Cardano’s price is rebounding after falling in response to the FTX-triggered crash in the cryptocurrency market this week. The smart contracts token unceremoniously broke the support at $ 0.3810, opening the door to general declines that saw it plummet to $ 0.3090. The ADA is now trading at $ 0.3410 amid the unanimous push from the bulls to end the day above the critical $ 0.3810 level. However, its rally could be short-lived given the risk-free market sentiment.
FTX Australia contacts administrators
This week’s cryptocurrency crash has written all over the cryptocurrency exchange linked to Sam Bankman-Fried (SBF). A liquidity crisis forced the exchange to suspend withdrawals, drawing attention to the behind-the-scenes look at one of the world’s leading cryptocurrency exchanges.
According to a report released by Reuters on November 10, some of the funds moved from the exchange were customer deposits. SBF is believed not to have informed FTX’s other senior executives as it mismanaged the funds.
Meanwhile, the latest updates of the SBF saga reveal that FTX Australia and FTX Exchange, the subsidiaries of the embattled FTX, have begun to engage administrators. Yahoo Finance reported Friday that the entities did so after SBF did not attend a board meeting.
After local directors divested the company’s operations, KordaMentha administrators began reviewing the cryptocurrency exchange’s records to determine if there were sufficient resources to pay off local consumers.
They card Price Prediction as ADA bounces off support
Cardano’s price returned to green after leaving support at $ 0.3090 in the rearview mirror. A 61.8% Fibonacci retracement is expected to reach $ 0.3880 before ADA makes a temporary withdrawal, possibly to raise liquidity. On the positive side, breaking and holding above the same level could change the outlook from bearish to bullish as investors will see a subsequent move to $ 0.50 and then to $ 1 in the coming weeks.
The bullish outlook in ADA was strengthened as the Moving Average Convergence Divergence (MACD) sent a buy signal. A continued movement of the MACD towards the midline and likely towards the positive region will invite more buyers to jump on the northbound trend.
A section of investors commonly referred to as whales continues to invest more funds in ADA, despite continuing crypto turmoil. Santiment’s on-chain data shows that addresses holding between 10,000 and 100,000 ADA tokens have grown from approximately 131,550, recorded on Monday 7, to approximately 132,320 observed on Friday 11.
The buying pressure was also fueled by addresses that held between 100,000 and 1,000,000 ADA tokens from 20,652 to 20,600 over the same period. This investor decision to continue buying ADA shows a strong bullish outlook for the Cardano price.
Santiment’s insights also show a spike in the volume of loss-making on-chain daily transactions. In other words, most transactions on the Cardano blockchain are at a loss compared to the price they moved at last time.
Often the spikes in this metric come before an uptrend reversal. Holders are unlikely to continue selling if they face unrealized losses. With a drop in selling pressure, the path with the least resistance will be to the upside.
The same daily time chart warns that traders should be cautious from now on, especially with the likely collapse of FTX. Additionally, the 50% Fibonacci resistance at $ 0.3720 could prematurely hamper Cardano’s recovery.
However, a small correction to Fibonacci 23.6% to $ 0.34 could be a blessing as it will allow the bulls to gather more liquidity before making another recovery attempt.
Alternative investments that promise huge returns
Cardano is considered to be one of the most ambitious tokens with long-term growth potential. However, recent events in the cryptocurrency market continue to stifle its bullish outlook. However, interested investors can start looking into other upcoming projects with more short-term profit potential. Presales are currently underway for the following projects:
Dash 2 Trade (D2T)
Dash 2 Trade is a world-class social trading and cryptographic analysis platform that plans to make it easier for investors to make informed decisions using actionable market data. At the heart of the Dash 2 Trade ecosystem is D2T, an ERC-20 token built on the Ethereum blockchain.
Think of Dash 2 Trade as an all-in-one terminal where investors have access to accurate and timely market data to test trading strategies that allow them to take advantage of market opportunities.
D2T currently sells for 0.0513 USDT, but this price will rise to 0.0533 USDT in the next presale stage.
Visit the Dash 2 commercial presale now.
Built on the Ethereum PoS blockchain is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of green retailers. As carbon credits are now tokenized as NFTs, it is possible to monitor them more transparently, which helps address several issues that have previously plagued the carbon market.
IMPT’s presale raised over $ 12.6 million just weeks after launch, making it one of the most popular cryptocurrency sales.
Visit the IMPT presale now.
RIA could be the next big cryptocurrency to buy for blockchain gaming enthusiasts. This digital asset offers several promising possibilities that are sparking interest among investors.
The native token of Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to help traders in the purchase of non-fungible trading cards (NFTs). Players are tasked with building strategies to help them win these battles directly. RIA is the token that makes NFT purchases possible via an in-app NFT marketplace.
Visit Calvaria Presale now.