Cardano price is reeling from the untimely implosion of FTX, its trading arm Alameda and a host of affiliated businesses. Although a recovery ensued at the beginning of this week, it was stifled by a seemingly never-ending stream of negative news regarding the FTX debacle.
ADA suffered a great deal as investors adjusted to the aftermath of the decision Sam Bankman-Fried (SBF) and other executives took at FTX. The smart contracts token was briefly expelled from the top ten biggest cryptocurrencies list before coming back stronger and reclaiming the ninth spot.
Cardano boasts $11.46 billion in market capitalization, with $443 million in trading volume across all exchanges. Bulls have pitched camp at $0.30 and are ready to do everything possible to avoid declines beneath this level.
Cardano Price Forecast as ADA Prints Bullish Pattern
Cardano price appears to be grinding toward the tail end of a prolonged downtrend since August 2021, when it hit a record high of $3.15. From the chart below, a bullish breakout could start with forming a cup and handle pattern.
The cup forms after an extended downtrend followed by an uptrend – which generally looks like a bowl with a round bottom. As the cup nears completion, the price consolidates with a minor pullback on the right-hand side – completing the handle.
A breakout above the handle signals the continuation of the previous trend (a northbound move). The size of the breakout is calculated by measuring the distance between the cup's bottom and the neckline (broken line as illustrated in the chart), which is then extrapolated above the expected breakout point for ADA, in this case, at $1.46.
The Moving Average Convergence Divergence (MACD) indicator has validated this long-term outlook in Cardano price. The MACD sent a buy signal when its 12-day Exponential Moving Average (EMA) (in blue) moved above the 26-day EMA (in brown).
Movement of the MACD toward the mean line will gradually cement the increasing presence of bulls in the market. Therefore, bullish traders should consider waiting for ADA to resume its long-term uptrend eyeing a 98.21% move to $2.90.
ADA's daily time frame chart reveals an oversold Stochastic oscillator. Oversold conditions show that Cardano currently trades significantly below its fair market value. However, tradable assets often recover from this territory in favor of a big move to the upside.
Traders hoping to catch ADA's potential bullish breakout should watch out for the Stochastic oscillator as it recovers into the neutral area (between 20.00 and 70.00). Entry into the overbought region would mean that bulls have complete control over the Cardano price uptrend.
The Super Trend indicator applied to the four-hour time frame chart warns that Cardano might grapple with overhead pressure in the short term as bulls search for strong support. Like a moving average, the Super Trend overlays the chart. However, it incorporates calculations from the average true range (ATR) to gauge market volatility.
The Super Trend is stuck with a sell signal since ADA turned bearish due to resistance at $0.44. Sellers could push the price to retest the demand area at $0.30 before ADA builds momentum for gains to $1.00 and $3.15 (all-time high), respectively.
Crypto Presales to Watch in The Fourth Quarter of 2022
The bullish outlook in Cardano price could propel it to a level close to its all-time high of $3.15. However, the health of the crypto market remains shaky in light of the aftermath of the FTX crisis. Therefore, interested investors may consider diversifying their portfolios with new crypto projects with the unrivaled potential to rally upon their listing on exchanges.
Dash 2 Trade (D2T)
Dash 2 Trade is one of these promising presales. This platform enables the creation and testing of trading strategies for traders and investors to make informed market decisions. Dash 2 Trade is designed to take your crypto trading to the next level.
D2T is an ERC-20 token on the Ethereum Network dedicated to powering the Dash 2 Trade platform. This token allows access to crypto analytics, signals and social trading features needed to excel in the market.
Dash 2 Trade is currently in the third stage of its presale and selling for $0.0513. The price of D2T will jump to $0.0533 in the next presale stage ahead of its listing on exchanges.
The founders of RobotEra are creating a platform similar to the popular metaverse crypto project, the Sandbox. However, they are initially selling TARO, a native crypto token, to power the in-world economy. Later they will sell land parcels and robot characters as NFTs.
Players will have access to custom-built tools to create assets within the game, meaning no coding experience would be required when building in the metaverse.
TARO's presale is underway and selling for $0.020. Within the first two weeks of the presale, the team has raised over $119,000. The price will, however, increase to $0.025 in the next stage.
Calvaria is a crypto project aiming to be a frontrunner in the race to bridge the gap between the "real world" and crypto. The project involves speeding up crypto adoption via a play-to-earn battle card game.
The team hopes to be competitive within the Web2 gaming market by creating two game versions. Users will earn extra tokens by staking TARO on the blockchain. Calvaria's presale is 65% complete after raising more than $1.7 million.