The price of ADA dropped by a steep 6% after failing to hold above $0.30 yesterday. As a result, the number nine-ranked crypto is now trading at $0.29.
The short-term price drop is primarily attributed to dormant whales moving their coins back into circulation.
On the other hand, traders are turning their attention to alternative projects capable of producing outsized returns.
In particular, Bitcoin Minetrix (BTCMTX) continues to climb after raising $2.9 million, with just one day remaining to get positioned at the current price point.
Cardano Rolls Over as Dormant Whales Start Moving Coins
ADA fell by 6% since briefly breaching $0.3 yesterday, dragging the price down to the current $0.29 level.
The recent sell-off was driven by Cardano whales moving dormant coins, creating the largest day of old coins being moved in a year and a half – according to analytics firm Santiment.
The on-chain data tracker showed that addresses holding between 100,000 and 10 million ADA are moving their dormant coins back into circulation, hitting its highest level since April 2022;
Despite the movement of dormant coins, the analytics firm also stated that new whales had accumulated around 43.71 million ADA in just two weeks, indicating mass accumulation from new whales and demonstrating renewed investor confidence.
ADA Price Analysis: Can Cardano Rebound at the .382 Fib and Then Break $0.3?
So, where is the support moving forward for Cardano?
The cryptocurrency has been on a tear since bouncing at the $0.24 support toward the end of October, allowing it to rise by 26% through the period to reach a high of $0.305 yesterday.
Unfortunately, the surge above $0.3 was short-lived, and ADA has since retraced back beneath the level, currently trading at $0.29;
Looking ahead, if the bears continue to drag ADA lower, the first support level lies at $0.28, providing a short-term .382 Fib Retracement.
This is followed by support at $0.272 (.5 Fib), $0.264 (.618 Fib), and $0.25.
On the other side, if ADA can rebound from the $0.28 support and break back above $0.3, the first resistance is expected at $0.323 (1.272 Fib Extension).
This is followed by $0.33, $0.346, $0.357 (bearish .786 Fib & July high-day closing price), and $0.37 (bearish .886 Fib).
Traders Back Bitcoin Minetrix as a Potential High-Return Alternative
While ADA experiences a small retracement, alternative Stake-to-Mine project Bitcoin Minetrix (BTCMTX) continues to rise as investors rush to get positioned, believing it has the potential for significantly higher short-term returns.
Bitcoin Minetrix has raised $2.9 million in just one month, demonstrating elevated investor confidence in the project.
The project is a stake-to-mine ecosystem that enables everyday users to instantly start mining Bitcoin through a decentralized cloud mining platform.
The novel stake-to-mine concept tokenizes the centralized cloud mining sector, removing third-party mining scams by putting control back into the hands of miners.
Cloud mining lets anybody mine Bitcoin without owning or maintaining expensive mining machines.
However, today’s centralized services often lock users into long-term contracts and leave miners short on earnings.
Bitcoin Minetrix intends to revolutionize this sector ahead of the next Bitcoin block halving through its tokenized ecosystem.
Users simply buy and stake BTCMTX tokens to earn Mining Credits.
The non-transferrable ERC-20 Mining Credits can be burnt in exchange for time on the Bitcoin Minetrix mining service.
As a result, Bitcoin Minetrix is decentralizing cloud mining, making it transparent and reliable.
Users staking their BTCMTX are also earning a 200% APY, doubling the earnings through staking and mining;
Smart contracts automatically allocate mining returns for users, ensuring all earnings are deposited into miners’ accounts.
Coinsult has audited the smart contracts – providing additional security for investors.
Furthermore, the BTCMTX can be unstaked and sold anytime, providing complete flexibility.
Given its speedy climb toward $3 million in fundraising, it’s clear that early adopters are backing Bitcoin Minetrix as a disruptive technology in the cloud mining space.
Notable analysts like Michael Wrubel, with 300K subscribers on YouTube, are incredibly bullish on the project. Additionally, Zack Humphries and Jacob Bury also predict 10x returns after the IEO.
Bitcoin Minetrix can currently be bought for $0.0113, but the price is set to increase in 24 hours, meaning your opportunity to get positioned at the lowest price is running thin.
Overall, with its incredible backing from investors, innovative stake-to-mine concept, and credibility given by notable influencers, Bitcoin Minetrix is set for a spectacular launch following its presale.
Visit Bitcoin Minetrix Presale