Cardano (ADA) Price Remains Range-Bound Amid SEC Decision
The price of Cardano (ADA) has been trading within a narrow range for the past nine days, mirroring the range-bound prices of Bitcoin (BTC) and Ethereum (ETH). This stagnant movement is largely due to the US Securities and Exchange Commission (SEC) classifying ADA as a security. The market is eagerly awaiting the SEC’s decision on spot Bitcoin Exchange-traded funds (ETF), which could come as early as next month or as late as March. Any indication of a relaxation in the SEC’s crackdown on the crypto industry would be a positive boost for bullish momentum. Until then, Cardano price, along with other altcoins, will likely remain range-bound as traders exercise caution.
Cardano Price Forecast and Potential Breakout
As of now, Cardano price is $0.2543, still holding above the demand zone of $0.2535 to $0.2446. If a catalyst emerges, ADA could move higher and potentially surpass the 50-day Exponential Moving Average (EMA) at $0.2760. Further buying pressure could push ADA to breach the 100-day EMA at $0.2943 and even reach $0.3, representing a 205% climb from current levels. In a highly bullish scenario, Cardano may extend its gains and reach the 200-day EMA at $0.3246 or even break the $0.3519 resistance level. However, bearish indicators such as a negative Awesome Oscillator and a southward-tipped Relative Strength Index (RSI) suggest a potential decline in Cardano’s price, possibly breaking below the upper boundary of the demand zone at $0.2535.
Consider Bitcoin BSC as an Alternative Investment
Given the bearish outlook for Cardano, investors may want to explore other tokens as alternative investments. Bitcoin BSC (BTCBSC) is a new token in the crypto market that aims to provide an opportunity for those who missed out on Bitcoin’s early days. BTCBSC is built on the BNB Smart Chain, offering faster and cheaper transactions compared to the Ethereum network. It is currently in the presale stage, with $365,746 raised so far. The token is available for purchase at $0.99 using Ethereum, Binance Coin (BNB), or Tether (USDT). BTCBSC has been praised for its potential to deliver significant gains, with experts predicting a 10X increase in value.
Hot Take: Consider BTCBSC for Bitcoin-like Gains
If you regret missing out on Bitcoin’s early price surge, BTCBSC offers a second chance to capture similar gains. With its affordable price and the support of the BNB Smart Chain, BTCBSC aims to replicate Bitcoin’s success. The project has introduced a staking feature for passive income and operates as a community-owned project. With similarities to Bitcoin’s total supply and circulation, BTCBSC presents an enticing opportunity for investors looking for Bitcoin-like returns.
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