what impact on the price of ADA?

Cardano’s price started the week on a negative note amid a general decline in the crypto market. Bitcoin (BTC) has fallen 2.06% over the past 24 hours and is currently trading at $15,800, while Ethereum (ETH) is trading at $1,110.

The debacle of FTX continues to wreak havoc, meaning the recovery in prices may be dampened in the short term. With the loss of investor confidence in centralized exchanges (CEX), discussions around decentralized exchanges (DEX) are gaining momentum.

According to Raphael Hauptfounder and CEO of The Toucan Protocol, the collapse of FTX shows how decentralized control is undervalued and yet crucial. Regulators cannot shoulder all this responsibility, which should lead to the integration of governance in the value chain – coded into smart contracts.

“Using smart contracts and decentralizing protocol management where possible creates more secure and transparent pathways through which any asset’s movements can be publicly verified at any time,” Haupt commented on the FTX crisis.

Cardano price predictions

Cardano price continues to fall after failing to break the $0.44 resistance. Although the $0.32 level was expected to act as support, the price has now fallen to $0.30.

ADA/USD four-hour chart
ADA/USD Price Action – TradingView

Cardano price needs to hold at $0.30 to avoid sinking towards the $0.25 area. Bulls should tread carefully considering the sell signals indicated by MACD (Moving Average Convergence Divergence).

On the other hand, if ADA is able to consolidate above $0.30 for a few days, then ADA may try to move towards $0.44 and higher in the coming weeks, in case of a recovery in the markets.

According to CoinMarketCap, ADA recorded an increase in its trading volume that exceeded $300 million in the last 24 hours. Investors are still on high alert due to events surrounding FTX, and some prefer to convert their crypto assets into dollar-pegged stablecoins, such as USDT.

Net outflows on exchanges hit new highs last week, according to on-chain data published by CryptoQuant. Binance saw about 81,712 BTC worth about $1.3 billion withdrawn from its vault. Binance CEO, Changpeng Zhao (CZ), said a slight increase in withdrawals during market declines is normal.

Investors will likely continue to embrace decentralized cryptocurrency storage platforms to avoid the risks associated with centralized exchanges.

Whales continue to show interest in ADA despite the huge price drop. The total number of addresses with 1 to 10 million tokens increased from 2,374 to 2,398, according to data from Santiment on November 20.

A similar growth pattern was seen among addresses with over 10 million ADA, which currently stands at 477 from a 30-day low of 469. This trend shows that investors have confidence in Cardano’s future, despite short-term price corrections.

Cardano supply distribution
Cardano Supply Distribution – Santiment

Pre-sales offer massive short-term gains

It may take several weeks or even months for ADA to reach $1+. This is why some investors are interested in cryptocurrencies that are currently in pre-sale for faster returns.

Dash 2 Trade (D2T)

Dash 2 Trade is a platform for creating and testing trading strategies so that investors can make the most appropriate decisions based on market conditions. Dash 2 Trade is designed to take your crypto trading business to the next level by providing data driven signals.

D2T is based on the Ethereum network and powers the entire Dash 2 Trade platform. The token provides access to crypto analysis, signals and social trading features needed to excel in the market.

Join the Dash 2 Trade Pre-Sale

RobotEra (TARO)

RobotEra is another Ethereum-based platform. It is a sandbox-like metaverse where players can embody robots and participate in the creation of a virtual world. Its alpha version will go live in the first quarter of 2023, and its ecosystem will allow users to create their own NFT-based terrains, buildings and other game elements.

1 TARO is currently selling for 0.020 USDT (it can be bought using USDT or ETH), but this price will drop to $0.025 in the second phase of its presale, which will start soon.

Participate in the pre-sale of RobotEra

Calvary (RIA)

Calvaria (RIA) is a new game that revolves around collecting and trading NFT-based cards that can also be used to battle other players for rewards. Calvaria differs from other blockchain-based games by allowing users to play without having to hold crypto, which could make it more accessible to casual gamers.

Within its ecosystem, the RIA will be used to purchase in-game items and to place bets, giving it a strong use case in its ecosystem. The token presale raised just over $1.8 million and is currently in its fourth phase, where 40 RIA can be obtained for 1 USDT.

The current RIA price is $0.025 and it will drop to $0.03 in the next phase of the presale.

Participate in the Calvaria pre-sale

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