The price of Cardano (ADA) has risen by 8% in the past 24 hours, with its jump to $0.282965 providing a partial correction to its steep fall over the weekend.
ADA fell as low as $0.238477 on Saturday following the SEC’s actions against Binance, which led to market makers withdrawing liquidity from the latter exchange, as well as Robinhood delisting the altcoin.
ADA is, therefore, down by 25% in the past week, with the altcoin up by only 15% since the beginning of the year (compared to 57% for BTC and 46% for ETH).
And with no signs that whales are actually buying ADA in significant numbers, it’s not entirely clear if the altcoin will see a substantial recovery anytime soon.
Cardano Price Prediction as ADA Becomes Best Performing Coin of the Day – Are Whales Buying the Dip?
ADA’s chart and indicators unsurprisingly reflect some real weakness at the moment, with the coin’s 30-day moving average (yellow) falling steeply below its 200-day average (blue) over the weekend.
Similarly, ADA’s relative strength index (purple) slipped under 20 over the weekend, and while it has begun rising again, it still remains below 50, a level it may struggle to leave behind in the coming days.
Strengthening this fear is the fact that ADA fell through some important support levels over the weekend, plunging below $0.275 and then $0.250 in a move that may weaken its stability in the face of further selling pressure this week.
As noted above, ADA is suffering at the moment largely because the SEC referred to it as a security in new legal actions against Coinbase and Binance.
Not only did this cause ADA to fall at the time, but the classification of the altcoin as a security has already resulted in Robinhood delisting the cryptocurrency.
Other US-based exchanges could soon follow, potentially causing ADA to fall yet further.
This is why ADA is risky right now, although in the altcoin’s defense, it should be stated that the SEC’s naming of it as a security doesn’t necessarily mean it really is a security.
This is highlighted by the Ripple-SEC case, with Ripple doing a fairly good job of arguing against the regulator’s claim that XRP is a security.
As such, once the Coinbase and Binance cases are resolved, ADA could emerged in more or less the same position it was before these cases were announced.
And it should be pointed out that, as far as Cardano’s fundamentals are concerned, it’s in a pretty good position.
As a network, Cardano continues to grow steadily, having recently become the fifth-most used blockchain in the space.
It now has around 129 projects running on its blockchain, as well as more than 1,200 building on it.
This suggests that its development remains in good health, so assuming that the ambiguity surrounding its legal status (in the US) is cleared up soon, it could easily see a big recovery in the not-too-distant future.
And while there’s no obvious sign of whales buying the altcoin on the cheap, its bounce today suggests that someone is looking to buy it at a discount.
Buy ADA Now
New Altcoins with High Potential
ADA could easily see a big recovery in the future, but it may take several months (or longer) for it to regain its former heights.
This leaves traders having to look elsewhere if they want quicker returns, although there are a number of new altcoins that are currently showing plenty of potential for significant gains in the near future.
Presale tokens are arguably chief amongst such altcoins, with ecoterra (ECOTERRA) being one of the most promising of these, especially when its token offering has already raised more than $5 million.
Due to launch in the second half of 2023, ecoterra will offer a recycle-to-earn platform that rewards users for recycling household waste at participating recycling points.
Users will receive ECOTERRA and also NFTs for their recycling, something which should incentivize green behavior and greater participation in the green economy.
To this end, ecoterra will also reward users for generating their own green energy, with the NFT-based carbon offsets they earn open to trading on the platform’s marketplace.
Given the growing interest in ESG investment and climate change, it’s not hard to see why the project has already raised in excess of $5 million, with new investors able to join the presale by going to the official ecoterra website.
1 ECOTERRA currently costs $0.00925, although this will rise to $0.01 in 16 days.
Of course, ECOTERRA could rise much higher when it lists on exchanges in the next couple of months, giving investors a limited window of opportunity in which to buy it on the cheap.
Visit ecoterra Here
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