Cardano “bears” led the market on Wednesday, as the cryptocurrency traded around 2.5% lower on the day near the $0.31 per token level, carrying the losses from Monday’s high near $0.33 to around 6.0%. As of early morning, ADA price is fluctuating around $0.30, down 2.72% from yesterday.
Price predictions for ADA are less optimistic for this week. ADA is approaching the yearly low it hit in November, just below $0.30.
Price Prediction: Can This Trending Channel Support ADA?
Some traders believe that ADA may find support in a short-term rising trend channel that it has been holding in for the past few weeks.
If the cryptocurrency can reverse its downward trajectory and register a further rise, the catalyst of which could be macroeconomic optimism (if the upcoming US inflation data continues to decline), a return to monthly highs in the region of 0.33 $ is possible.
However, a break below this short-term uptrend would confirm that, in the long term, the bears remain in control. Indeed, the ADA/USD pair remains in an observable downward trend since mid-August.
Furthermore, the ADA/USD pair remains in a longer-term downtrend, ever since the cryptocurrency hit its price highs above $3 in mid-2021.
Can Cardano outperform Dogecoin this week?
At current prices, the market cap of Cardano’s ADA token is around $10.6 billion compared to a market cap of around $12.7 billion for Dogecoin. This means that the market capitalization of Dogecoin is around 19% larger than that of Cardano. Although cryptocurrencies are highly volatile, traders should not rule out the possibility that Cardano could close the nearly 20% gap with Dogecoin this week.
An IOHK executive compares the current market to the Dot-com bubble
In a recent interview with the Messari Mainnet Conferencea senior executive ofInput Output Hong Kong (IOHK), the company working on the development of the Cardano blockchain, Jerry Fragiskatospointed to similarities between the current state of the crypto market and the dotcom bubble of the late 1990s and early 2000s.
The dot-com bubble had led to massive investments in internet companies which subsequently collapsed. But companies like Amazon and Facebook emerged from this bubble to become huge long-term successes. Fragiskatos said ADA will emerge as a survivor, arguing that the lack of venture capital investment in Cardano allows the ecosystem to take a longer-term view when it comes to development.
Here is the full interview:
Dash 2 Trade (D2T)
Those interested in a crypto trading platform should look no further than Dash 2 Trade. This social analytics and trading platform is booming thanks to its many unique features.
These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold in order to access platform functionality.
Dash 2 Trade is currently running a pre-sale at heavily discounted prices. The pre-sale recently surpassed $8.94 million and has now entered its fourth and final phase. The presale dashboard will be released soon as the development team is currently ahead of schedule.
TAX
The growth in popularity of environmentally and socially friendly investments has led investors to seek out green cryptocurrencies. These investors should consider adding the IMPT token to their portfolios. IMPT.io has partnered with thousands of retailers around the world to help them offset their carbon footprint and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second pre-sale phase, with IMPT having raised over $14.7 million. This represents $300,000 in token sales over the past 24 hours. Investors have only four days left to buy tokens at the current price of $0.023. Listings of IMPT tokens on exchanges will start in seven days.
Calvaria (RIA)
Big blockchain-based games like Axie Infinity have lost significant traction in 2022. As a result, many investors interested in the crypto gambling space are looking for alternatives. Calvaria, a crypto battle card game, could be one of them. Calvaria seeks to drive crypto adoption by building a bridge between the real world and the crypto industry, through fun and accessible gaming.
The RIA token pre-sale helped the project raise $2.23 million as it is now in the final stage of its funding process. Only 28% of the pre-sale tokens remain up for grabs.