Cardano Price Prediction as Trading Volume Skyrockets 80% – Is ADA Poised for Recovery?

Simon Chandler

Last updated:

January 24, 2024 06:22 EST | 3 min read

Source: Dall•E 3/Bing Image CreatorThe Cardano price has risen by 4% in the past 24 hours, reaching $0.4728 as the cryptocurrency market recovers by a modest 0.5% today.

ADA’s jump today isn’t enough to override losses over greater timeframes, however, with the altcoin still down by 10% in a week and by 21% in the last 30 days.

On the other hand, ADA remains up by 23% in the past year, and with the market arguably undervaluing the coin to a considerable extent, it could make a healthy recovery in the near future.

Cardano Price Prediction as Trading Volume Skyrockets 80% – Will ADA Recover Soon?

Cardano’s chart continues to paint a picture of weakness, with the coin’s indicators showing a big loss of momentum in recent days and weeks.

In particular, its relative strength index (purple) has flattened out at around 40, struggling to regain impetus after declining from 80 back in December.

Source: TradingViewIt’s a similar story with regards to its 30-day moving average (yellow), which continues to slump downwards and looks like it’s on course to fall below its 200-day (blue).

Another negative signal is the fact that the Cardano price itself has dropped below the 30-day average, a clear sign of strong selling pressure.

At the same time, ADA’s volume has risen to more than $500 million today, up from around $300 million a few days ago.

Such an increase could signal incoming rises.

Indeed, the market has certainly undervalued and oversold ADA in recent months, save for December’s market-wide rise, so it could certainly stand to rise some more in the coming months.

This positivity is based largely on ADA’s fundamentals, with Cardano growing steadily as a layer-one blockchain network.

$ADA is the asset that runs Cardano!💎

It saw $3 without Smart Contracts!

It has the largest community that is building on-chain governance to secure it!

It has a full suite of functionality that saw a 500% gain in $ADA TVL during 2023!

You can’t fade $ADA!👑

— Lucid (@LucidCiC) January 22, 2024

For instance, its total value locked in has risen by more than 300% in the last 12 months, more than any other top-10 blockchain.

This is a clear sign that Cardano is experiencing growing usage and adoption, with some 157 apps/projects now running on its network.

And after implementing smart contracts back in 2021, Cardano is well into the Basho phase of its roadmap, which is centered around scaling improvements.

Liking the energy on Cardano rn. Incoming governance, scaling advances (from Leviathan to Min v2/Sundae/AXO + the whole official roadmap), DeFi full steam ahead, RWA platforms coming. Alt nodes. Vespr desktop. Meanwhile builders build and drop Sahara, Omen, Iagon, Fluid +++ on us

— ADA whale (@cardano_whale) January 24, 2024

Several of these improvements are likely to arrive this year, helping to push the Cardano price forwards.

And with the next Bitcoin halving likely to make the market more bullish, ADA could reach $1 by the summer.

Other High-Potential Altcoins

Because ADA may remain something of a slow burner, some traders may prefer to look at newer alts that show more potential for big short-term rallies.

There are several such coins in the market right now, with a wide variety of promising new alts and presale tokens currently tempting retail and bigger traders alike.

Probably the biggest of such coins is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised an impressive $9.1 million in its sale.

Major Announcement! 🌐#BitcoinMinetrix attains a remarkable milestone, raising over $9,000,000! pic.twitter.com/9rUOkm7Hb7

— Bitcoinminetrix (@bitcoinminetrix) January 22, 2024

Due to launch in the next few weeks, Bitcoin Minetrix will enable you to mine BTC by staking the platform’s native token, BTCMTX.

Those who stake BTCMTX with will receive tokenized mining credits in return, which they can then spend to have Bitcoin mining on their behalf.

By doing this, they will receive a share in newly mined BTC, with Bitcoin Minetrix launching at just the right time in Bitcoin’s history, given that it will be having its next halving in April.

Stakers will also receive a steady stream of BTCMTX, making the platform potentially very advantageous for its users.

Venturing into a fresh chapter of cloud mining with #BTCMTX! 💫

Participants accumulate staking credits, overseeing their mining prowess.

Smart contracts on the Ethereum network ensure automatic, decentralized allocations, ensuring a safe and reliable mining journey. ⚒️🌐 pic.twitter.com/TPHF9gLxM5

— Bitcoinminetrix (@bitcoinminetrix) January 23, 2024

Investors can currently buy BTCMTX at a price of $0.0130 per token, by going to the official Bitcoin Minetrix website and connecting their software wallets.

This price will rise to $0.0131 in the next couple of days, while the token’s listing on exchanges could see it rise much higher.

Visit Bitcoin Minetrix Now

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