Cardano (ADA) has been steadily declining in recent weeks, hitting its fourth straight weekly decline on Sunday, a trend that highlights ADA’s struggles as sellers continue to exert pressure on the asset.
On June 18, 2024, ADA fell below the long-term bearish trend line. For the past few days, the token has been hovering around the resistance range of $0.38 to $0.39. However, yesterday, June 24, 2024, Cardano (ADA) made a U-turn after reaching the support of $0.362.
ADA Trading at $0.390It is attempting to break through a resistance level and, moreover, the volume has increased significantly, raising doubts as to whether buyers will return to the market.
Given this observation, will ADA be able to overcome the bearish barrier and achieve new highs, or will the decline continue? Let’s explore the possibilities.
Cardano Price Analysis: ADA Shows Signs of Strength After Recent Drops
Cardano (ADA) has been struggling for a while now, but technical indicators suggest that signs of a turnaround are beginning to emerge. From the chart below, ADA is finding support at $0.36, indicating that buyers are entering the market.
Moreover, ADA is slightly above the 50-day SMA (yellow line), suggesting short-term bullish sentiment. If buyers maintain this momentum, ADA may rise above the 200-day SMA (red line).
Moreover, the RSI is approaching the oversold territory, currently at 66. This setup indicates that buying momentum is picking up.
The MACD is above its signal line and is displaying strong bullish histogram bars indicating picking up momentum. Moreover, ADA price is attempting to break out of the Bollinger Bands.
Based on these indicators, ADA is showing a bullish trend: the support at $0.36, the RSI at 66, the positive MACD, and the breakout of the Bollinger Bands all suggest that the uptrend will continue.
Cardano (ADA) Introduces New Upgrade — Will Prices Increase?
Cardano recently introduced a new upgrade called “docker-cardano-cli v8.24.0.0-1” developed by Blinken Labs. reportThis update is aimed at improving Cardano’s functionality and performance.
Additionally, the new upgrade is likely aimed at improving staking access for Cardano users. Enhanced staking access could make Cardano more attractive to users, encouraging more participation in the network and increasing demand for ADA tokens.
Rising demand will eventually trigger a price increase, and therefore, this update is likely to have a positive impact on ADA’s market cap.
Will Strong Holder Conviction Push Cardano (ADA) Price Higher?
Another factor that could contribute to ADA’s price rise is optimism among Cardano holders, many of whom are still actively involved in Cardano despite the recent price drop.
Into the Block data Cardano’s daily active user count has increased by over 40%, while holder balances have shown a slight increase over the past seven days. This suggests that investors may be buying up more ADA coins in hopes of a price rise.
Now seems to be a good time to accumulate ADA coins based on the Market Cap to Realized Value (MVRV) ratio, which helps investors determine whether they are making profits or losses.
According to the data, less than 2% of ADA holders are benefiting from the current state of the coin. Moreover, Cardano’s 30-day MVRV shows a 5% decline, meaning investors are facing losses.
However, this could quickly lead to increased buying pressure as more people want to buy ADA. In the past, when ADA’s MVRV was between -8% and -19%, it often signaled the start of a price rise. This encouraged people to accumulate more ADA in order to profit when the asset soared.
Cardano’s price could recover if ADA holders add more of their current tokens to their holdings. But while we wait for the price of Cardano (ADA) to recover, this DOGE killer project, PlayDoge, stands out as a low-cap gem worth considering.
Doge killer PlayDoge raises over $5 million in presale – can it surge 10x?
The PlayDoge ($PLAY) presale is progressing quickly, with over $5 million already raised. The project has attracted a lot of attention due to its innovative approach as a pay-to-earn (P2E) meme coin. The excitement surrounding PlayDoge is evident from the skyrocketing presale momentum.
The presale is divided into 40 stages, with the price increasing with each stage. PlayDoge (PLAY) is currently trading at $0.00511, but the price will increase once $5.6 million is raised in the presale.
Moreover, many traders and influencers are openly backing the coin, and with a subsequent price surge on the horizon, now may be the perfect time to invest in this promising project.
PlayDoge brings back ’90s fun with Play-to-Earn feature
PlayDoge combines two popular areas in the cryptocurrency space: gaming and memes. PlayDoge offers a play-to-earn (P2E) platform where players can earn rewards while playing games.
This makes PlayDoge stand out from other projects in the crowded cryptocurrency market. Additionally, the project leverages the well-known Doge character and people’s nostalgia for the 1990s digital pet, Tamagotchi. Combining these elements, PlayDoge creates a unique and engaging user experience.
The game allows players to care for their digital Doge pets by feeding, training and playing with them through a smartphone app in order to earn cryptocurrency rewards. For more information, visit the official website.
Players who get the highest scores will get extra rewards, making the game fun and engaging.
Meanwhile, the project also has a staking feature that allows users to stake their tokens on the BNB chain or Ethereum. These exciting Play-2-Earn and staking features make PLAY a strong contender in the meme space.
Experts believe that if PlayDoge gets listed on cryptocurrency exchanges after its presale, it could be one of the meme coins that will grow 10x in 2024. Therefore, now may be the best time to buy Play Token before it enters the public market.
Disclaimer: Opinions expressed in this article do not constitute financial advice. Readers are encouraged to conduct their own research and determine their risk tolerance before making any financial decisions. Cryptocurrencies are a highly volatile and high-risk asset class.
