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ADA breaks short-term uptrend, eyes return to recent lows. Source: Trading View

Stronger than expected US ISM Services PMI Data which points to a resilient U.S. economy midway through the third quarter and, alongside stronger than expected U.S. labor market data from last Friday, continues pressure on the U.S. Federal Reserve to continue its policy of aggressive rate hikes until ‘in 2023, weighed on risk appetite and cryptocurrency prices on Monday. ADA was no exception.

The native cryptocurrency of gimbal the blockchain last changed hands around 1.5% lower on the day and is down around 1.8% in the past 24 hours according to CoinMarketCap. ADA/USD was last trading at $0.31, having hit almost $0.33 earlier in the session. The recent decline marks a bearish break of the rising trend channel that ADA/USD had been moving higher in for the past few days. Consequently, in the short term price predictions have become less bullish.

ADA breaks short-term uptrend, eyes return to recent lows. Source: Trading View

Cardano is still up around 7.5% from its November lows, but its failure to sustainably hold above its 21-day moving average (around current levels) is not a good sign. . With ADA still stuck in a long-term downtrend that has been ongoing since the summer, it seems likely that ADA/USD will soon head for new yearly lows below the $0.30 zone.

ADA is still in the same downtrend that has been in play since the summer. Source: Trading View

Price Prediction – Can ADA reach all-time highs in 2023?

The price of ADA saw explosive growth from 2020 to the start of 2021. From its lows of 2020 to its highs of 2021, the price of Cardano jumped up to 18,000%. In this regard, traders should not consider the prospect that 2023 could see a rapid return to record highs above $3.0.

Cardano’s fundamentals remain strong, with the network stronger than ever and ranking among the most decentralized and developed in the crypto space. But the macroeconomic conditions will have to be good. This does not necessarily mean a strong economy.

2020 was the year the Covid-19 pandemic shook the world and forced governments into massive fiscal and monetary stimulus. It is this stimulus that has propelled cryptocurrencies and risk assets more broadly. While many economists are predicting a bad recession in 2023 and inflation in major economies like the United States will be quickly brought under control, it is not out of the question that central banks, which have generally raised inflation aggressively interest rates this year, start to reduce again.

This could set the stage for an ADA recovery. Technicians will also want to see Cardano move past a long-term downtrend that has been suppressing ADA price on the log chart for over a year.

ADA has been in a longer-term downtrend since mid-2021. Source: Trading View

Cardano – Third Most Developed Crypto Project

Cardano had the third-highest average daily GitHub development score, according to data provided by Santiment. The blockchain lags behind Polkadot and its public Kasuma testchain and ranks Cardano well ahead of Ethereum.

Separately, according to data from Cardano Blockchain Insights, the number of plutus scripts (smart contracts) deployed on the Cardano blockchain has now surpassed 4,000. there were less than 1,000 Plutus scripts deployed.

Cardano became a smart contract-enabled blockchain network in September 2021 when it rolled out the Alonso hard fork. He recently implemented another hard fork in September 2022, which involved a number of major blockchain performance upgrades.

ADA undervalued compared to the presence of Subreddit?

The 4e In December, well-known pseudo-anonymous Cardano-focused Twitter account @cardano_whale posted an update concluding that ADA’s price is slightly undervalued compared to the broader cryptocurrency market given the size from his subreddit community.

Back on the 18the January, when @cardano_whale last posted a similar update, ADA’s price was slightly overvalued compared to the rest of the cryptocurrency market.

Cardano more decentralized than Ethereum?

Cardano is much more decentralized than Ethereum, claims Cardano-focused blockchain enthusiast Sooraj in a recent Twitter thread. One of the main arguments he makes to support this claim is that Cardano has a MAV of 24 against Ethereum’s MAV of 3.

MAV stands for Minimum Attack Vector, or the minimum number of independent parties running blockchain nodes that should agree to take control of 51% of the network.

Trade Dash 2 (D2T)

Those looking to invest in a promising crypto trading platform startup should look no further than Dash 2 Trade. The burgeoning social analytics and trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token list alert system, and strategy backtesting tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users will need to purchase and hold to access platform functionality.

Dash 2 Trade is currently holding a pre-sale of tokens at deeply discounted rates. D2T token sales recently exceeded $8.4 million. The sale is about to enter its fourth phase, with over 96% of Stage 3 tokens now sold. When the sell-off enters its next stage, prices per token will drop from $0.0513 to $0.0533.

Visit Dash 2 Trade here

TAX

Amid the growing popularity of environmentally and socially friendly investments in recent years, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprint and allows users to trade carbon credits on the blockchain.

IMPT tokens are currently in the second stage of the presale, with IMPT having raised over $14.1 million. This equates to $400,000 in token sales in the last 48 hours alone. Investors only have six more days to purchase tokens at the current discounted price of $0.023.

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Calvary (RIA)

Major blockchain-based games like Axie Infinity have lost a lot of ground in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative paths. Calvaria, an up-and-coming fighting crypto card game, might be a good alternative. Calvaria seeks to drive crypto adoption by building a bridge between the real world and crypto, a fun and accessible crypto game.

Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.23 million and is in the final stage of its fundraising process. Only 28% of presale tokens remain up for grabs.

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