The cryptocurrency market continues to wade through murky red waters of a downtrend – made worse by the collapse of FTX. Despite the negative market mood, ADA has held up well against the rest of the market so far, down just 0.6% in the past 24 hours.
Cardano’s first DJED algorithmic stablecoin will launch in 2023
The Cardano ecosystem continues to grow despite the bear market. According to the latest updates from the crypto space, DJED will be the first algorithmic stablecoin to launch on the Cardano mainnet in January 2023.
The team confirmed the mainnet stablecoin launch during the Cardano Summit 2022.
Currently, the DJED team is working around the clock to develop a payment platform and cryptocurrency gateway called Djed Pay. This payment gateway will have the support of the Cardano Foundation, elevating its status with businesses. DJED will also help investors manage risk, given recent events in the crypto market.
Cardano Price Prediction: Bulls Must Hold Firmly at $0.30
Cardano’s price is struggling to hold above a critical level, as highlighted by the gray band at $0.30 (S-1). ADA has also formed a lower-high pattern, with its upside capped by a bearish descending trendline.
Sellers will likely remain in control, especially with Cardano trading below all major moving averages, including the 50-day exponential moving average (EMA) (red), 100-day EMA (blue) and the 200-day EMA. (in purple).
Losing support at $0.30 could be detrimental to Cardano’s price as it could trigger further selling.
Traders looking to short the current levels should wait for ADA to close below $0.30 to avoid a bearish trap that quickly rebounds higher. Downside profit targets were highlighted at $0.20 and $0.165.
The Stochastic Oscillator within the same 3-day time frame confirms the strong bearish hold on the price. However, it also shows that ADA is facing extreme oversold conditions that could pave the way for a near-term recovery. Asset prices tend to revert to fair market value. Therefore, there is a chance for a short-term rally. That said, all the momentum seems to indicate that the price is collapsing, so bulls may have to wait for a strong green candle before getting started.
A break above the descending trendline could mark the start of an uptrend. Potential profit targets to watch as ADA recovers include the 50-day EMA at $0.465, the 100-day EMA at $0.649, and the 200-day EMA at $0.862.
Alternatives to Cardano to consider at the end of the year
As analyzed, Cardano needs to hold above $0.30 to avoid revisiting downstream levels at $0.165. Although ADA continues to have a positive outlook, it may take longer to materialize as its recovery is stifled by the uncertainty of a bear market cycle. That is why interesting investors can look into promising pre-sales that may rebound after their listing on the stock exchange.
Trade Dash 2 (D2T)
Dash 2 Trade is a new cryptocurrency project, providing investors with world-class crypto analytics that make it easier to navigate the market. Thanks to these analyses, traders can create and test strategies on a simplified platform.
Due to launch in the first quarter of 2023, the sale of its native D2T token has already raised more than $6.7 million. He also announced listings on BitMart and LBANK Exchange for early next year, confirming that investors will indeed have the opportunity to take advantage of some returns soon enough.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style metaverse set to launch its alpha version in the first quarter of 2023. Within its platform, players will be able to play as robots and participate in the creation of its virtual world, including lands , buildings and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought in USDT or ETH), although this price will drop to $0.025 during the second stage of its presale, which will start soon.
TAX is a carbon credit marketplace where users can earn and redeem NFT-based carbon offsets, which can also be obtained by purchasing from a wide range of eco-friendly retailers. Its tokenization of carbon credits as NFTs means that these credits can be tracked more transparently, helping to solve many of the problems that have plagued carbon markets so far.
The IMPT presale has now raised $13 million just a few weeks after its launch, making it one of the most popular crypto sales.