The Cardano price (ADA) has fallen 1.5% in the past 24 hours, falling to $0.246034 on a day where the overall market remains largely flat.
ADA is also down 4.5% in the last fortnight, but still remains in ninth place in the cryptocurrency market capitalization ranking, one place ahead of Dogecoin, which has recently fallen the most.
Given how oversold ADA has been in recent months, the altcoin is likely to rise further in the near future, especially as it remains one of the strongest tokens in fundamental terms.
Cardano Price Prediction As ADA Overtakes Dogecoin In Coin Rankings: Can ADA Keep Rising?
The ADA continues to look quite weak on its indicators, although this could be taken as a sign that a rebound bounce is long overdue.
For example, its relative strength index (purple) has continued to decline again, falling towards 40 and is likely to sink to 30 or below before the altcoin corrects upwards.
At the same time, its 30-day exponential moving average (yellow) continues to languish well below its 200-day moving average (blue), another strong signal that the coin is very oversold and should recover.
One bright spot is the ADA support level (green), which has been steadily rising over the past month or so, suggesting the altcoin won’t go much lower before seeing another rally .
Of course, the question of when a rebound is likely to come remains, with the broader market continuing to be subdued as a result of poor macroeconomic conditions and uncertainty continuing over whether the SEC will approve recent Bitcoin ETF filings .
ADA rose this week (along with the rest of the market) after false rumors emerged that the securities regulator had approved this application, and while everything has since come back down to Earth, the spike shows what will happen if and when the ETF is actually approved.
Not only would ADA enjoy a huge rally along with the market, but the new bullish attitude would ensure that investors view the altcoin in a more favorable and optimistic light, recognizing its strong fundamentals.
In fact, Cardano continues to grow steadily, even with the ongoing bear market, with its total value increased by more than 200% since the beginning of the year.
This testifies to the growing use of Cardano as a Layer 1 blockchain, as does the latest data from Input Output Hong Kong (the main developer of Cardano), which shows that the platform is now home to 146 launched projects/apps and nearly 1,300 projects under development.
This suggests that Cardano could begin to grow exponentially during the next bull market (hopefully next year), with ADA benefiting in parallel.
From its current level of around $0.246002, it is likely to return to $0.30 in the coming weeks, before possibly seeing you in 2023 at $0.40.
Other High With High Potential
Traders and investors may find that it takes several months for ADA to make real progress, which may incline many to look to newer altcoins in the meantime, especially those with the potential for quick earnings.
Pre-sale coins are a way to get market-beating returns quickly, and the best of them are often achieved once they are listed on exchanges.
One of the most likely candidates to do so is TG.Casino (TGC), a decentralized casino platform that has raised more than $1.1 million since opening its presale a few weeks ago.
There are a couple of reasons why TG.Casino has been able to raise over $1 million so quickly, the first being that their platform uniquely combines online gaming with social media.
That is, it works primarily with the popular social messaging app Telegram, leveraging the latter to help it quickly grow a large user community of followers.
This use of Telegram gives it an originality that has clearly attracted many investors, but the second factor that helps its rise is the fact that it has already launched its platform.
Its platform offers a wide and ever-expanding list of games, from classic card games to newer and more original experiences.
Games can be joined using the platform’s native token, TGC, which comes with a hard limit of 100 million.
40% of this total has gone to pre-sales, with 20% dedicated to betting rewards and 10% to gaming rewards, making it a highly decentralized altcoin.
Investors can buy a little early, and at what can turn out to be a steep discount, by visiting the official TG.Casino website, where 1 TGC costs $0.125.
Of course, time is limited, and TGC’s listing on the stock exchanges at the end of the year is likely to rise sharply.
Visit TG.Casino now
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.