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Ethereum killer Cardano (ADA) is one of the prominent proof-of-stake (PoS) blockchains tackling the infamous blockchain trilemma of scalability, security, and decentralization.
The project is headed by former Ethereum co-founder Charles Hoskinson who has purported that the Ourboros-powered protocol will bring much development to the world of user-focused finance and enable a trustless digital identity ecosystem.
Its native token, ADA, powers the Cardano ecosystem, and token holders receive benefits such as staking, governance rights, and the ability to pay for blockchain transactions.
ADA has experienced rising volatility for about a year, even after the recent Vasil upgrade. Could there be a turnaround once the broader crypto market recovers?
ADA Could Find Relief When Market Rallies
At press time, the ADA token is trading at $0.31 after a downtrend of 1.61% in the last 24 hours. The digital asset slump has not abated for a long time, with a downtrend of 11.7% in the last seven days and 60.2% in the last year.
This price slump has negatively influenced the technical analysis, which shows a bearish trend. ADA’s simple moving average (SMA) indicator is at $0.35 for the 50-day short-term prediction and $0.56 for its 200-day SMA for the long-term prediction. The two values are above the crypto asset’s current price action.
According to the technical analysis, ADA met resistance at the 78.6% Fibonacci retracement of $0.39. The crypto asset then dropped toward the 38.2% Fibonacci retracement level of $0.30.
However, the asset may find support at this level and rebound or drop further.
The Cardano asset’s moving average convergence and divergence (MACD) value signals a sell position. However, its relative strength index (RSI) value of 31.29 puts the digital asset in the underbought region, making now a potentially profitable moment to buy ADA.
Although ADA’s technical performance has not been impressive, a broader crypto market recovery could see the asset rebound and break through these indicators to a new price level.
Cardano Gets New Upgrade Dubbed
The Cardano blockchain recently got an upgrade to enhance security and interoperability features. The upgrade, code-named “Valentine,” will improve cross-chain capabilities for decentralized financial (DeFi) applications developing on the network.
Happy #Valentine Day Upgrade 💙
Live on mainnet 🎊 #Interoperability #Cardano pic.twitter.com/YzXdb50t48
— Cardano Foundation (@Cardano_CF) February 14, 2023
The upgrade is expected to boost Cardano’s cryptographic capabilities while facilitating the creation of cross-chain decentralized applications (dapps) on Plutus, Cardano blockchain’s smart contract platform.
This new Cardano feature will enable developers to create tools that connect Cardano to other blockchains. Users will then have access to those other blockchains, allowing them to interact with the financial services provided by Cardano dapps easily.
Other High-Value Coins to Consider for Profit
While investors mostly focus on popular crypto assets, there are other high-value altcoins that can be considered for investment.
One of the altcoins to consider is CCHG, the native token that maintains C+Charge – a crypto startup intending to create a sustainable environment.
C+Charge aims to build a robust peer-to-peer electric vehicle (EV) payment mechanism using blockchain technology.
The eco-friendly startup believes that electric vehicles are the most environmentally viable modes of transportation for a sustainable future. As a result, it hopes to simplify and reward participation in the electric vehicle revolution.
What is included in the newest UK gov Green Industrial Revolution plan?
🔌Accelerating the shift to private EVs
⚡Electrifying public transport
♻️Carbon emission capture, usage & storage investmentJoin our #presale and receive all the latest updates⬇️https://t.co/ixe18bPYpg
— C+Charge (@C_Charge_Token) March 8, 2023
At press time, $CCHG is selling for $0.019 per token. However, the price will increase to $0.02 after the sixth of the presale’s eight scheduled stages elapses in six days.
The popularity of the digital asset has soared in recent months, with the project raising over $2.6 million for its presale so far.
Interested investors can purchase the token with the Metamast wallet on their PCs or the Trust wallet on their mobile devices, and payment methods include BNB, USDT, and ETH.
Another high-value altcoin to consider is FGHT, the Fight Out native token.
$FGHT is an ERC-20 token that sustains the Fight Out ecosystem – a revolutionary web3 fitness platform that aims to transform the move-to-earn (M2E) crypto niche and fitness industry by becoming the first platform to financially reward its users for working out.
We’re getting closer to the end of our #Presale! ⏰
Hurry and claim your BONUS! 👊⚡️https://t.co/9pikKGRRHL#FightOut #Blockchain #ICO pic.twitter.com/fotp8AVKd1
— Fight Out (@FightOut_) March 8, 2023
Players also earn incentives in cryptocurrency and NFTs to motivate and enhance their fitness level.
The crypto asset has done well so far, raising more than $5.34 million in its ongoing presale. At press time, the FGHT token price sells for $0.028. The price will gradually rise every seven days until March 31st, when it will sell for $0.0333.
Related News
- Cardano Price Prediction As $215 Million In Trading Volume Rushes In – Can NFTs Supercharge ADA Rally?
- Cardano Price Prediction As ADA Slips Under $0.35 – Who Is Selling?
- Cardano Price Prediction As ADA Readies For A 52% Breakout To $0.512: Buy The Dip?
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