The latest data from the ISM Manufacturing PMI (Institute for Supply Management) in services was more encouraging than expected and pointed to a strong US economy in the middle of the third quarter. At the same time, US labor market numbers released on Friday were more positive than expected and kept pressure on Federal Reserve US to continue its policy of aggressive rate increases through 2023. All these things continue to weigh the risk appetite and cryptocurrency price, ADA is no exception.
The native cryptocurrency of the Cardano blockchain has registered a decrease of about 1.82% in the last 24 hours according to CoinMarketCap. The ADA/USD pair last traded at $0.31, after hitting around $0.33 during the day yesterday, marking a breakout of the ADA/USD upward trajectory during the last few days. As a result, the short-term price outlook is not very optimistic.
Cardano is still up 7.5% from the November lows, but the failure to continue above the 21-day moving average (around current levels) is not a good sign. ADA is still stuck in a long-term downtrend that has continued since the summer and it seems likely that ADA/USD will soon head to new annual lows below the $0.30 area.
Price prediction: Will ADA reach a new ATH (All Time High) in 2023?
The price of ADA saw explosive growth from 2020 to the beginning of 2021. From its lows in 2020 to its highs in 2021, the price of Cardano recorded an increase of around 18,000%. In this regard, traders should not consider the prospect that 2023 will see a rapid return to the record high above $3.0.
Cardano’s fundamentals remain strong, with the network stronger than ever, and it ranks among the most decentralized and developed in the crypto space. But the improvement of macroeconomic conditions is necessary for a clear improvement of the ADA. This does not mean a strong economy.
The 2020 fiscal and monetary stimulus measures implemented during the Covid-19 pandemic have been instrumental in pushing cryptocurrencies and risky assets. With many economists predicting a recession in 2023 and inflation quickly coming under control in major economies like the United States, it is not impossible that central banks, aggressively raising interest rates this year , began to decline.
This could set the stage for an ADA rally. Traders also want to see Cardano go through a long-term downtrend that has been slowing down the ADA price on the log chart for over a year.
Cardano – Third crypto project in terms of developer participation
Cardano records Third Average Daily Development Score GitHub the highest, according to data provided by Santiment. The blockchain, however, is behind Polkadot and its Kasuma public testnet, but 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 passed 4,000. There are less than 1,000 Plutus scripts deployed..
Cardano is compatible with smart contracts since September 2021 after the launch of the Alonso hard fork. Another hard fork implemented in September 2022 involved several major upgrades to improve blockchain performance.
Is ADA undervalued compared to its presence on Reddit?
On December 4, the famous pseudo-anonymous Twitter account @cardano_whale published a post concluding that the price of ADA is slightly lower compared to the broader crypto market due to the size of its subreddit community.
On January 18, when @cardano_whale last posted a similar update, the price of ADA was slightly favored compared to the rest of the market.
Is Cardano more decentralized than Ethereum?
Cardano is more decentralized than Ethereum, claimed block enthusiast and Cardano supporter Sooraj in a recent Twitter thread. One of the main arguments he makes to support this claim is that Cardano has MAV (Minimum Attack Vector) 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 must work together to control 51% of the network.
Dash 2 Trade (D2T)
Those looking to invest in a promising crypto trading platform should consider Dash 2 Trade. The social analytics and trading platform continues its rise in the crypto trading space with many unique features.
These features include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token listing alert system and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by D2T tokens, which users must purchase and hold to access platform functionality.
Dash 2 Trade is currently running a pre-sale at deeply discounted prices. D2T token sales recently exceeded $8.4 million. The sale is about to enter its fourth phase, with over 96% of Stage 3 tokens already sold. When the sale enters its next stage, the price of one token will drop from $0.0513 to $0.0533.
taxes
The growing popularity of environmentally and socially friendly investments in recent years has led investors to take an interest in green cryptocurrencies such as the IMPT token. IMPT.io has partnered with thousands of major retailers around the world 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 their pre-sale and IMPT has currently raised $14.1 million. This equates to $400,000 in token sales in the last 48 hours alone. There are six days left to buy tokens at the discounted price of $0.023.
Calvary (RIA)
Top blockchain based games like Axie Infinity lost a lot of ground in 2022. As a result, many investors interested in the crypto gaming space are looking for alternatives such as Calvaria, an up-and-coming crypto fighting card game. Calvaria aims to drive crypto adoption by bridging the real world and crypto through fun and accessible gameplay.
Investors should consider the RIA token pre-sale carefully. Calvaria has now raised $2.23 million and is in the final stages of its fundraising process. Only 28% of the pre-sale tokens are available.
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