Cardano Price Prediction as $200 Million Trading Volume Comes In – Where is ADA Headed Now?

Cardano price is gasping for air as bulls work around the clock to stay buoyant. The smart contracts token kicked off the year negatively, with declines below $0.30 extending to $0.24. However, ADA has climbed in the last few days and reached a weekly high of $0.27.

A retracement is ongoing at the time of writing, with Cardano price trading at $0.2645. ADA's trading volume in the last 24 hours spiked above $200 million, boasting $9.3 billion in market capitalization. If recovery exceeds $0.30, ADA might displace Dogecoin (DOGE) and become the eighth-largest cryptocurrency.

Cardano Price Deals with a Temporary Retracement as $0.30 Beckons

Traders who bought ADA as it bounced off support at $0.24 are booking profits and adding pressure on resistance at $0.27. Nevertheless, pullbacks are normal even as the price moves to the upside.

Investors could see the retracement as an opportunity to buy more ADA at a lower price level ahead of another 11.7% move due to the formation of an inverted head-and-shoulders (H & S) pattern.

ADA/USD four-hour chart

An inverted H&S pattern is bullish, and its appearance suggests the trend is about to change its course to the upside. A break above the neckline resistance reinforces the pattern's validity. In the case of Cardano, the price has already validated the H&S for an 11.7% move to $0.29.

As ADA price falls back from the hurdle at $0.27, bullish traders wait for a rebound from the neckline. This critical support in confluence with the 100-day Exponential Moving Average (EMA) (in blue) at $0.26. Realize that the breakout target equals the length of the H&S pattern extrapolated above the breakout point.

Traders looking for long positions in Cardano may consider booking profits at the 200-day EMA (in purple) and $0.29, respectively. However, extremely bullish investors may wait until ADA tags $0.30 and hopefully $0.33.

Insight from the Moving Average Convergence Divergence (MACD) indicator shows the uptrend in Cardano price is still intact despite the minor correction from its weekly high. Realize the MACD (line in blue) holding above the signal line (red) at the time of writing while closing the gap to the mean. ADA's recovery is bound to carry on as the MACD crosses into the positive region; hence it is worth monitoring this indicator.

ADA/USD daily chart

Some investors, especially with wallets holding between 10,000 and 100,000 tokens, seem unbothered by predictions of a longer crypto winter. According to on-chain data from Santiment, this address tier has grown to hold 11.66% of Cardano's supply compared to 10.48% roughly six months ago.

Spikes in the Supply Distribution metric point to improving investor sentiment. In other words, they see Cardano price significantly increasing in value in the coming weeks, perhaps months. An uptick in demand for ADA often contributes to the bullish force propelling the price.

Cardano Supply Distribution

Altcoins to Consider in 2023

Cardano price offers an interesting opportunity for investors to buy ADA while the price is still low. However, the state of the market is neither here nor there, with the US CPI and the Federal Reserve (Fed) decision on interest rates expected to determine the direction cryptos take later this month.

Meanwhile, investors may consider some selected altcoins that could return above-average gains as soon as they debut on exchanges for the first time. All the tokens listed are in their presale stages, presenting investors with the chance to be early adopters.

FightOut (FGHT)

As the fitness industry expands its wings from Web2 to Web3 platforms, it is becoming difficult for investors to decide the projects to back. Although FightOut is relatively new, its features set it apart from the rest.

The team behind this up-and-coming Move-to-Earn (M2E) project believes everyone should be able to live a healthy, active lifestyle based on their personalized goals, abilities and needs.

FightOut is bringing up an M2E fitness app and gym chain to gamify the fitness lifestyle. By completing predetermined workouts and challenges, users in this ecosystem will earn the FGHT token, receive badges and grow within the community.

FightOut's presale is underway and has raised $2.63 million by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus to buy FGHT, but only until the presale hits the $5 million mark.

Visit FightOut Now.

Dash 2 Trade (D2T)

Investors keen on exploring crypto analytics may look no further than Dash 2 Trade. The team behind this up-and-coming ecosystem presents an opportunity not seen before, where traders can use a token to access key information to make decisions.

D2T is the ERC-20 token powering the Dash 2 Trade ecosystem. Dash 2 Trade aims to become a leading crypto analysis and social trading platform.

Dash 2 Trade has many features and services that traders can explore as they navigate the dynamic cryptocurrency market. In addition to timely trading signals, Dash 2 Trade offers a bespoke scoring system for traders who wish to participate in crypto presales.

Dash 2 Trade presale has raised $13.62 million out of the expected $15.42 million. In this final presale stage, D2T sells for $0.0533 ahead of its first exchange listing on January 11.

Visit Dash 2 Trade Now.

C+Charge (CCHG)

Investors passionate about saving our beloved planet from pollution from greenhouse emissions should start paying attention to C+Charge. This is a revolutionary project in crypto that hopes to incentivize electric vehicle (EV) drivers by rewarding them with carbon credits every time they pay with CCGH to charge their vehicles.

C+Charge believes it is the first on or off-chain project to push for the democratization of the carbon credit industry from big corporations like Tesla.

The C+Charge platform can potentially become the standard platform across all swaths of the EV charging sector, aiming to reduce the average transaction latency and enhance transactional throughput.

C+Charge presale is underway, with $76.3k raised. Investors are currently buying 1 CCHG token for 0.013 USDT. Roughly 156 million tokens are left before the price increases to 0.0165 USDT.

Visit C+Charge Now.

Related Articles: