Cardano (ADA) Struggles Around $0.38; Will It Overcome The Bearish Trend and Bounce Back?

Cardano (ADA) has been experiencing a steady decline over the past weeks, with Sunday marking the fourth straight week of its downturn. This trend highlights ADA's struggles as sellers continue to mount pressure on the asset.

On June 18, 2024, ADA fell below the long-term bearish trendline. Over the past few days, the token has been playing around the $0.38-$0.39 resistance range. However, yesterday, June 24, 2024, Cardano (ADA) took a U-turn after hitting support at $0.362.

ADA trades at $0.390, attempting to cross over the resistance level. Moreover, trading volume has indicated a significant uptick, raising questions about buyers' return to the market.

Given this observation, can ADA flip the bearish barrier to cover new heights, or will the downturn continue? Let's explore the possibilities.

Cardano Price Analysis: ADA Shows Bullish Signs After Recent Dip

Although Cardano (ADA) has struggled for a while, technical indicators suggest a turnaround might be brewing. From the chart below, ADA has found support at $0.36, indicating buyers are entering the market.

Additionally, ADA is moving slightly above the 50-day SMA (yellow line), suggesting a short-term bullish sentiment. If buyers maintain this momentum, ADA could break above the 200-day SMA (red line).

Furthermore, the RSI is currently at 66, approaching the oversold area. The setup indicates increasing buying strength.

The MACD is above its signal line, displaying strong bullish histogram bars that confirm the growing momentum. Moreover, ADA's Price is about to breach the Bollinger Band.

Based on these indicators, ADA shows a bullish trend. The support at $0.36, the RSI at 66, the positive MACD, and the Bollinger Band breach all suggest continued upward movement.

Cardano (ADA) Introduces New Upgrade-Will It Boost Price?

Cardano recently introduced a new upgrade tagged docker-cardano-cli v8.24.0.0-1," developed by Blinken Labs. According to the report, this update aims to improve Cardano's functionality and performance.

Moreover, the new upgrade likely aims to improve staking access for Cardano users. Enhancing staking access will make Cardano more appealing to users, boosting network participation, which can lead to a higher demand for ADA tokens.

Higher demand will ultimately trigger a price increase. Therefore, the update is likely to impact ADA's market value positively.

Will Strong Holder Belief Drive Cardano (ADA) Price Higher?

One more thing that may help boost the price of ADA is Cardano's holder optimism. Despite the recent price slump, many people are still actively involved with Cardano.

IntotheBlock data shows that Cardano's daily active users have increased by over 40%, and holders' balances have slightly risen in the last seven days.This suggests that investors might be pilling up more ADA coins in anticipation of a rally.

Based on the Market Value to Realized Value (MVRV) ratio, now seems to be the right time to accumulate ADA coins. This ratio helps to determine whether investors are making profits or losses.

Data suggests that less than 2% of those holding ADA are currently making a profit from the coin's current state. Moreover, Cardano's 30-day MVRV shows a 5% decrease, which means investors face losses.

However, this could lead to more people wanting to buy ADA, which could increase buying pressure soon. In the past, when ADA's MVRV was between -8% and -19%, it often signaled the beginning of price rallies. This allowed people to accumulate more ADA to profit when the asset pumps.

If ADA holders add more tokens to their holdings now, Cardano's price might bounce back. However, while we wait for Cardano's (ADA) price to bounce back, this DOGE killer project, PlayDoge, stands out as a low-cap gem worth considering.

Doge-Killer PlayDoge Gathered Over $5 Million in Presale - Can it Surge 10X?

The PlayDoge ($PLAY) presale is rapidly progressing and has already raised over $5 million.This project has garnered significant attention due to its innovative approach as a play-to-earn (P2E) meme coin. The excitement surrounding PlayDoge is evident from its skyrocketing presale momentum.

The presale is in 40 stages, with the price increasing at each stage. PlayDoge (PLAY) currently trades at $0.00511, but it will increase once the presale raises $5.6 million.

Moreover, many traders and influencers have openly supported the coin. Since the subsequent price increase is coming soon, now might be the perfect time to invest in this promising project.

PlayDoge Revives 90s Fun with Play-to-Earn Feature

PlayDoge brings together two popular areas in the crypto space: gaming and memes. It offers a play-to-earn (P2E) platform, allowing players to earn rewards while playing games.

This sets PlayDoge apart in the crowded crypto market, making it stand out from other projects. Further, the project taps into people's nostalgia for the famous Doge character and the digital pets from the 1990s called Tamagotchi. By combining these elements, PlayDoge creates a unique and engaging user experience.

In this game, players can care for their digital Doge pets by feeding, training, playing with them in a smartphone app, and earning crypto rewards. Visit the official website for more information.

Those with the highest scores earn extra rewards, making the game fun and engaging.

Meanwhile, the project also has a staking feature that enables 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.

Pundits think PlayDoge will be one of the 10x meme coins in 2024 once it hits crypto exchanges after its presale. So, now might be the best time to bag some PLAY tokens before it enters the public market.

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