The crypto market experienced a shockwave as the US Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, the world’s largest cryptocurrency exchange, naming Cardano (ADA) as an unregistered security – shifting the Cardano price prediction over night.
In the lawsuit, which drove a steep decline in ADA price, the SEC named several cryptocurrencies, including Cardano, Solana, and Polygon as unregistered securities, an unprecedented move that has cast a shadow over the crypto market’s future.
With the SEC now categorizing over $115 billion worth of coins as unregistered securities, ADA has suffered a sharp decline in value.
Navigating the Aftermath: Can Cardano (ADA) Bounce Back Post Binance-SEC Controversy?
Charles Hoskinson, Cardano’s founder, has been vocal about the consequences of this regulatory move.
He stated that this event is part of a broader effort to implement “Operation Choke Point 2.0,” a campaign to drive crypto businesses out of the financial system.
According to Hoskinson, this operation aims to centralize control over financial life, in stark contrast to the inherent decentralization ethos of cryptocurrencies.
Hoskinson contends that this event is more than just a regulatory compliance issue; it’s a political philosophical disagreement with the very existence of cryptocurrencies and their implications for financial freedom and self-sovereign identity.
He urged the crypto industry to unite against this attack, which he believes could push the US into a dystopian future where financial control is consolidated in the hands of a few.
Cardano (ADA) Price Forecast: Is There Light At the End of the Binance-SEC Tunnel?
Despite the uncertainty, Hoskinson remains optimistic about Cardano’s future and the crypto industry at large.
In his words, “we are going to be fine. Everything’s alright, and the future is bright for the industry.”
It is unclear how this lawsuit will play out and what it means for Cardano and other named cryptocurrencies in the long term.
However, what is clear is that these events will shape the future of the crypto market, and ADA’s ability to recover its price will largely depend on the industry’s response and the outcome of the lawsuit.
As this story develops, we will continue to provide timely updates and insights to our readers – stay tuned for more on this evolving situation. For now turn your attention to the Cardano price prediction, where we explore the impact of emerging developments on short-term price action.
Cardano (ADA) Price Analysis
In a tumultuous sequence, Cardano (ADA) has tumbled into catastrophic price action – as once poised structure has given way to a -7.5% cliff-face.
Cardano price is now trading at $0.34 (a 24 hour change of -0.51%) as ADA holders scramble to form support.
The troubling news emerging from the SEC’s lawsuit against Binance have seen ADA price crash through the once-supportive MA20 along with the lower trendline.
All hopes now hinge on the baseline support of the MA200, however, support here isn’t guaranteed as the MA200 formed capstone resistance back in March.
Offering some room for hope is the existence of a remaining local support level at $0.3078 – which was last retest in early March.
And further silver lining could emerge from Cardano indicators, with the RSI oscillator shifting to a significant oversold signal overnight at 38.24.
This is challenged by the MACD, which continues to present bearish sentiment at -0.0012.
Cardano Price Prediction: Can Technical Structure Survive SEC?
With technical structure facing complete breakdown, it remains to be seen whether the SEC’s recent move could cripple price action.
Indeed, downside risk remains on a knife edge, with a possible consolidation here likely being a decisive factor in future price action.
On the short-time frame, Cardano bulls have an upside target at $0.375 (a potential + %), this is a move that would see ADA reclaim poised technical structure in face of legal headwinds.
However, downside risk remains significant, a revisit of lower support at $0.3078 (a potential – %) seems likely in the near future.
This leaves Cardano price prediction at a worrying risk: reward ratio of 0.64, a bad entry characterised by significant downside risk.
Best Alternative to SEC Hit Cardano?
With the apparent categorization of Cardano (ADA) by the SEC as an unregister security, smart capital is likely to rotate portfolio allocations to safer plays – especially in light of Cardano’s increased risk portfolio.
One project capturing the interest of forward-thinking crypto investors is the Ecoterra (ECOTERRA) presale, which has gained significant traction in recent weeks to hit $4.8m raised.
Introducing Ecoterra (ECOTERA): Blockchain’s Response to Climate Change
Through its unique Recycle-to-Earn (R2E) mechanism, Ecoterra rewards individuals and organizations that recycle, aiming to reduce carbon footprints and promote a more sustainable world.
The company’s commitment to supporting recycling and sustainable ecosystems has already been recognized with an award at the Istanbul Blockchain Summit.
Since then, interest in Ecoterra has skyrocketed, with its pre-sale now surging past $4.8 million – as this potential has not gone unnoticed by the crypto community.
With the pre-sale raising almost $5 million, investors are keen to capitalize on the opportunity before an impending 10% price hike.
Ecoterra’s roadmap is as promising as it is ambitious, the company plans to launch across several major cryptocurrency exchanges in the third quarter of 2023.
Meetings with representatives from these exchanges took place at the Istanbul Blockchain Summit, raising the possibility of $ECOTERRA being listed on platforms like KuCoin, MEXC Global, and OKX.
Recycle2Earn Launches in Q4
The company is also set to release its Recycle2Earn application and the Recycled Materials marketplace in the fourth quarter.
With an estimated 11 billion tonnes of solid waste collected globally each year, the need for effective recycling practices has never been more pressing.
By investing in Ecoterra, you’re contributing to a promising Web3 project and making a commitment to a sustainable future.
So, as the clock ticks down on the pre-sale event, the question is not ‘why should you invest in Ecoterra?‘ but ‘can you afford not to?‘
Ecoterra is not just a token; it’s a mission to transform the way we approach recycling and waste management.
Participating as an early backer in this presale is a commitment to a greener, more sustainable future.
Join the green revolution now. Secure your $ECOTERRA token before the next price rise and play your part in preserving our planet for future generations. Your pocketbook, and the planet, will thank you.
Buy ECOTERRA Here
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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