Deciding on good entry points for trades is the key to achieving financial freedom on a long-term basis. Hence, investors need to regularly update themselves on projects’ development status and recent events, but additionally, key metrics and charting also play a vital role.

Looking at one of our favorite cryptocurrencies this week, Cardano. ADA has been in a downtrend for the past 12 months, peaking at $3.09 in September 2021. However, the 8th biggest crypto by market cap has been trading for the past week in a channel between $0.365 and $0.387.

The outspoken founder, Charles Hoskinson, seems to remain bullish on his father-child, doubling down on the promise to bring major institutional investors to the blockchain. Despite its long-term downtrend, Cardano remains one of the most prominent blockchains on a global scale.

It is always difficult to catch the bottom and the top while trading; the same goes for accurate price predictions. However, ADA has all it takes to stay in the top ten and remain a premier choice for investors.

That being said, we see Cardano trading at the end of 2023, but at the latest, mid-2024 at a minimum of $4.15, which would result in returns of over 1,100% or 11x from current price levels.

Interestingly, during the last few weeks, another crypto project has seen a major influx of wallets that also hold significant amounts of ADA in their wallets during its presale. Namely, ORY. which is the token surrounding the staking platform Oryen Network.

According to several crypto analysts, ORY is of profound interest to veterans within the DeFi space, as it makes farming yield so simple. It ultimately makes human interaction obsolete and, on top of that, guarantees a yield of 90% annually. Responsible for this is Oryen’s Autostaking Technic (or short OAT).

Due to the extremely low initial supply of only 40 million tokens and its considerable mass appeal, ORY is expected to trade above $7.00 shortly after launch, putting it close to the Top 100. This would result in an estimated minimum of 93x for people who invested in the presale at the current price of $0.075.

Smart money continually diversifies. Hence we can see movements of more significant ADA holders investing in high-potential newcomers like Oryen Network, which can be pretty lucrative as ORY offers a substantial 15% bonus to all early backers.

Final thoughts

Despite the promises of bringing institutional investors to the project, Cardano has a great future ahead, and the consensus predicts a price above $4 for the near future. However, never lay all your eggs in one nest. Instead, start diversifying with high-potential cryptos like ORY and set yourself up for great returns in the coming years.

Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff. 

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