The Cardano price has dipped by 1% in the past 24 hours, dropping to $0.339 as the crypto market as a whole loses 2.5% today.
ADA is also down by 1% in a week and by 13.5% in a fortnight, although the altcoin holds on to a 35% gain in a year.
It may have underwhelmed in recent months, but its In/Out of the Money Around Price indicator currently suggests that a relatively modest rise to $0.37 would see around 3.5 billion ADA tokens β worth over $1 billion β enter profit.
This highlights Cardano’s considerable potential, with the coin having some of the strongest β and most untapped β fundamentals in the market.
Cardano Price Forecast: ADA Could Unlock $1.2 Billion in Profits as It Eyes Key Resistance at $0.37
Apart from a brief flurry a few days ago, ADA’s relative strength index (purple) has spent much of the past week under 50, a sign of overselling.
This is even more noticeable with the coin’s 30-period moving average (orange), which has been well below the 200-period average (blue) for quite some time.
In other words, ADA’s technicals signal that the coin is selling substantially below a ‘fair’ value, with traders likely to make a tidy profit if they buy the token now.
This is also the gist of the aforementioned In/Out of the Money Around Price indicator, which shows that traders have bought around $1.2 billion in ADA between its current price and the $0.37 resistance level.
What this means is that, if ADA rises to $0.37 in the next few weeks, the holders of these tokens will be in profit.
Of course, given that they bought at a price between $0.339 and $0.37, they will not make $1.2 billion in profits in total.
Assuming that they purchased at exactly $0.339, they would make a combined profit of around $109 million.
Regardless, there are plenty of reasons to expect the Cardano price to rise in the near future.
Not only are its technicals promising, but Cardano continues to grow steadily as a layer-one network.
Its total value locked in has reached $206 million in recent weeks, while its platform now has 1,376 projects building on it.
The Cardano ecosystem keeps growing
— Input Output (@InputOutputHK) October 7, 2024.
As of September 27, 2024, IO is aware of 1,376 projects building on Cardano
.
Meanwhile, developers continue to make progress in developing Cardano’s scaling solution, Hydra, which the community claims will have uncapped transactions per second.
Given all of this, the Cardano price could reach $0.37 in the next few weeks, and $0.50 by the end of November.
Alternative Alts for Big Returns
Traders who find ADA a little too steady for their liking may prefer to investigate newer tokens, of the kind that can post market-beating rallies during their early growth spurts.
Identifying such coins early can be extremely tricky, but one way of finding candidates with good potential is to look for successful presales.
And one coin having a good sale right now is Crypto All-Stars (STARS), a new ERC-20 token that has raised over $2.1 in its offering.
Crypto All-Stars is unique because it’s the only token in the market that provides ‘MemeVault’.
The latter enables users to stake and earn rewards from any meme token whatsoever, with holders receiving more rewards the more STARS they hold.
By making use of the ERC-1155 multi-token standard, Crypto All-Stars can even tokenize coins not on the Ethereum blockchain.
And because users staking DOGE or SHIB, for example, will receive more rewards if they hold more STARS as well, the MemeVault could incentivize massive demand for the new coin.
It will have a max supply of 42.069 billion, with 20% of going to its presale , 20% to staking, and another 25% to the MemeVault ecosystem.
Investors can participate in the STARS sale by going to the official Crypto All-Stars website, where they can buy the coin at a price of $0.0014947 per token.
This price will rise in just over two days, while it could rise much, much higher once the token lists.
And with Crypto All-Stars already having a large community and over 16,000 followers on X, it has every chance of rallying towards the end of the year.
The post Cardano Price Forecast: ADA Could Unlock $1.2 Billion in Profits as It Eyes Key Resistance at $0.37 appeared first on Cryptonews.
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