Cardano (ADA) Price Remains Range-Bound Amid SEC Decision
The price of Cardano (ADA) has been trading within a narrow range during the previous nine days, mirroring the range-bound prices of Bitcoin (BTC) and Ethereum (ETH). This stagnant movement is largely due to the United States Securities and Exchange Commission (SEC) classifying ADA as a security. The market is eagerly awaiting the SEC’s decision on spot Bitcoin (BTC) Exchange-traded funds (ETF), which could come as early as next 30 days or as late as March. Any indication of a relaxation in the SEC’s crackdown on the cryptocurrency industry would be a positive boost for positive trend momentum. Until then, Cardano (ADA) price, along with other altcoins, will likely remain range-bound as traders exercise caution.
Cardano (ADA) Price Forecast and Probable Breakout
Currently, Cardano (ADA) price is $0.2543, still holding over 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 might propel 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 positive trend scenario, Cardano (ADA) may extend its gains and reach the 200-day EMA at $0.3246 or even break the $0.3519 resistance level. Nonetheless, bearish indicators such as a negative Awesome Oscillator and a southward-tipped Relative Strength Index (RSI) suggest a probable decline in Cardano’s price, possibly breaking below the upper boundary of the demand zone at $0.2535.
Consider Bitcoin (BTC) BSC as an Alternative Investment
Given the bearish outlook for Cardano (ADA), investors may want to explore other tokens as alternative investments. Bitcoin (BTC) BSC (BTCBSC) is a new token in the cryptocurrency market that intends to provide a chance for those who missed out on Bitcoin’s early days. BTCBSC is built on the BNB Smart Chain, offering quicker and cheaper transactions compared to the Ethereum (ETH) network. It is as of now in the presale stage, with $365,746 raised so far. The token is available for purchase at $0.99 using Ethereum (ETH), Binance Coin (BNB), or Tether (USDT) (USDT). BTCBSC has been praised for its probability to deliver whole lot of gains, with specialists 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 economical price and the support of the BNB Smart Chain, BTCBSC intends 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.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.