The Cardano price is kicking off the week on a negative note amid widespread declines in the crypto market. The largest cryptocurrency, Bitcoin (BTC), is down 3.6% on the day and is trading at $16,041, while Ethereum (ETH) exchanges hands at $1,116.
The FTX debacle continues to wreak havoc in the space, which means price recovery could remain stifled in the short term. With the loss of investor confidence in centralized exchanges (CEXs), conversations around decentralized exchanges (DEXs) are gaining momentum.
According to Raphaël Haupt, founder and CEO of Toucan Protocol, FTX’s collapse shows how decentralized crypto control is undervalued yet vital. Regulators cannot take up all the weight, which calls for integrating governance into the value chain – coded into smart contracts.
“Utilising smart contracts and decentralising protocol governance where possible create safer and more transparent rails allowing the movement of every asset to be publicly verified at any time,” Haupt commented on the FTX crisis.
Cardano Price Forecast as ADA Holds the Last Line of Defense
Cardano’s price stretched its leg further down after it failed to break above resistance at $0.44. Although the level at $0.32 was expected to serve as support, the price has now fallen lower to $0.30 in line with the broader crypto markets.
Cardano’s price must hold firmly at $0.30 to avoid sinking lower toward $0.25. Bulls should tread carefully, keeping in mind the sell signal from the Moving Average Convergence Divergence (MACD), as shown by the red bars appearing.
On the other hand, if ADA is able to consolidate above $0.30 for a few days, then it may make another attempt at $0.44 and higher in the coming weeks. But of course, the crypto markets are not yet out of the woods.
According to CoinMarketCap, there has been a 116% spike in trading volume to more than $300 million over the last 24 hours. Investors are still on high alert due to the FTX debacle, and some prefer to convert their crypto assets to dollar-pegged stablecoins like USDT.
Net outflows from exchanges hit new record highs last week, according to on-chain data published by CryptoQuant. Binance saw around 81,712 BTC worth around $1.3 billion withdrawn from its coffers. The CEO of Binance, Changpeng Zhao (CZ), said a minor uptick in withdrawals during market downturns is normal.
Investors will likely continue embracing decentralized crypto storage platforms to avoid the risks associated with centralized exchanges.
Large volume holders have continued to show interest in ADA despite the huge price drop. From the chart below, holders are taking advantage of the lower-priced ADA to fill their bags. The total number of addresses with 1M to 10M tokens has risen to 2,398 from 2,374, as recorded by Santiment on November 20.
A similar growth pattern was reflected among addresses with over 10 million ADA, which currently stand at 477 from a 30-day low of 469. This trend shows that investors have confidence in the future of Cardano, despite the short-term price corrections.
Presales Offering Massive Gains in the Short Term
It may take weeks or even months before ADA can reach $1 and above. That’s why some investors have started looking at crypto presales for quicker returns. Here are some of the best ones on the market today.
Dash 2 Trade (D2T)
Dash 2 Trade comes first among these promising presales. This platform enables the creation and testing of trading strategies for traders and investors to make informed market decisions. Dash 2 Trade is designed to take your crypto trading to the next level by providing data-based crypto signals.
D2T is based on the Ethereum Network and powers the entire Dash 2 Trade platform. The token allows access to crypto analytics, signals, and social trading features needed to excel in the market.
Visit Dash 2 Trade Presale Now
Another Ethereum-based platform, RobotEra (TARO), is a Sandbox-style Metaverse in which gamers can play as robots and participate in the creation of its virtual world. Its alpha version will go live by Q1 2023, with its ecosystem enabling users to create their own NFT-based land, buildings, and other in-game items.
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, which will begin soon.
Calvaria (RIA) is a new game that revolves around the collecting and trading of NFT-based cards, which can also be used to battle with other players and earn rewards. What makes it stand out from other blockchain-based games is that users will be able to play it without having to hold any crypto, something that could make it more accessible to more casual gamers.
Within its ecosystem, RIA will be used for purchasing in-game items and for staking, giving it a strong use case within its ecosystem. The presale for the token has raised just over $1.8 million and is currently in its fourth stage, during which 40 RIA can be had for 1 USDT.
The current price of RIA is $0.025 and this will increase to $0.03 in the next stage of the presale.