Looking For Catalysts To Take ADA To $0.3 And Above

On Sep 9, 2023

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Cardano (ADA) price is trading in a tight range for the ninth day in a row, broadly in line with the range-bound prices of Bitcoin (BTC) and Ethereum (ETH).

TradingView: BTC/USDT 1-day chart, ETH/USDT 1-day chart

Cardano continues to suffer the brunt of a decision by the US Securities and Exchange Commission (SEC) to label ADA a security.

The most likely catalyst on price in the foreseeable future is an SEC decision on spot Bitcoin Exchange-traded funds (ETF). That could come as early as next month or as late as March.

Meanwhile, there’s no sign of a let up in the financial regulator’s crackdown on the crypto industry. Any sign that it is easing would be a boost for bullish momentum.

In the meantime, however, Cardano price, like most altcoins and BTC at the helm, continue to be range bound. Traders are exercising caution, as is indicated by the abysmal volume shown in the chart below.

Cardano Price Forecast Amid Diminishing Volume

At the time of writing, Cardano price is $0.2543, still holding above the $0.2535 to $0.2446 demand zone. The demand zone is an area characterized by intense buying pressure, which suggests the the price is very likely to break out after testing the zone. However, as indicated above, investor caution continues to abound.

Should the market find a catalyst, Cardano could move north, potentially breaching the 50-day Exponential Moving Average (EMA) at $0.2760. Enhanced buying pressure could send ADA higher to breach the 100-day EMA at $0.2943 before hitting $0.3. Such a move would represent a 205 climb above current levels.

In a highly bullish case, the altcoin could extrapolate its gains further, likely reaching the 200-day EMA at $0.3246. In a highly ambitious cases, the $0.3519 resistance level would be ideal, levels last seen in mid-July.

The green feel of the histogram bars of the Awesome Oscillator adds credence to the bullish outlook, showing that the bulls maintain a presence in the market.

Cardano price — TradingView: ADA/USDT 1-day chart

However, while the AO is green, it remains negative, showing that bears still control the ADA market. And the Relative Strength Index (RSI) has tipped south, suggesting falling momentum.

With this, Cardano will likely decline, potentially breaking below the upper boundary of the demand zone at $0.2535. Losing this support level could send the altcoin below the lower boundary of the demand zone at $0.2446. A break below this level would render the demand zone a bearish breaker, opening the floor for ADA to collect buy-side liquidity resting underneath.

Given the bearish outlook for ADA, investors may consider other tokens as alternative investments. BTCBSC, the native token for the Bitcoin BSC ecosystem, is selling fast, with experts predicting a 10X potential for it.

ADA Alternative

Bitcoin BSC is a new token in the crypto market, currently in the presale stage, with $365,746 raised so far. The token currently sells for $0.99 per BTCBSC, with the option to buy using Ethereum, Binance Coin (BNB), or Tether (USDT).

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Link wallet, choose USDT.
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— Bitcoinbsc (@Bitcoinbsctoken) September 8, 2023

The Bitcoin BSC website touts BTCBSC as a “BEP-20 version of Bitcoin built on BNB Smart Chain, simulated to start at an early point in Bitcoin’s history in 2011.” The project is committed to ensuring that investors who missed out on Bitcoin don’t make the same mistake twice.

In 2011, Bitcoin price was as low as $0.99, but scepticism saw many miss out. This is the foundation the idea behind Bitcoin BSC, providing another chance to buy BTCBSC at an affordable prices before it’s too late. The project uses the BNB Smart Chain smart contract for functionality, leveraging the Ethereum network’s speed, security, and efficiency.

Explore the power of #BitcoinBSC on BNB Smart Chain!
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💲 Save on gas fees with faster, cheaper transactions.
🔗 Access $BTCBSC with Trust Wallet or #MetaMask.
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— Bitcoinbsc (@Bitcoinbsctoken) September 8, 2023

The Bitcoin BSC ecosystem recently rolled out a staking feature, offering the opportunity to earn passive income. The project has the same total supply as Bitcoin, with up to 21 million tokens currently in circulation. The project operates as a fully-fledged community-owned project, with up to 29% allocated to the presale. Two percent goes to the exchange’s liquidity with the rest set aside for staking.

If you want to capture those Bitcoin-like gains you missed out on the first time around, buy BTCBSC here.