MEXCCardano Price Analysis: Can $650K Catalyst Mitigate ADA Crash?
Highlights
- Cardano price confirmed a bearish breakout and eyes $0.27.
- The Cardano community contributed 2M ADA to get the SNEK meme coin featured on the Vegas sphere.
- Whales wait at $0.27 to buy more ADA at a discount.
Cardano price broke below a crucial support level on August 15, confirming a bearish bias. Three support levels were in place to cushion the price of ADA from a fall, with bears already conquering one of them. This happens against the backdrop of the Cardano community coming together to increase publicity for their unofficial chain meme, SNEK. The role of memes in the success of mainnet coins cannot be underplayed, as has been evident in Ethereum, Solana, and Ton networks. Meanwhile, whales have set their buy limit orders at specific prices where they think ADA price might rebound.
Can SNEK Memecoin Save Cardano Price?
Meme coins play a significant role in the success of any chain, Ton being a great example. TON coin surged in price following the launch and success of its leading meme coin, Notcoin (NOT).
Cardano seems to be going in the same direction as in a show of comradery, the community raised 2 million ADA ($645,026) in just a few minutes to get SNEK showcased on the Vegas Sphere for a whole week.
🚨 BREAKING
The #Cardano community got together, and chipped-in 2,000,000 $ADA (650,000 $USD) to get $SNEK featured on the Vegas Sphere for a whole week.
Funds were raised within just a few minutes!pic.twitter.com/uT1abFSHtf
— ₿en🎗️ (@BenElferink) August 15, 2024
SNEK is the largest meme coin on the Cardano network, and its success can catapult ADA price back to previous all-time highs.
In the meantime, Finest, a European real-world asset tokenization platform, has chosen to launch on Cardano mainnet.
Good Morning.
We are happy to announce that finest is now live on the @Cardano mainnet.
Finest is a Real World Asset Tokenization platform.
We are here to bring
– Tokenized Commodities
– Tokenized Stocks
– Tokenized Bondson-chain.
All in a 100% compliant way! pic.twitter.com/64LYDueObW
— finest (@finest_tokenize) August 15, 2024
Finest will commence tokenizing commodities, stocks, and bonds on the chain, potentially attracting new investors to buy into ADA.
ADA Price Analysis: All Eyes on $0.27
The Cardano price still maintains a downward trend over the longer term, as seen from its value consistently trading below the 21, 50, and 200 exponential moving averages (EMAs).
ADA price broke below the first level of support at $0.3275 and is potentially looking at an extended drop to the next major support around $0.2800. Interestingly, Cardano whales have set their buy limit orders around this price.
A deep analysis of the Liquidity Orderbook shows large investors have placed over $1.77 million worth of buy orders between $0.27 and $0.28 price levels. This suggests that Cardano might rebound around this zone.
The price was moving within a rising channel but recently broke downwards, suggesting that the bullish momentum within the channel has failed.
The moving average convergence divergence (MACD) indicator is currently showing a bearish crossover near the zero line, indicating a potential increase in bearish momentum, supporting the idea of further downside.
The Cardano price remains in a long-term bearish trend. Recent events on the chain indicate that the SNEK meme coin has strong community backing that may positively impact ADA prices in the future. Meanwhile, bulls have gathered large buy orders of around $0.27, marking a potential bounce zone.
Frequently Asked Questions (FAQs)
1. How is the Cardano community trying to boost ADA price?
2. Can the SNEK meme coin help Cardano price recover?
3. What role do whales play in Cardano price movement?
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