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Cardano’s ADA is down today, reflecting the depressing sentiment in the broader cryptocurrency market. The token has shed most of the gains acquired in its brief Ripple lawsuit-triggered rally.
However, at 9:32 EST, ADA’s price slightly increased by 1%, reaching $0.311, while its 24-hour trading volume declined by 20%. But it remains to be seen whether the slight increase will user in more gains or if investors should seek alternatives. The following price analysis may provide insights.
The price performance of ADA as Bears Claimed Control
ADA’s price today reflects an over 1% rise from its past day’s value. The chart above shows ADA’s price movement over the past week after slipping off the month’s peak of $0.3659 on July 13, which witnessed a 23% increase in one day.
ADA slipped into depression after the euphoria from Ripple’s partial court victory faded. The token traded bearish in the last seven days, holding a 1% decline on the weekly chart.
However, it retains over 16% gains from its past 30 days’ rallies.
Technical Indicators Project Bearish Trends For ADA
According to the chart above, ADA is trading at levels above the 50-day Simple Moving Average (SMA), suggesting a short-term rally. But ADA sits below the 200-day SMA, a bearish long-term signal.
The MACD indicator has dropped below the signal line with emergent red histogram bars, a signal for bearish trend reversal and increased sell pressure on ADA.
Moreover, the RSI value receded from 70 to 52, confirming the bearish pressure in ADA’s market in the last week. However, ADA might witness a brief rally as the RSI shows signs of retracement towards the overbought area.
ADA could rally briefly before returning under the bears’ control.
Key levels on the ADA daily chart
As illustrated on the chart, ADA reached the price level of $0.2210 on June 10, the lowest in the year. After trading in the $0.2 range for a few days, the price quickly bounced off the level, which acted as a support, sometime in mid-July, before retracing.
The chart shows that ADA will likely return to the resistance zone at $0.2 if the market witnesses a significant bull pressure. Otherwise, ADA will return to the support zone, awaiting another opportunity to soar.
With the increase in trading volume, ADA has been showing strong momentum and could retest its resistance zone again.
Expert Are Bullish On ADA’s Future Price Performance
Based on the price fluctuations of Cardano at the beginning of 2023, crypto experts at Changelly expect the average ADA price of $$0.308 in July 2023. And minimum and maximum prices can be expected at $$0.302 and $$0.313, respectively.
According to CoinCodex’s short-term prediction for Cardano’s price in 2024, the coin has a mixed outlook. The prediction suggests that Cardano’s price may increase to $0.448482 by April 22, followed by a decline to $0.42462 by May 18.
The technical analysis on the site is neutral, as 18 indicators indicate a bullish trend, while 15 indicators show a bearish trend.
PricePrediction’s ADA price prediction for the latter half of the decade is more optimistic, projecting a bullish trend. Their analysis estimates that by 2030, Cardano could have an average price of $7.66. This would be a significant increase compared to its estimated prices of $1.24 in 2025 and $0.61 in 2023. Their analysis is based on deep artificial intelligence-assisted technical analysis.
However, Wallet Investor’s ADA crypto price prediction is more pessimistic, indicating a substantial drop in the coin’s value from its current levels. According to their forecast, the coin could trade at $0.0435 by April of the following year.
Factors that can influence ADA price.
Bitcoin dominance: BTC’s price movements and overall market sentiment can significantly impact altcoins like ADA. When Bitcoin experiences significant price rallies, it attracts media attention and brings more new investors into cryptocurrency. Some of these investors might diversify their portfolios by exploring altcoins, leading to increased interest and potential price increases for certain altcoins.
Also, recent market sentiment on regulations can have a huge impact on the general market’s performance, and ADA could follow suit. Positive regulatory news could push prices higher and vice versa.
BTC20: The Potential Moonshot to Disrupt the Crypto Market
Using the Ethereum blockchain, a new type of Bitcoin called BTC20 was introduced. following the original bitcoin block rewards schedule, these BTC20 tokens are distributed through a verified staking contract. Through staking BTC20, users can engage in a fresh Proof-of-Stake (PoS) mechanism and receive some rewards.
Taking advantage of the distinctive features and widespread adoption of these blockchains, the creators are confident in achieving tremendous success in the coming times. The project offers investors an opportunity for passive income, where BTC20 holders can earn rewards by staking their tokens.
BTC20 is gaining significant attention within the crypto community due to its unique marketing strategy as the “$1 bitcoin.” By positioning itself in this manner, the project aims to evoke nostalgia for the early days when Bitcoin was affordable and accessible to a wider range of investors.
This marketing approach has sparked interest among crypto enthusiasts who might have missed out on the early growth of Bitcoin and now see an opportunity to potentially benefit from a similar asset at a lower entry price.
Features of BTC20
Resurrected Bitcoin narrative: BTC20 draws its inspiration from the original Bitcoin and its re-emergence. The fascinating aspect of BTC20 is its value, which mirrors that of Bitcoin back in 2011. This green cryptocurrency was developed as an ERC-20 token, making it unique in its own right. Utilizing the Proof-of-Stake algorithm on the Ethereum network, BTC20 stands as a separate cryptocurrency that shares similarities with BTC.
Stake to earn utility: The project operates as a Proof-of-Stake (PoS) cryptocurrency and adheres to the ERC-20 token standard. BTC20 presents various earning possibilities for its owners. The confirmed staking contract associated with BTC20 tokens mirrors the original Bitcoin’s block reward schedule. Consequently, early buyers can stake their BTC20 tokens and profit from their holdings.
Eco-friendly: BTC20 stands out from other cryptocurrencies due to its unique combination of eco-friendliness, a PoS (Proof of Stake) algorithm, and its resemblance to Bitcoin.
Bitcoin has faced criticism from global climate-conscious communities due to its energy-intensive mining process, which contributes to global warming.
However, with the emergence of BTC20, investors now have a compelling option to consider – an environmentally friendly version of Bitcoin based on the Ethereum platform, utilizing a PoS algorithm. This combination addresses the environmental concerns associated with traditional Bitcoin and allows investors to support a more sustainable and greener approach to cryptocurrency.
In essence, BTC20’s innovative features present a meaningful alternative for those who are conscious about the environmental impact of their investments while still capturing the essence and familiarity of Bitcoin.
BTC20 Presale activities
In 2023, the BTC20 presale stands out as one of the most promising crypto investments. $BTC20 coins are being offered for $1 each during the presale phase to evoke the essence of Bitcoin’s early popularity in 2011. Remarkably, this concept garnered immense interest from investors, raising over $259,000 within two days of its launch.
The project has achieved remarkable success by selling out over 4.28 million tokens, and it is now on the verge of reaching its hard cap of 6 million tokens.
How to buy BTC20
Following these guidelines to purchase BTC20 tokens.
- Visit BTC20’s official website
- Set up a compatible crypto wallet (MetaMask or Trustwallet) and connect directly. User can also use their email addresses to connect to the via Web3Auth.
- Choose from the payment methods such as paying with ETH on Ethereum, credit card (powered by Wert), BNB on the BNB chain, or USDT. Notably, there should be enough ETH or BNB for gas charges.”
- Claim tokens at the end of the presale period. Users can claim tokens on the Ethereum Network.
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