A mixed start to the day on Nov. 24 saw ADA rise to an early high of $0.321 before falling to a low of $0.312, with the token currently trading at $0.316 as of writing.
On Nov. 23, the FOMC meeting minutes delivered a push to crypto markets in general, with members talking about slowing the pace of rate hikes in the US. ADA was not able to capitalize on this market pump for sustained upside momentum, however.
Cardano Fundamental Analysis
Ardana Stablecoin Development Pauses
Because of project timeline uncertainty and a lack of funding, Ardana, a stablecoin project on the Cardano network, has paused development pending a potential takeover of its project. The related Orbis project has also halted development.
In an early Nov. 24 Tweet, the Ardana project wrote that “Development on Cardano has been difficult […] the underlying network on #ADA is currently not ideal for any protocol dealing with liquidations […] best course of action is halting development.”
Although just one project among many on Cardano, this announcement raises questions about the future of development on Cardano and the future of other Cardano projects that may be struggling in the wake of the current bear market.
Keep a close eye on development progress for Cardano and the projects building on it as news about its network updates or further project failures or successes could accelerate the price in either direction.
ADA Price Prediction and Technical Analysis
After a failed attempt to break the $0.378 level on Nov. 22, bears still appear to be in control of ADA’s price action. As long as the price stays beneath the $0.378 level, a further decrease would not be unexpected, targeting the $0.285 support area and potentially dipping to $0.231 in the near term if the wider crypto and risk asset bear market continues – not to mention the risks associated with the ongoing FTX saga.
However, the short-term bullish case for ADA can be made by looking at the stochastic RSIs, which show some possible momentum to the upside. A bullish scenario could be in sight if Cardano manages to reclaim the $0.378 and more importantly, the $0.43 level. Should that happen, ADA/USD could rocket 50% by year’s end as market sentiment shifts back in favor of a bullish scenario for ADA.
For now, the bulls have managed to hold onto key support at $0.30, which indicates that ADA will likely continue trading between $0.30 and $0.32 for now and possibly rise above the First Major Resistance Level (R1) at $0.319 in the coming days or weeks, depending largely on any further market movements related to FTX contagion issues or project news.
Bear Market Crypto Opportunities
With market conditions uncertain for high-priced cryptocurrencies like ADA, it may be wise to consider buying tokens at lower prices in their presales, such as those offered by Dash2Trade (D2T), RobotEra (TARO), and Calvaria (RIA). These projects have the potential to disrupt and revolutionize their respective industries with innovative technologies, making them a promising asset for any cryptocurrency enthusiast.
Dash2Trade is a cutting-edge crypto analytics and social trading platform that makes it simpler for investors to form educated investment decisions. It comes with a host of features like price predictions, signals that highlight buy/sell opportunities in the market, social sentiment and on-chain analysis to spot trending coins, a trading strategy builder, a bespoke scoring system, and much more. D2T has already raised close to $7 million, with a current price of $0.0533 USDT per token.
RobotEra is building a virtual world where users can purchase their own private plots of land and build upon them with buildings, games, artworks, etc. It features an inbuilt currency called $TARO which can be used to buy land, build virtual assets and participate in activities within the world. Additionally, it will offer a play-to-earn feature where users can earn $TARO for completing various tasks within the metaverse.
Calvaria is a play-to-earn battle card game centered around speeding up the mass adoption of crypto. The platform allows players to experience the fun and thrill of collecting, trading and battling with NFT cards. It features a unique game design which gives players the ability to earn tokens for completing tasks or competing in tournaments. Calvaria has raised over $1.9 million and is quickly closing in on its $2.1 million maximum goal.