By CryptoNews - 3 months ago - Reading Time: 4 minutes
Cardano Price Prediction as Bulls Hold $0.57 Level – Here’s Where ADA Might Head Next
The Cardano price has dropped by 1% in the past 24 hours, slipping to $0.5754 as the wider market cools off a little following the SEC’s approval of several Bitcoin ETFs.
ADA is now up by 4% in the past week, and while it’s actually down by 6% in a fortnight, it remains up by 1% in a month and by 80% in a year.
And given that it hasn’t risen by as much in the past month as other altcoins, it’s, therefore, arguably due a better-than-average rally in the next few weeks and months.
This is particularly the case when Cardano remains one of the fastest-growing layer-one networks in crypto, one which justifies a much higher price for ADA in the long run.
Cardano Price Prediction as Bulls Hold $0.57 Level – Here’s Where ADA Might Head Next
ADA’s chart is in a potentially promising position, in that it has begun to show signs of growing momentum, yet is nowhere near entering overbought territory.
For instance, its relative strength index (purple) has only just clear 50, so it has plenty of room to continue rising before passing 70 and getting too hot.
Source: TradingView
Likewise, ADA’s 30-day average (yellow) has resumed rising again after flattening out over the previous week, a sign that the coin may be in for further gains in the coming weeks.
However, it should be noted that ADA’s 24-hour trading volume remains fairly modest, standing currently at around $850 million, which is still some way below the $2 billion levels it saw in early December.
It seems that ADA is a less ‘sexy’ alt than many of its nearest rivals (such as ETH and SOL), with there being few signs that whales are going for the coin in any substantial way.
Having said that, this could change in 2024, with the first CoinShares report of the year showing that ADA enjoyed $3.7 million in fund inflows during the first week of January.
2024 is off to a strong start, with US$151 million in inflows! Total inflows since the Grayscale vs SEC lawsuit now stand at US$2.3 billion.
Notable asset inflows include:$BTC: US$113m inflows$ETH: US$29m inflows$ADA: US$3.7m inflows$AVAX: US$2m inflows$LTC: US$1.4m… pic.twitter.com/9wfshmqxsB
— CoinShares (@CoinSharesCo) January 8, 2024
As such, because it’s starting from a relatively low position, the Cardano price could easily see above-average rises over the next few months.
Cardano’s fundamentals will help it along this path, with the layer-one network witnessing healthy growth in 2023.
Indeed, it now counts over 150 apps running on its network, as well as more than 1,300 projects currently building.
It should therefore continue growing from strength to strength, with ADA likely to reach $1 in the next few months.
Other High-Potential Altcoins for Big Gains
Because ADA has been underperforming in recent, some traders may prefer to look elsewhere, with the market currently boasting a wide range of high-potential new tokens.
This includes Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised over $8.25 million in its hugely successful presale.
The #PhoenixGroup secures a $187 million deal with @BITMAINtech for #Bitcoin mining machines, following their recent IPO and partnerships.
What's your take on their strategic moves?#BitcoinMinetrix also achieves another milestone and surpasses $8,200,000! pic.twitter.com/zoLvO5vxw6
— Bitcoinminetrix (@bitcoinminetrix) January 11, 2024
Set to launch in the next few weeks, Bitcoin Minetrix will enable users to mine BTC by staking the platform’s native token, BTCMTX.
Those who stake BTCMTX will receive tokenized mining credits in return, which they can then use to pay for Bitcoin hashing power.
This will then earn them newly mined BTC, while staking will also provide a passive income in the form of freshly issued BTCMTX.
Combined with a very user-friendly interface, this setup promises to make Bitcoin Minetrix one of the most profitable tokens to hold this year.
New investors can join its sale – which will be ending soon – by going to the official Bitcoin Minetrix website.
#BitcoinMinetrix versus Traditional Cloud Mining
Assessing the Risks: #BTCMTX = Dependable withdrawals and adaptable selling options.
Conventional cloud mining = Non-reversible purchases, earnings influenced by market changes. pic.twitter.com/KF8qGYa0zO
— Bitcoinminetrix (@bitcoinminetrix) January 11, 2024
1 BTCMTX tokens currently costs $0.0128 per token, yet this will rise to $0.0129 in four days, while it could rise much higher once the coin lists on trading platforms.
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.
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Original source: CryptoNews