Cardano Price Dips 12% as Wallet Token Presale Hits $6.7M

On Jan 8, 2025

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The Cardano price dropped 12% in the last 24 hours to trade at $0.9663 as of 2:00 a.m. EST on trading volume that skyrocketed 105% to $2.49 billion.

Cardano’s price plummeted after Bitcoin led a new correction yesterday. The coin finally surged back to $102k, only for the traders to engage in a sell-off which caused it to drop back to the $95k range. Cardano, which previously grew from $0.85 to $1.14 in the first seven days of January, followed with a similar drop to $0.96.

The coin’s price is still 14% higher than it was on Jan. 1, but it is 12% lower than yesterday. Cardano also saw some quite positive news recently, as it quietly returned to Grayscale’s largest multi-asset fund. This caused many to speculate that the coin would see a price surge, but unfortunately, the bearish wave knocked down its price before it could react to the new development.

Cardano breakout to $1.87 looking more likely following Grayscale news pic.twitter.com/xfskwGC7rd
— Deezy.eth (@deezy_BTC) January 7, 2025

Cardano Price Prediction

Following its price drop, ADA slowed down as it approached the $0.95 support, which could prevent it from sinking further. This is certainly indicated by some technical indicators.

For example, the project’s Bollinger Bands, which saw massive widening when the price started dropping and pushing the lower band further down, have been relatively stable over the past 8 hours, only to start widening again in the past hour or so.

However, as the price slowed its descent around $0.95, the bottom band stopped descending, suggesting that the project may have found a support strong enough to withstand the bearish wave.

The coin’s Relative Strength Index (RSI) value certainly suggests that Cardano is at its bottom. The RSI dropped from the overbought zone where it reached the value of around 85 yesterday, venturing deep down to the value of 20 as traders engaged in a sell-off.

Since then, the RSI climbed back to the value of 50, in the neutral area, as some traders rushed in to buy the dip. However, over the last eight hours, the RSI once again dropped to the oversold zone, suggesting that the traders have moved in to take profit once again.

It also indicates that they are not optimistic about the Cardano price today, as they did not allow it to go back up toward the overbought zone before taking profit. In other words, the market is marked by a more pessimistic outlook at the moment, so anyone who is looking to buy right now should exercise caution, and stay aware of the risks.

With that said, the current situation does allow for an opportunity to buy Cardano at a low price, which could be a good move if you intend to HODL and wait for the coin’s price to surge back up. The only question is – how long will it take for that to happen?

Promising Alternative To Cardano

If you find Cardano to be a risky purchase at the moment, you can always turn to an alternative, and right now, one of the best options is to go for cryptos that are still in presale, such as Best Wallet (BEST).

Best Wallet is a relatively new crypto wallet for your Android or iOS device that lets you store thousands of cryptocurrencies. This comes from the fact that it supports over 60 different blockchains and all assets that run on them. It also allows you to connect all of your other wallets to it, and manage your different portfolios as well as all of your individual assets from one place.

It is entirely non-custodial, meaning that only you will have access to your funds, with no third parties involved. It doesn’t require KYC, so you don’t have to give up any personal data to have it set up. Once you do set it up and deposit your coins, you can do practically anything from within the wallet itself. That includes buying, storing, depositing, sending, swapping, selling, staking, spending, and securing your cryptos, all without ever leaving the wallet.

You can even engage in iGaming, or invest in new, upcoming cryptos. In fact, the wallet has a separate category where it displays some of the hottest ICOs right now, allowing you to buy into projects early.

And, as mentioned, it is also holding its own presale, offering its native token, BEST. Buying BEST comes with plenty of benefits, such as access to community governance, higher staking rewards, lower trading fees, and early access to new projects. BEST will be at the core of the wallet, so it will definitely be worthwhile owning some if you decide to make this wallet your primary custody solution, and that makes this the perfect time to buy, while its price is only $0.023525.

🔥 Over $6.5M raised – Best Wallet is moving quick! 🔥
This is what momentum looks like. Early movers are locking in their spot for exclusive tools and early access! 💪
Don’t miss your chance to join.
Download now 📲 https://t.co/he5kzraFJw pic.twitter.com/hROku9LK2Y
— Best Wallet (@BestWalletHQ) January 6, 2025

Its ICO already raised over $6.7 million, and crypto experts like ClayBro — a YouTuber with over 134k subscribers — seem certain that its price will skyrocket upon launch. ClayBro expects BEST to see at least 10x gains, so buying it now is a unique opportunity to get in early.