Cardano (ADA), the token that powers the smart contract-enabled decentralized Cardano blockchain, is back around 3.5% on Wednesday.
After a quiet Tuesday thanks to the closure of the US markets for the Independence Day celebrations, volumes returned strongly on Wednesday.
According to Coin Gecko, more than $200 million worth of ADA has changed hands in the last 24 hours.
That has been enough to keep ADA above its 21-day moving average (DMA) at $0.28 for now.
And the bulls remain bullish as Cardano appears to be in the process of forming a short-term bullish technical structure.
Therefore, short-term price predictions are bullish.
Price Prediction: What’s Next for Cardano (ADA)?
ADA appears to be in the process of carving out a bullish ascending triangle formation, which typically forms before bullish breakouts.
If ADA can break through the resistance in the psychologically important $0.30 area, this could open the door for a quick rally to its 200 DMA and resistance in the $0.35 area.
If ADA can take advantage of this rally, it would have recouped virtually all of the ground it lost in the wake of the US Securities and Exchange Commission labeling it as a security last month.
And it’s not just the technicalities that suggest an ADA recovery is on the cards.
The blockchain Decentralized Finance (DeFi) ecosystem continues to go from strength to strength, despite SEC FUD (which stands for Fear, Uncertainty, and Doubt).
according to DeFi FlameUSD-denominated Total Value Locked (TVL) of cryptocurrencies locked in Cardano smart contracts (via Cardano decentralized applications) has once again surpassed $200 million and is almost back to yearly highs.
Meanwhile, the ADA-denominated TVL continues to reach new all-time highs.
Can ADA reach $10?
From the top of its 2018 bull market highs (at $1.31) to its 2020 bear market lows (at less than $0.02), ADA lost an astonishing over 98%.
It then posted a rally of more than 170x to hit new all-time highs above $3.13 at the peak of the 2021 bull market.
When ADA dipped below $0.24 last year, that marked a reduction of more than 92% from the 2021 highs.
If history repeats itself and ADA records 170x gains from these lows, that would imply that the ADA price rises above $40.
Now this might be a bit optimistic.
Along with the broader cryptocurrency market, Cardano is maturing as an asset, which means that its swings between bull market highs and lows and vice versa will be less extreme over time.
But could ADA post 40x gains compared to its 2022 lows to hit $10 per token during the next bull market?
If the likes of Bitcoin reach hundreds of thousands of dollars per token and Ether tops $10,000 in the next few years, there is no reason why Cardano cannot post strong exponential gains.
Many bulls will consider $10 as a long-term profit target.
Buy Cardano now
Cardano (ADA) Alternative to Consider – yPredict (YPRED)
Investors should always be vigilant in diversifying their cryptocurrency holdings.
One high-risk, high-reward investment strategy that some investors might want to consider is to get involved in cryptocurrency pre-sale.
This is where investors buy the tokens of emerging crypto projects to help finance their development.
These tokens almost always sell very cheap and there is a long history of pre-sales bringing huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto app/platform.
If an investor can identify such projects, the risk/reward ratio of his presale investment is very good.
The Cryptonews team spends a lot of time looking at pre-sale projects to help investors.
One such project that they believe has a lot of potential is an artificial intelligence (AI) driven web3 startup called yPredict.
The platform is best known for its first institutional grade financial price prediction system.
Observers believe that the tool, which is based on yPredict’s internal deep data analysis, will help cryptocurrency investors discover the next cryptocurrency bomber with ease.
The best part is that yPredict’s crypto price prediction system will remain free and open for all users to access – price predictions will be publicly available and you don’t need to log in to view them. the white paper of the project Explain.
But yPredict offers investors much more than just cryptocurrency price predictions.
The project is “building a cutting-edge crypto research and trading platform that gives traders and investors access to dozens of signals, breakouts, pattern recognition, and AI-powered news/social sentiment features,” the startup says. in yPredict Litepaper.
The platform is also building a number of other AI-powered tools, including an innovative content management system.
As AI continues to make waves in the crypto industry and beyond, projects like yPredict are expected to attract significant interest.
That’s why many industry watchers are pointing to AI cryptocurrencies like yPredict’s native $YPRED token, currently available via pre-sale, to be among the next best-performing coins.
The $YPRED presale has been flying through the stages.
from 5he As of July, the project has raised more than $2.7 million.
Investors need to move quickly to anticipate the next price hike when the presale hits $2.98 million.
Visit yPredict Here
