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ADA Price Prediction: Is Cardano Downtrend a Signal to Invest in the Ethereum Killer?

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ADA price prediction
ADA price prediction

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The general crypto market suffered a setback amid the global financial crises, with top crypto assets like BTC and ETH shedding their gains.

The downtrend also spread to other altcoins, and ADA, which has recently been pushing a rally, was also impacted, dropping by 5.67% in the last day. However, the crypto market has proven tenacious in the face of the global financial collapse.

Will ADA rebound and push toward new price levels when the general crypto market recovers?

ADA Price Recovery Imminent

At press time, the Cardano’s ADA token is trading $0.36, following a downtrend of 5.67% in the last 24 hours. The digital asset value has been oscillating for a while, with a 15.2% surge in the last two weeks and a slump of 9.0% in the last month.

The asset’s price is moving in line with the broader market, which is also down by 1.44% in the same period. However, there is a chance that the price will recover as soon as the broader market rallies.

ADA price 3/23/23

ADA’s recent uptrend in value in the past two weeks still positively influences the technicals with a slight bullish movement. It is no wonder that the crypto asset edges above all of its major moving average (MA) indicators.

From the 50-day MA of $0.35 to the 200-day MA of $0.55, which dominates the digital asset’s current price. However, a broader crypto market recovery and steady rally could soon see ADA hit that level.

Regarding technical analysis, ADA has been in free fall since failing to break through the 78.6% Fibonacci level resistance. The digital asset recovered along the way and is now retracing to 61.8.% Fibonacci retracement level.

However, the crypto asset could meet resistance at this point or break through to new price levels.

ADA price 3/23/23

ADA’s moving average convergence divergence (MACD) value trails above the signal into the buy zone. On the flip side, the token’s relative strength index (RSI) of 55.36% puts it in the underbought region.

ADA’s technical performance has been modest. However, there is room for a more positive outcome, and a sustained bullish trend combined with a market rally could propel the asset to a new price level.

Cardano (ADA) -Based Stablecoin to Move to Other Blockchains

Djed (DJED), a stablecoin that is pegged to the US dollar and is based on Cardano (ADA), will soon migrate to Ethereum (ETH), Binance Smart Chain, and other blockchains.

In a new video released to the Djed (DJED) stablecoin Twitter page, the COTI CEO Shahaf Bar-Geffen said that DJED would move to other blockchains since all decentralized finance (DeFi) ecosystems might benefit from a dependable stablecoin.

Shahaf claims that other blockchain communities are interested in DJED because of its dependability, even though COTI has always had expansion plans for other chains.

Alternate Digital Assets to Explore for Profits

ADA’s technical capabilities and performance have been modest. On the other hand, some value-driven coins have hit the spotlight recently. The good news is they are currently in the presale stage, and investors can easily acquire them at a low price for higher profit returns.

The $CCHG native token of C+Charge is one such alternative asset.

The world is looking to electric vehicles as environmentally friendly alternatives. However, ​​EV infrastructure for charging and payments is still limited, preventing widespread adoption.

Therefore, C+Charge has developed a blockchain-based solution and offers a dynamic utility coin with real-world applications to solve these problems.

The CCHG token is currently priced at $0.02. The project’s ongoing presale has been positively received and has raised over $3.26 million from investors.

Another value-driven altcoin to explore is FGHT, the native crypto token for Fight Out.

Fight Out is a play-to-earn gaming platform that blends train-to-earn mechanisms to provide opportunities for players to improve their health and win rewards.

At press time, FGHT’s price is $0.03. The project’s popularity has resulted in it raising more than $5.75 million from investors in its ongoing presale.

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