The staking coin ADA, linked with the prominent project Cardano, has been noticed clinging to its key support area around $0.28, bolstered by its 21-Day Moving Average, in addition to an upward crawl from the lows of June. This comes amidst a collective sigh in the global crypto sphere after US jobs numbers drop – not as intensely as feared. Despite ADA maintaining a close to 7% downfall from its previous peak around the crucial $0.30 mark, it has kindled hopes for a promising bull run.
The charted formation of a distinctly bullish ascending triangle for ADA has drummed up an optimistic temperament amongst bulls. A decisive rupture past the resistance hovering at $0.30 may be an alarm bell for a hasty bounce back to ADA’s 200 Day Moving Average, resting at $0.35. If ADA pulls this feat off, it would have redeemed almost entirely the pedestal it toppled from after the US Securities and Exchange Commission’s last month’s security label on it.
The Cardano blockchain’s expanding Decentralized Finance (DeFi) ecosystem is persistently showing resilience. Despite the prevailing FUD (Fear, Uncertainty, Doubt), the growing Total Value Locked (TVL) in USD form within Cardano’s smart contracts is back up above a hefty $200 million, inching towards its yearly peak.
However, the US’s regulatory ambiguity looms over ADA, it might be a promising time for scooping up a fair share. Investing in ADA might not be an unwise move going forward, the fundamental and technical appearance of the project provides a glimmer of optimism.
In the circumjacent realm of potential alternatives, an intriguing project DeeLance is deserving of attention. This web3 project, foreseen as one of 2023’s hot crypto start-ups, aims to revolutionise the remote work and recruitment industry by placing it on the blockchain. This overthrowing of giants like Fiverr and Upwork could be a gamechanger for freelancers and employers alike.
DeeLance has already raised a notable sum nearing $1.5 million in a few months since its $DLANCE token pre-sale. Moreover, the strategic investment of $1.12 million by venture capital firm Bitgert Ventures underlines the potential the institution sees in the project. With DLANCE set to make an entry this year on major cryptocurrency exchanges at $0.57, investing in the pre-sale at only $0.038 could be highly lucrative for nimble investors.
To cap it off, a grand competition of $500K $DLANCE token giveaway is underway as well. Despite the high-risk nature of crypto, these situations could open promising doors for discerning investors.
Source: Cryptonews
