Source: Dall•E 3
The Cardano price has seen a 2% bounce in the past 24 hours, rising to $0.382175 on a day when the wider crypto market has gained by 2.5%.
ADA is now down by 2% in the past week, yet the coin remains up by 32% in the last 30 days and by 55% since the beginning of the year.
However, despite such growth, data has revealed that only 35% of all ADA holders are actually in profit, a figure which provides some indication of how oversold the coin has been in recent months.
But with the market looking as though it will enjoy a good end-of-year rally, ADA may begin compensating for lost performance soon enough.
Cardano Price Prediction as ADA’s Profitability Lags at 35% – Is $0.40 the Last Critical Resistance Before $1?
Cardano’s chart is in a promising position, in that its indicators appear to be regaining strength again after a week or two of decline.
Its relative strength index (purple) has begun creeping back up to 60, signalling rising momentum while also leaving plenty of more space for further rises.
Source: TradingView
In addition, ADA’s 30-day average (yellow) continues to rise further above its 200-day (blue), a sign that the coin remains in the middle of a largely positive phase.
It’s also welcome to see that the token’s support level (green) has risen consistently since the middle of October, implying that any incoming dip is likely to be minor and brief.
On the other hand, ADA’s trading volume remains noticeably lower than where it was in the first half of November.
It currently stands at just over $250 million, in comparison to $750 million a couple of weeks ago.
This suggests subdued interest in Cardano, with data released today also suggesting that now is not the best time for the altcoin.
Despite recent market surges, Only 35% of $ADA holders are in profit, significantly lower than other top protocols. On-chain data reveals a key resistance at $0.38, with 7.19B $ADA acquired here. Clearing this level may reduce resistance, potentially boosting holder profits. pic.twitter.com/I2IPBltUN6
— IntoTheBlock (@intotheblock) November 30, 2023
As the tweet above shows, only a third of Cardano holders are in profit, with the coin struggling to decisively break the $0.38 resistance level.
Yet the expected bull market – stemming largely from Bitcoin ETF approvals – should help ADA pass this level in the next few weeks or months, and once it has, the coin’s fundamentals should kick in.
Indeed, Cardano as a blockchain has been growing steadily in 2023, with its total value locked in rising by over 400%, and with the total number of projects launched on its network passing 140.
As such, demand for ADA is likely to increase over time, pushing the coin to new levels.
The Cardano price should therefore rise to $0.50 in the early weeks of the year.
Alternative Altcoins for Above-Average Returns
Because ADA is something of a slow burner, many traders may prefer to look to newer tokens with more potential for posting quicker surges.
There are number of presale tokens currently available which fit this bill, with one of the most promising being Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $4.6 million in its sale.
@X co-founder Jack Dorsey supports a new $BTC pool for miner control.
How do you envision the impact of @ocean_mining on Bitcoin’s journey toward decentralization amidst the upcoming halving event in 2024?#BTCMTX also triumphs with another milestone, passing $4,600,000! pic.twitter.com/46uLFV2QPL
— Bitcoinminetrix (@bitcoinminetrix) December 1, 2023
Running on the Ethereum blockchain, Bitcoin Minetrix enables users to stake its native token BTCMTX in order to mine actual Bitcoin (BTC).
All they have to do is stake BTCMTX and receive tokenized mining credits in return, which they can then using to purchase Bitcoin hashing power.
By spending enough credits they will receive newly mined BTC, while staking will also earn them a steady stream of BTCMTX.
Venturing into $BTC with #BitcoinMinetrix!
Cloud mining unveils a direct path into the #Crypto sphere:
Easy entry for beginners.
Cost-effective, no hardware expenses.
No worries about space, noise, or heat.
Seamless, stress-free enhancements. pic.twitter.com/J4HbvZFrLS
— Bitcoinminetrix (@bitcoinminetrix) November 30, 2023
It’s the simplicity of this setup which has enabled Bitcoin Minetrix to attract so many investors to its presale, with new buyers able to join by visiting the Bitcoin Minetrix official website.
1 BTCMTX is currently selling at $0.0119, yet this will rise again in just under a day, while the coin’s listing in the next few weeks could see its price rocket.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Cardano Price Prediction as ADA’s Profitability Lags at 35% – Is $0.40 the Last Critical Resistance Before $1? appeared first on Cryptonews.