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ADA, the native token that powers the smart contract-enabled Cardano blockchain, was last trading higher by a little over 2.0% on Monday in the $0.2550 area. That means that ADA has now recovered around 7% from the lows it printed last week in the $0.24 area, with the cryptocurrency benefitting from a broader improvement in sentiment despite low volumes across traditional financial markets as a result of continued year-end celebrations.
Traders won’t want to look too much into 2023’s early price action, given that a barrage of upcoming US tier-one data releases later this week could quickly turn sentiment on its head. Indeed, near-term ADA price predictions are not getting any more bullish, with the cryptocurrency’s near-term prospects looking grim on account of an ugly technical picture.
Price Prediction – ADA Destined to Fall Under $0.20?
ADA remains trapped within a long-term downtrend that has been weighing on the tokens price going all the way back to mid-August. Indeed, it recently fell below a downwards trendline that will likely offer strong resistance in the $0.26 area. This level happens to also coincide with the 21DMA, which offered strong resistance in December.
Over the long term, ADA bears will remain confident that the cryptocurrency will eventually reach the long-term target of falling under $0.20. Many bulls have been calling for this level to be hit since the cryptocurrency broke decisively under $0.40 in 2022.
Cardano The Most Developed Blockchain of 2022
Despite Cardano’s bearish price action and near-term price outlook, fundamentals surrounding the ninth-largest cryptocurrency by market capitalization as of early January remain robust. Indeed, according to a blog post by cryptocurrency analytics firm Santiment, Cardano was the most actively developed blockchain in 2022, beating out the likes of Ethereum and Polkadot.
Cardano has faced harsh criticism in recent years over being a “ghost chain” that no one uses and offers little utility to the cryptocurrency landscape. However, Cardano bulls will be hoping that in the coming months and years, all that development activity will yield a new generation of highly popular decentralized applications running on the Cardano blockchain that might substantially grow the blockchain’s user base.
That growth might already be in progress. According to a year-end summary posted by the Cardano Foundation, the ecosystem experienced explosive on-chain growth. The number of native tokens issued on the blockchain leapt 192% to 7.3 million, transactions rose 139% to 56.9 million, the number of wallets jumped 47% to 3.8 million and the number of smart contracts deployed on the blockchain (called Plutus Scripts) rose 394% to 4,445.
🎊2⃣0⃣2⃣2⃣ HIGHLIGHTS🎊
After an incredible year, we are excited to share some of our highlights with you!#CardanoCommunity #CardanoFoundation #Cardano #Blockchain pic.twitter.com/rQQ6Wwzn7X
— Cardano Foundation (@Cardano_CF) December 21, 2022
Elsewhere, in other recent positive news for Cardano and its wider spread adoption, iPhone users of the Trust Wallet will now be able to stake ADA within the application. Trust Wallet is owned by Binance and rolled out the new ADA staking service in December.
Here’s our 3rd and final #TrustTuesdays announcement for today…
We’ve integrated @Cardano to Trust Wallet! 💙$ADA #Cardano
Read the full announcement and how this benefits you, on our community page 👇
— Trust Wallet (@TrustWallet) July 19, 2022
Altcoins to Consider
Cardano is a promising ecosystem, but with its cryptocurrency likely to come under fresh pressure in the weeks and months ahead, investors might want to diversify their crypto holdings with tokens that have a better prospect of near-term gains. Here is a list of a few highly rated projects that are currently conducting token pre-sales at discounted prices.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $2.5 million in just a few weeks. FGHT is the token that will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $12.15 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges starting this month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.65 million, with a crypto whale scooping up $97.5K in one purchase earlier last month. The presale is in the final stage, with only 16% of tokens left.
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