- Cardano (ADA) project Clay Nation NFT integration will allow players to showcase and trade their Clay Nation NFT within the virtual world.
- Cardano had recorded NFT sales volume of $11.95 million
- Cardano (ADA) coin price failed to breakout of the 200 day EMA
Cardano (ADA) crypto prices are trading with mild bearish cues and bears are trying to pull the prices below the 50 day EMA to disturb the sentiment of the long term investors.
Recently, Cardano’s Clay Nation NFT project has been integrated into the Sandbox Game which will allow players to showcase and trade Clay Nation NFT within the game’s virtual world which has generated a significant buzz in the cardano community and seen as a milestone for the blockchain growing NFT market.
Currently, ADA/USDT is trading at $0.3633 with an intraday loss of 0.38% and the 24-hour volume to market cap ratio at 0.019
Will Cardano’s NFT project benefit investors in the long run?
Cardano (ADA) coin prices are in short term uptrend and rising upward by forming higher high swings which indicates that the genuine investors are accumulating it from the lower levels in the expectation of outperformance in the coming months.
In the beginning of January, Cardano prices took U- turn form the 52 week low and managed to climb above the 50 day EMA which showed the signs of the bullish trend reversal and prices shot up 45% approx into the short period of time. Later, bulls attempted to break out of the 200 day EMA but sadly prices faced strong rejection and formed a deep bearish candle indicating that $0.4205 will act as an immediate hurdle for the bulls followed by the next hurdle will be at $0.4500 level. However, if overall market sentiment improves and bulls succeed to breakout of the hurdle levels then prices might begin the journey toward $1.000 mark
On the other hand, If the price slipped below the 50 day EMA, then bears will try to drag it more downward for disturbing the sentiment of the bullish traders but according to technical analysis, $0.3200 and $0.3000 will be acting as strong demand zone for the bulls and prices have high probability to see bounce back from the lower levels. The technical indicators of the Cardano like MACD has generated a negative crossover indicating bearishness to continue for some more time whereas the RSI at 43 sloping downward denotes that prices are near to the oversold zone.
Summary
Cardano (ADA) coin prices are stable and bulls are trying their best to keep the price above the 50 day EMA but if overall market sentiment remains negative then bears can drag the prices further down. However, technical analysis suggests that the ADA prices are stuck into the wide range consolidation and probability of bouncing back from the support levels remains in the favor of bulls.
Technical levels
Resistance levels : $0.4205 and $0.4500
Support levels : $0.3206 and $0.2388
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/28/cardanos-clay-nation-nft-project-integrated-in-the-sandbox-game/