In the last 24 hours, Cardano‘s price has seen a humble 0.5% growth, hitting $0.246018, reflecting the overall slight shift in the cryptocurrency market today. Despite a slump of 2.5% over the past week, 6.5% in the last 30 days, and 1.5% since the beginning of the year, ADA now finds itself in a favorable bargain position with potential for significant growth, especially if wider market conditions improve.
Certain factors indicate Cardano’s probable recovery rally. Pedestrian performance has haunted Cardano over the past few months, with its relative strength index lying below 50 since the beginning of August. Alongside that, ADA’s 30-day moving average has consistently been lower than its 200-day average for several months now. Interestingly, ADA’s support level has seen some stability of late, hinting that the coin has bottomed out and is ready for a comeback.
The recent downturn in ADA’s price has little to do with the coin itself. The market appears drowsy due to investor negativity – a repercussion of macroeconomic worries such as China’s decelerating economy, potential US government shutdown, and soaring interest rates. Yet, the fundamentals of ADA remain robust, buoyed by Cardano’s steady evolution as a layer-one blockchain network.
Notably, Cardano’s total value locked in has soared by a whopping 196% since the start of the year. With ADA’s price retreating concurrently, this indicates true growth in its usage and adoption. Data from InputOutput Hong Kong shows over 140 projects live on Cardano and 1,200 projects under development, underlining considerable impending growth for the blockchain network. Consequently, ADA’s price should align with Cardano’s growth, eyeing the $0.30 mark in upcoming weeks and $0.40 by year-end.
Nonetheless, traders hungry for rapid, above-average gains might find newer altcoins worth exploring. This brings us to pre-sale tokens such as Bitcoin BSC (BTCBSC), a BNB Chain-based cryptocurrency that has collected over $5.2 million since the start of its sales earlier this month. With a hard cap of 21 million tokens and availability for staking, Bitcoin BSC acts as a perfect doppelganger for the original Bitcoin, with a cut-price initial offer of $0.99.
To get on board, potential buyers can visit the official Bitcoin BSC website and connect their software wallets. Expecting to rally significantly, the new altcoin is set to list on BNB Smart Chain DEX in the next few weeks, followed by other trading platforms soon after.
Please bear in mind the volatile nature of crypto assets, with a real risk of total capital loss. This article is an informational narrative, not investment advice. For those doing further research, Bitcoin BSC is a good starting point.
Source: Cryptonews
