Cardano price is holding above critical support in the wake of a widespread pullback in the cryptocurrency markets. The smart contracts token saw a V-shaped recovery after bulls stepped in at the $0.3350 support area.
ADA’s uptrend saw its momentum weakened by resistance at $0.4200 over the weekend. If its immediate support at $0.4000 holds, investors can look forward to continuing Cardano’s northbound quest, first to $0.50 and then to $1 in the coming weeks.
IOHK CEO Charles Hoskinson Isn’t Retiring
The founder of Cardano and the CEO of Input Output Hongkong (IOHK) said in a recent video that he is not ready to retire. According to the tech guru, who just turned 35, he will not be pushed out by the “hate” and “bile” spreading on social media.
“How many books can be written? How many horrible trolls can attack me? How many people can say and do terrible things every single day and attack everything from my knowledge to credentials to integrity to my weight? How many days can you take that,” Hoskinson said in a heartfelt video.
Hoskinson added that it is “frustrating” to see people say wrong things about Cardano’s progress. He assured his followers that he would not throw in the towel, especially when “there’s something to win.”
Cardano Price Prediction: ADA Sends Key Buy Signal
The ninth-largest cryptocurrency portrays a bullish short-term outlook that could build the foundation of a long-term positive trend. From the daily chart below, the Super Trend indicator has presented a buy signal, compelling both retail and sidelined investors to join the market for a significant upside move.
Like a moving average, the Super Trend indicator overlays the chart while taking into account insights from the average true range (ATR) to gauge market volatility. A daily close below the Cardano price flashes a buy signal, as observed in the daily chart below. ADA will probably stay in the bulls’ hands until the Super Trend indicator flips above it to send a sell signal.
The Moving Average Convergence Divergence (MACD) and the Directional Movement Index (DMI) indicators exhibit a positive outlook as well. Traders can hold long positions if the MACD stays above the mean line.
Crowning the bullish outlook in ADA price is the 12-day Exponential Moving Average (EMA) (in blue), sitting above the 26-day EMA (in red). A similar optimistic outlook can be seen in the DMI indicator, as reflected by the -DI line (in blue) crossing above the +DI.
It is worth mentioning that Cardano bulls are ready to nurture price movement to the upside – guided by the V-shaped pattern. This pattern is highly bullish and forms after an extended downtrend.
As overhead pressure eases, buyers flock into the market, pushing the asset back to the level where the V-shaped pattern developed (see the chart below).
What Could Invalidate the Cardano Price Bullish Momentum?
Most ADA holders are in profit, according to the Market Value Realized Value (MVRV) profit/loss model from Santiment. This on-chain model tracks the profit or loss ratio of Cardano investors by taking the price at which the tokens last moved compared to their current market value.
The chart below shows an MVRV ratio of 6.18, above 1. Readings above 1 imply that ADA is slightly overvalued. In other words, investors may sell at these prices to take profit.
Since most ADA holders have broken even, overhead pressure could mount as they book profits. This could explain the 3.5% retracement on Monday. Nevertheless, this is not a reason for worry because pullbacks allow sidelined investors to reenter the market, thus building up demand – which eventually pushes ADA price higher.
Crypto Experts Believe These Cryptos Offer Better Gains
For investors looking for altcoins that may have more of a promising short-term future ahead, there are a variety of new projects currently holding their presales. As the sale and subsequent listing of Tamadoge (TAMA) showed, for example, buying a new coin early and then selling it following a new exchange listing can be a route to some sizeable gains.
Here are three new coins that are in presale right now that could post some good returns once they receive their first listings.
Dash 2 Trade
Dash 2 Trader is a world-class crypto analytics and social trading platform that plans to make it easier for investors to make informed decisions using actionable market data. At the center of the Dash 2 Trade ecosystem is D2T – an ERC-20 token built on the Ethereum blockchain.
Users on this platform can develop and test trading strategies that allow them to take advantage of opportunities in the market.
So far, the team has raised more than $5.4 million and the presale is expected to sell out long before its deadline.
D2T currently sells for 0.0513 USDT, but this price will go up to 0.0533 USDT in the next presale stage.
Also running on Ethereum, IMPT is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers. Its tokenization of carbon credits as NFTs means that such credits can be tracked more transparently, helping to solve many of the problems that have undermined carbon markets up until now.
IMPT’s presale has now raised $12.4 million barely a few weeks after launch, making it one of the most popular sales in crypto right now.
With Microsoft and Lego onboard as affiliate partners, IMPT has all the fundamentals to become a success.
Calvaria (RIA) is a new play-to-earn game that lets players earn and battle with NFT-based collectible cards. What distinguishes it from other blockchain-based games is that users can play it without having to hold any cryptocurrency, something which could serve to make it more accessible to a wider pool of gamers.
Its presale has raised more than $1.5 million and has just entered its fourth stage, with 1 USDT currently buying you 40 RIA.