Cardano’s price is up modestly as investors are focusing on recent US inflation data and the Fed’s decision on interest rates.
The ninth-largest cryptocurrency rose by nearly 3% on Wednesday to trade at $0.31. ADA has attracted over $329 million in trading volume, and its market cap is at $10.90 billion.
Investors expect the Fed to slow down rate hikes to combat inflation, as US inflation levels subsided in November.
Cardano Price Forecast: ADA Holds Between a Rock and A Hard Place
Since the second week of November, Cardano’s price has been hovering between support at $0.30 and resistance at $0.33. The smart contracts token has been unable to break these boundaries, leading to a longer period of consolidation.
Despite bullish activity pushing ADA above the lower trend line, its upward momentum has faded, and it has not yet confirmed an uptrend above the second trend line. The 50-day Simple Moving Average at $0.32 reinforces this resistance.
Cardano’s price may see another bullish breakout if the positive outlook in the Moving Average Convergence Divergence (MACD) indicator holds in the coming sessions. As the MACD moves closer to the mean line and into the positive region, more buyers are likely to emerge, potentially pushing ADA above $0.30.
To cement the bulls’ influence, the price must break and hold above the 100-day exponential moving average at $0.3399. Movement toward $1.00 will depend on Cardano’s ability to overcome resistance at the 200-day exponential moving average.
On-chain data from Santiment shows that Cardano is still in a good buying zone, with the Market Value Realized Value (MVRV) at -5.70 after increasing from a 30-day low of -15.59. This consistent growth pattern suggests investors are becoming more confident in ADA’s recovery, although some holders may consider selling if the MVRV ratio moves above the mean line at 1.00.
Despite ongoing uncertainty in the cryptocurrency market and the global economy, addresses holding 10,000 and 100,000 ADA have continued to accumulate more tokens. Even though the Federal Open Market Committee (FOMC) may slow down on interest rate hikes, inflation remains high.
Cardano Alternatives to Consider for Huge Short-term Gains
Cardano is currently in a buying zone as the New Year approaches. If buying pressure, especially from whales, continues, ADA could rally to $1 in the coming weeks and months.
However, those who are looking for quicker gains in the short term may want to consider these upcoming presales, which have huge potential for returns.
Dash 2 Trade (D2T) – Presale enters final stage
Running on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform that offers investors real-time analytics and social trading data, helping them make more informed trading decisions. It will go live in early 2023, with its D2T token being used to pay for the monthly subscription fees to its platform.
Dash 2 Trade’s presale has already raised more than $9.7 million and is now in its fourth — and final — stage. This gives early investors a limited window of opportunity to grab some D2T before it lists on Uniswap, BitMart and LBANK Exchange, with more trading platforms set to confirm support in the coming weeks.
Calvaria (RIA) is a blockchain-based game in which players can collect, trade and do battle with NFT-based cards. In addition to its play-to-earn features, it will also enable users to play it without holding any cryptocurrency, something which could make it accessible to a wide audience.
RIA will be used within its ecosystem for purchasing in-game items and for staking, giving it a strong use case. The presale for the token has raised a little over $2.4 million and is currently in its fifth stage, with 1 USDT buying 30.77 RIA.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and help create its virtual world. This will include creating NFT-based land, buildings, and other in-game items, while the game also has the aim of letting players link up with other metaverses and create an interoperable multi-verse.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. It has already raised over half a million dollars.