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Cardano (ADA) is significantly impacting the Centralized Exchange (CEX) market, recording up to $124,298,787 trading volume in the last 24 hours. This dramatic surge in the crypto’s trading activity could be the driving force behind ADA’s value.
Today, Cardano (ADA) is trading at $0.259 with a 2.98% price difference at the time of writing compared to its record on June 18, 2023.
Although there’s no strong proof that whales are seizing this buying opportunity, there are possibilities that the altcoin could face more dips amid rallies in the long run.
Cardano (ADA) Projects Bearish Despite Surging CEX Volume
Cardano (ADA) is pushing sideways to the left, representing an 87% bearish market and 13% bullish, with major indicators showing bearish signals.
Despite the increased CEX volume of ADA in the last 24 hours, short- and long-term bearish signals depict potential losses for the altcoin in the long run.
ADA Price Analysis on TradingView
Cardano (ADA) is trading below its 50-Day and 200-Day Simple Moving Average (SMA), indicating a short and long-term bearish market. As such, ADA will likely face potential price losses within a short and long period.
The death cross on the chart indicates ADA’s price weakness. As such, it is likely to stagnate at the $0.25 and $0.26 levels for longer.
Also, its Relative Strength Index (RSI) is at 22.12, representing the undervalued market position of the token as it lingers below 30 (oversold region). Considering the RSI position, ADA will likely experience more RED days in the crypto market.
Despite the prevalent bearish momentum of ADA today, as Moving Average Convergence/Divergence (MACD) sits below the signal line, the altcoin could taste some price increases before the day ends.
The faded red bar on the histogram tips at ADA recording new prices quickly. Thus, if whales seize this buying opportunity, the altcoin could take a bullish run quickly, causing a trend reversal in its market.
Note that cryptocurrencies are very volatile and can deviate from predicted price actions. Therefore, in-depth technical analysis and adequate risk management techniques should be in place before investment.
Factors Affecting Cardano’s (ADA) Price
Cryptocurrencies are subject to regulatory activities, market and investors’ sentiment, the law of supply and demand, macroeconomic activities, etc. As such, here are some events that could impact Cardano’s (ADA) price.
Cardano And Other Cryptocurrencies Tagged as Securities by SEC
The Securities and Exchange Commission (SEC), in its lawsuits against Coinbase and Binance last week, named several tokens as securities, including Cardano (ADA), Solana (SOL), Polygon (MATIC), etc.
This has caused many of these tokens to plummet, making the trading platform Robinhood consider ending its support for Cardano, Solana, and Polygon.
According to Robinhood, its reason for ending support for these cryptocurrencies is because the recent SEC lawsuits have “clouded them with uncertainty.”
While other companies could take after Robinhood, the respective firms behind each coin strive to clear its network currency’s name from the SEC’s tab.
On June 6, the firm behind Cardano’s existence, Input Output Global (IOG), stated that ADA has not, for once, appeared as a security under the securities law of the US.
IOG added that the SEC’s newest lawsuits would affect the firm’s operations “in any way” as the firm embraces a cooperative tactic with regulators to encourage innovation while securing consumers.
Cardano’s Network Activity Increases Amid Uncertainty
The latest SEC lawsuit in the crypto space severely impacted Cardano’s network, rousing uncertainty. Even so, network activities on the blockchain have remained high.
As publicized by IOHK on Twitter, Cardano is recording up to 69.1 million transactions at press time, representing continued network adoption and usage.
Furthermore, the Cardano team is still adding new features to the technology irrespective of the volatility on the network. This shows their commitment to innovation and progress.
Considering one of the new features, the light peer sharing, that allows the combination of inbound and outbound peers, the network’s decentralization could increase while facilitating its expansion.
Some other features with potential revolution for Cardano include the Genesis implementation (for enhanced accessibility and security) and the UTXO HD (for the newly released mempool fairness fix).
Considering Cardano’s recent volatility, there are some revolutionary projects with promising price outlooks to consider as an alternative to ADA. One of them is the ground-breaking green crypto project, Ecoterra, which focuses on restoring the eco-friendliness of the earth.
Ecoterra as Cardano’s Alternative
Ecoterra is a revolutionary crypto project aimed at promoting the sustainability and conservation of the environment via the incorporation of blockchain technology.
By harnessing the power of decentralized finance (DeFi) and building a link between the cryptocurrency community and environmental projects, Ecoterra tackles critical ecological challenges.
Ecoterra’s primary goal is to create a resilient economy by providing incentives for ecologically-responsible behavior by companies and individuals using its native token, $ECOTERRA.
As a means of exchange on the Ecoterra ecosystem, people can earn ECOTERRA by participating in activities that help to preserve the environment, like recycling, carbon offsetting, and purchasing products of recycled items.
Interestingly, one of the key features of Ecoterra, the decentralized marketplace, allows users can trade eco-friendly products and services with their ECOTERRA tokens.
Besides facilitating the adoption of sustainable practices, Ecoterra also encourages local businesses to produce and consume environmentally conscious goods.
Ecoterra adopts blockchain technology as a crypto-driven project to ensure traceability, transparency, and accountability in its initiatives.
By using smart contracts, Ecoterra creates a verifiable and undisputable track of environmental activities, cultivating trust while driving responsible acts among participants.
To further enhance its mission, Ecoterra implements community-focused tokenomics, allocating a large portion of its tokens for rewarding impactful environmental activities.
By partnering with experts and organizations in the field, Ecoterra identifies and supports actions like reforestation, clean energy innovations, carbon offsetting, etc. This ensures that the project leaves a lifelong impact on the environment.
Ecoterra Tokenomics
According to the project’s whitepaper, 2 billion $ECOTERRA tokens will be supplied, where 50% will go for presale, 25% for ecosystem liquidity, and 10% for marketing.
Of the remaining 15% tokens, 5% will go for Listings, another 5% for corporate adoption, and the last 5% will go to the project’s team.
Ecoterra’s Token Presale Success
The ECOTERRA tokens have been in presale since March 29, 2023, as it is set to conclude once it reaches the $6.7 million hard cap.
At the beginning of the presale, the price of 1 ECOTERRA was $0.004 (stage 1). However, today, it has reached $0.00925 (stage 8). By the end of the presale, $ECOTERRA’s price will increase to $0.01 and list on several exchanges.
So far, the Ecoterra token presale has raised over $5.2 million in its fundraising campaign. Before the presale ends, it could reach $5.7 million before the presale ends, considering the rate at which interested investors buy the token.
While the presale is ongoing and set to end in the next 9 days, interested investors can buy as many $ECOTERRA tokens ahead of the price increase.
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