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Cardano (ADA) price action has plummeted more than 7% in the last seven days as the ASIA PAC and European sessions watched in dismay as cryptocurrencies took a step back. Many traders have been disappointed as the Christmas rally failed to unfold as they expected while no actual trading day is left for cryptocurrencies in 2022. Adding salt to injury, the Cardano price is receiving a stark technical rejection that could see more downside should the selling pressure escalate.

As of the time of this writing, Cardano (ADA) price appears to be heading for a new low, after the token’s price lost 1.7% in the last 24 hours to trade at $0.2417. This is the lowest price ADA has recorded in the year, with the token still likely to dip further. Nevertheless, Santiment data may restore investor hope, but ADA bulls would have a lot of ground to cover to make Cardano trade positive again. 

Cardano Sellers Getting Tired

Santiment data shows that ADA sellers are getting tired while the crypto remains ‘severely undervalued.” With the Cardano price recording lower lows and lower highs, Santiment indicates that selling pressure for the ADA token continues to diminish.

According to the insights platform, as ADA makes a single downward movement, fewer coins are marked with a loss on the Cardano network, which Santiment interprets as the strongest sign of a reversal where the bears are procedurally losing power to the bulls.

Moreover, ADA accumulation by whales has been on the rise over the past six weeks, and while it was not more than what was witnessed in 2021, it does not point to the short-term price action of ADA as whales tend to accumulate for the longer term. 

The price is currently at risk of scaring away its last remaining herd of bulls as it happens that even this last streak of the year does not hold much for the risk-off sentiment that has been present for the most part of this year.

With a constant plunge in price action and a new multi-year low, ADA bulls have almost nothing to show in overall performance for this year, and seeing that today was the last real trading day of the year, the last straw for the bulls has sunk away, and all that is left if hope for a New Year rally. 

Cardano Price Downside Continues With Bears Eying $0.20 Lows

Cardano price analysis indicates that the bearish trend may continue in the short term as ADA trades below all the major moving averages. The bears were in control with the bulls staring at losses to $2.0 level. On the daily chart, the Cardano price has maintained the descending channel with very few green candlesticks.

The ADA price has mainly flashed red, with the price action consolidating at the bottom of the descending channel range, suggesting that bulls are away from the market as bears take charge.

ADA/USD Daily Chart

Cardano price chart
Tradingview Chart: ADA/USD

The current price at $0.2417 is relying upon the lower trendline of the chart pattern for critical support. If this support is lost, the ADA price may trade further down to the $$0.2193 support level embraced by the lower boundary of the prevailing chart pattern. In extreme cases, ADA prices may plunge lower to seek solace from the psychological at $0.20.

The relative strength index (RSI) is pointing downwards, indicating that the bears are still in control of the price as selling pressure increases. The SuperTrend indicator is flashing red having closed above the ADA price, suggesting that there was still more room for the downside.

But all is not lost for Cardano, with bulls staring at the resistance offered by the 50-day simple moving average (SMA) with hope. If bulls can increase their buying and raise the price to breach the resistance at $0.2797, then they may have the chance to overcome the 50-day SMA and thereafter, have a chance to challenge resistance posed by the upper trendline of the chart pattern at $0.3346.

Breaking past the upper trendline will be critical for the bulls as it would confirm a bullish breakout, setting the Layer 1 token on an upward trajectory toward $0.45.

Other Tokens To Consider

Every trader is looking for the next significant crypto that may give them colossal rewards, and this makes sense considering how rapidly tokens such as Bitcoin (BTC) and Ethereum (ETH) have soared in value since inception. However, it is important to keep in mind that as those coins have already realized the majority of their revenues, now may not be the optimal moment to invest in them again. The following are alternative investments to consider.

FightOut (FGHT) In 2023

FightOut is the move 2 earn (M2E) crypto project that will lead the charge in 2023. Among many other reasons, the project does a lot and goes overboard for its users. As such, it is hard to imagine a world where this project does not do exceedingly well.

The team who are committed to ensuring that once users begin to sign up and key in their details and goals, they will enjoy an amazing experience, which will include personalized workout videos tailored to their needs perfectly, has tirelessly revamped the FightOut app.

Gamers will even be able to design workouts that account for what workout equipment a user wants to use, making sure it goes well with their vicinity.

Apart from the amazing workout features on the app, what is exceptional is that users earn in-game currency (REPS) when they complete the workouts while at the same time growing the community. Another great feature is that FightOut lets users connect to the metaverse, thereby allowing them to mint their own NFT avatars that will grow and develop alongside their owners as they keep completing their workouts. Moreover, users can then socialize or even fight other users in the metaverse using their avatars.

FightOut has just recently kicked off with its presale and has sold up to $2.44 million. With stage one already flying by, investors are eager to get involved at such an affordable price. Do not be left out.

Visit Fightout here

Dash 2 Trade (D2T)

Dash 2 Trade has been predicted to record 20x gains before 2023, and by the look of the presale figures, this may happen. The project has recorded exponential growth in the last two weeks, and the D2T coin is registering massive success. They have already raised over $11.31 million.

The project has also come forward with yet another exciting news, confirming the Beta version of the platform will go live on January 5, 2023, and the presale ending on the 11th of the same month. This adds to the amazing news of the D2T token securing listings on centralized exchanges (CEXs) LBank, BitMart, and Changelly.

 Visit Dash 2 Trade here

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By ndenson

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