Cardano (ADA) dropped 1% in the past 24 hours, settling at $0.339. This reflects the crypto market’s broader 2.5% dip today. Over the past week, ADA also fell 1%, with a 13.5% drop in the last two weeks. However, the altcoin still shows a 35% increase over the year.
While Cardano’s recent performance disappointed some, its In/Out of the Money Around Price (IOMAP) indicator points to a potential rise. A small increase to $0.37 could push 3.5 billion ADA tokens into profit, valued at over $1 billion. Cardano’s fundamentals remain strong, hinting at untapped market potential.
Technical Indicators Show ADA is Undervalued
Cardano’s relative strength index (RSI) stayed below 50 for much of the week, showing overselling. The 30-period moving average remains far lower than the 200-period average. These signals indicate that ADA is trading below fair value, offering traders a profit opportunity.
The IOMAP indicator shows traders bought nearly $1.2 billion worth of ADA between its current price and $0.37. If ADA reaches this level, holders will see profits.
Assuming they purchased at $0.339, their combined profit could be around $109 million. Beyond technicals, Cardano’s growth as a layer-one network adds to the optimism.
Cardano’s Ecosystem Grows
Cardano’s total value locked (TVL) reached $206 million, with 1,376 projects building on its platform. The number of delegated wallets and token policies continues to grow. Developers are also progressing on the Hydra scaling solution, expected to enable uncapped transactions per second.
With these developments, ADA could hit $0.37 soon and possibly reach $0.50 by November.
Alternative Cryptocurrencies for Higher Returns
Traders looking for faster gains may find newer tokens more attractive. One promising option is Crypto All-Stars (STARS), an ERC-20 token that raised over $2.1 million in its presale.
Crypto All-Stars stands out for its ‘MemeVault,’ which allows users to stake and earn rewards from any meme token. Using the ERC-1155 standard, it can tokenize non-Ethereum-based coins. The more STARS users hold, the higher their staking rewards, driving demand for the token.
With a maximum supply of 42.069 billion, Crypto All-Stars allocated 20% to presale, 20% to staking, and 25% to the MemeVault ecosystem. Investors can still join the presale, with tokens priced at $0.0014947. This price will increase soon, and the token has strong potential to rise after listing.
With over 16,000 followers on X, Crypto All-Stars could see significant growth by year-end.
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.
