contract token has yet to break through these barriers, leading to a prolonged period of consolidation.

Despite the bullish activity pushing the ADA above the lower trendline, the upward momentum has faded and an uptrend above the second trendline has yet to be confirmed. The 50-day Simple Moving Average of $0.32 reinforces this resistance.

ADA/USD 12-hour chart
ADA/USD 12-hour chart

Cardano’s price could see another bullish breakout if the positive outlook for the Moving Average Converging Divergence (MACD) indicator holds up in the coming sessions. As the MACD moves closer to the mean line and into the positive environment, more buyers are likely to emerge, potentially pushing ADA above $0.30.

To strengthen the influence of the bulls, the price needs to break and hold above the 100-day exponential moving average of $0.3399. Movement towards $1.00 will depend on Cardano’s ability to overcome the resistance at the 200-day exponential moving average.

On-chain data from Santiment shows that Cardano is still in a good buy zone, with the Market Value Realized Value (MVRV) at -5.70 after rising from a 30-day low of -15.59. This stable growth pattern suggests that investors are becoming more confident about ADA’s recovery, although some holders may consider selling if the MVRV ratio moves above the midline at 1.00.

Cardano MVRV ratio
Cardano MVRV ratio

Despite the continued uncertainty in the cryptocurrency market and the global economy, addresses with 10,000 and 100,000 ADA continue to collect more tokens. Although the Federal Open Market Committee (FOMC) may curb interest rate hikes, inflation remains high.

Cardano alternatives to consider for short-term gains

Cardano is currently in a buy zone as the new year approaches. If the buying pressure, especially from whales, continues, the ADA could rise to $1 in the coming weeks and months.

However, those looking for faster short-term gains may want to consider these new crypto pre-sales, which have very high earning potential.

Dash 2 Trade (D2T) – Pre-sale begins final phase

Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data that helps them make more informed decisions. It will go live in early 2023 with their own D2T token that will be used to pay for the monthly subscription fee for the platform.

Dash 2 Trade’s pre-sale has already raised more than $9.7 million and is now in its fourth – and final – phase. This gives early investors a limited opportunity to get their hands on D2T before it is listed on Uniswap, BitMart and LBANK Exchange, with more trading platforms confirming their support in the coming weeks.

Visit Dash 2 Shop Now

Calvary (RIA)

Calvaria (RIA) is a blockchain-based game where players can collect, trade and battle against NFT-based cards. Besides the play-to-earn features, it will also be possible for players to play without having to spend any cryptocurrency at all, making it accessible to a wider audience.

RIA will be used in the ecosystem to buy in-game items and to bet, making it very useful. The token presale has raised just over $2.4 million and is currently in its fifth phase with 1 USDT worth 30.77 RIA.

Now visit Calvaria

Robot Era (TARO)

RobotEra (TARO) also runs on Ethereum, a Sandbox-like Metaverse that will let players play as robots and help build a virtual world. This will consist of creating NFT-based land, buildings and other objects in the game, while also aiming to connect players with other metaverses to create an interoperable multiverse.

1 TARO is currently trading for 0.020 USDT (it can be bought with USDT or ETH), but this price will increase to 0.025 USD in the second phase of the presale. It has already raised more than half a million dollars.

Visit RobotEra now

Leave a Comment