Cardano Price Prediction: Today’s ADA Price, 30th Nov 2022

The Cardano price is starting the week off poorly as the cryptocurrency market faces widespread drops. Ethereum (ETH) is currently trading at $1,116, down 3.6% on the day, while Bitcoin (BTC), the largest cryptocurrency, is selling at $16,041, down 3.6% on the day.

Given the ongoing market turbulence brought on by the FTX disaster, price recovery may be slowed in the medium run. As investor faith in centralised exchanges (CEXs) decreases, decentralised exchanges (DEXs) are becoming a more common debate topic.

According to Raphael Haupt, the founder and CEO of Toucan Protocol, the failure of FTX shows how important decentralised crypto governance is underappreciated. Since regulators cannot bear the entire load, smart contracts must be used to integrate governance into the value chain.

According to Haupt, who responded to the FTX event, “using smart contracts and decentralising protocol governance whenever possible design safer and more transparent rails allowing the movement of every asset to be publicly verified at any point.”

Today’s Cardano Price

Cardano Price Prediction

Cardano’s price dropped further after failing to go over the $0.44 resistance level. Despite expectations that the price will hold around $0.32, the price has already fallen to $0.30, in line with other crypto markets.

To avoid slipping toward $0.25, Cardano’s price needs to hold steady at $0.30. The red bars represent the Moving Average Convergence Divergence (MACD) sell signal, which should be taken into consideration by bulls.

On the other hand, if ADA is able to consolidate above $0.30 for a few days, it may aim again for $0.44 and higher in the ensuing weeks. Of course, the marketplaces for cryptocurrencies are not secure yet.

According to CoinMarketCap, the transaction volume has surged by 116% over the last day to reach more than $300 million. Investors are still on high alert in the wake of the FTX debacle, and some decide to switch their cryptocurrency holdings to stablecoins like USDT that are pegged to the dollar.

New records for net outflows from exchanges were set last week, according to on-chain data made available to the public by CryptoQuant. Nearly $1.3 billion, or 81,712 BTC, were taken out of Binance’s wallet. The CEO of Binance, Changpeng Zhao (CZ), said a minor rise in withdrawals during market downturns is normal.

Investors will likely continue to favour decentralised crypto storage options to avoid the hazards associated with centralised exchanges.

Despite the sharp price decline, holders of large volumes of ADA continue to express interest in the currency. The graph below shows that holders are packing their bags with the less expensive ADA. The number of addresses with 1M to 10M tokens has increased from 2,374 to 2,398 as of November 20, according to Santiment.

Addresses with more than 10 million ADA, which are currently at 477 from a low of 469 over the past 30 days, displayed a similar trend of increasing addresses. This pattern shows that despite brief price corrections, investors are still upbeat about Cardano’s future.

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