Cardano continues to dominate headlines due to upgrades on its blockchain or its developer’s social media antics. However, can its native token, ADA, become the most valuable in the market?
ADA Price Action
With the crypto market experiencing a downturn, ADA has plunged. At press time, ADA trades at $0.36, indicating a downtrend of 1.27% in the past 24 hours. This price drop aligns with the broader market, which has also lost 0.6% of its value in the same period.
With its bear run, ADA only trades above its 10-day moving average (MA) and 20-day MA. The crypto asset currently trades below all other MA indicators, especially those that denote long-term interest.
ADA displays a negative moving average convergence divergence (MACD), indicating a sell signal. However, the digital asset’s relative strength index (RSI) of 36.31 shows it is approaching the underbought region.
Possible FTX Listing Pumps ADA
The most significant bullish signal for ADA appears to be a rumor of a listing on the popular FTX exchange.
Earlier this week, FTX CEO Sam Bankman-Fried hinted on social media that the exchange could be looking to list ADA on their exchange. As the billionaire explained, FTX International has ADA perpetual contracts listed, and adding spot ADA is part of the exchange’s roadmap.
Listing on major exchanges like FTX can be a bullish signal for most cryptos. This should provide some short-term gains for ADA.
On-Chain Data Shows Significant Undervaluation
According to data from Santiment, ADA is at its lowest relative position compared to its realized value since 2019. The indicator measures an asset’s valuation based on average trader loss, and the last time the indicator flashed, ADA’s price doubled in three months.
While this isn’t a confirmation that ADA’s price could hit the same stride three months from now, the assets on-chain metrics – coupled with the Cardano blockchain’s continued appeal to investors – could support a significant price jump.
Looking for Gains? D2T Is a Solid Choice
While investors continue to monitor ADA, it is worth noting that other coins could also provide gains. One impressive option is D2T, the native token of the Dash 2 Trade platform.
Launched in 2022, Dash 2 Trade seeks to provide crypto investors with high-quality data on their trading activities. The research and analytics platform is looking to be the “Bloomberg terminal of crypto,” offering notifications on asset listings and an initial coin offering (ICO) tracker.
With the crypto market set to flip bullish eventually, there is a possibility that more investors will be willing to enter the market soon. Many of these investors will need access to high-quality data, and Dash 2 Trade is looking to meet that need.
Learn 2 Trade, the platform’s developers, already have a community of over 70,000 members. This gives D2T a solid base of adoption.
The digital asset is currently up for pre-sale, allowing early adopters to invest.