Is it Too Late to Buy Cardano? This New Sustainable Crypto May Be a Better Alternative
Cardano (ADA) has experienced a tough 2023, posting a limited +50% recovery, with Hoskinson's pet project struggling to keep pace with rivals such as Solana (up +110% this year) - many are wondering if it's too late for this once high-flying network.
The 7th biggest cryptocurrency is currently trading at $0.39 (a 24 hour change of -0.18%) as consolidation seems set to form a bullish double-bottomed pattern on the daily chart.
This comes following a -15% retracement from local top at $0.46 on April 15.
While Cardano has seen an impressive 2023, posting a +64% gain YTD, recent price action has suffered as the MA 20 has formed an area of local topside resistance.
What’s worse? ADA’s RSI has struggled to cool off despite the prolonged consolidation period, indicating price action might need to push lower to find an oversold signal.
The MACD provides a degree of confirmation to this idea, signalling minor bearish divergence at -0.0026.
With price action attempting a retest of the MA 20 on the STF, Cardano is facing a make-or-break moment pushing up to $0.425 (+7.76%) would see ADA regain bullish technical structure.
However, rejection here could send ADA tumbling to a lower level of support around $0.35 (-11.3%).
This leaves Cardano (ADA) with a difficult outlook, as the Risk: Reward ratio sits unfavourably low at 0.69.
As Cardano struggles to maintain momentum, the green cryptocurrency Ecoterra (ECOTERRA) is catching the attention of investors seeking eco-friendly, high-potential projects.
Ecoterra is a blockchain-based green ecosystem that rewards environmentally responsible behavior, providing an appealing alternative to Cardano.
The project aims to revolutionize the way we approach sustainability by offering a Recycle to Earn (R2E)
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