Hope for Investors As ADA is Going Green Following a Building Buying Pressure
Cardano's ADA has demonstrated a discouraging price performance over the past couple of weeks. The token plunged into a bearish trend on August 3. Historical data from TradingView reveals a long-term bearish trend for the Cardano coin.
The ongoing price trend casts uncertainty in the ADA market as traders wonder when the asset will take a bullish comeback.However, data from CoinMarketCap reveals a slight 9% increase in trading volume, implying a growing buying activity that may boost the coin's price before the day ends.
ADA's Price Actions Swing Within the Bearish Trend
As selling activities continue in the market, the coin has recorded a 15% price decline in the last 30 days. As of 10:15 AM EST on August 28, ADA traded at $0.2630, marking a less than 1% value decline in the last 24 hours.
Furthermore, the coin's price is 9% lower than the value recorded in the last two weeks, with N almost a 2% seven-day price drop.Data shows ADA's price oscillated between $0.2552 and $0.2733 from August 18 to 28 as it fought to maintain stability amid the bearish trend.
ADA is Attempting a Bullish Reversal _ Could it Maintain the New Trend?
Source: TradingView
The chart above reveals a gradual reduction of the selling pressure in the ADA market, evident in the diminishing bearish (red) candlestick. However, considering the chart above, ADA is within the lower band of the Bollinger indicator, suggesting the bears are still actively trying to force more downturns.
Meanwhile, the MACD is parallel to the signal line with an emergent green histogram bar, denoting that buyers are building momentum to trigger a rally for ADA. Furthermore, the ADA's Relative Strength Index, at 38.64, suggests the coin is undervalued, which could trigger a positive trend reversal as more traders buy the dip.
This technical insight into ADA's market suggests the token could register a price increase before the day ends. However, traders should consider other fundamental metrics before investing in the coin.
ADA's Support and Resistance Price Levels
Source: TradingView
Based on the chart above, if the bulls push ADA's price above the bearish trend line, the asset could rise to $0.2933 and continue to the $0.3775 resistance level if the buying pressure sustains.
However, ADA may retrace to $0.2643 if the bears take control. A breach below this level could send the token down to the $0.2528 zone, a takeoff point for more downturns.
The chart illustrates that ADA should initiate a bullish rebound at the $0.2248 or $0.2528 support levels under normal circumstances. ADA has already breached these levels, meaning a rally to $0.3775 is likely underway for the token in the coming days.
Notably, the $0.3775 will present an attractive entry point for the bulls to fashion more rallies and push ADA to the $0.4582 price level.
The strategic partnership could be healthy for ADA and the Cardano ecosystem.The Cardano Foundation has forged a new partnership with Demeter to improve the developer experience on the Cardano platform greatly. This innovative collaboration introduces a no-cost usage level on their cloud hosting platform, Demeter. Run.
Happy Monday!
Please enjoy the new #Cardano Community Digest.In this week's edition, we cover:
A Collaboration Between @Cardano_CF & @DemeterRun
And more...
https://t.co/ecZ4vCu8xu
- Cardano Community (@Cardano) August 21, 2023
Demeter provides developers with an extensive range of pre-constructed extensions that effortlessly facilitate communication with the blockchain. Moreover, Demeter presents various starter kits, which serve as practical code examples for your undertakings or educational utility.
In addition, it delivers cloud-hosted Workspaces that streamline coding through a virtual Visual Studio environment seamlessly linked to the blockchain in just a five-minute timeframe.
This partnership not only has the potential to speed up development efforts but can also streamline the building process on Cardano, making it more approachable and user-friendly.
Partnerships that showcase Cardano's commitment to innovation and user experience can enhance its reputation in the market. This feat can attract more interest from institutional investors and traders, potentially boosting ADA's price in the long run.
Sonik From Zero $100 Million Market Cap
A humorous and fresh meme coin named Sonik Coin ($SONIK) has made a lively entrance, swiftly raising over $630k in its ongoing token presale. Even amidst the cryptocurrency market downturn, there remains a strong interest in meme coins that have the potential to gain widespread attention.
Taking inspiration from SEGA's immensely successful Sonic the Hedgehog franchise, Sonik Coin brings a touch of the unconventional and often humorous nature that characterizes the meme coin realm.
According to the project's whitepaper, Sonik Coin boasts of being lightning-fast" and has the potential to propel its market cap from zero to $100 million at remarkable speed.
The whitepaper further emphasizes that $SONIK encapsulates the essence of unbridled and uncharted meme culture, symbolizing a spirit of boundless prospects and unpredictability.
Passive Income Generation for HoldersSonik Coin's objective extends beyond the typical pump-and-dump patterns associated with meme coins. It plans to achieve this by introducing a novel staking mechanism to incentivize token holders who refrain from selling. The presence of staking yield makes Sonic unique among other meme projects.
Moreover, 40% of the total supply of $SONIK tokens has been allocated to reward individuals who choose to stake their tokens. Currently, 22.9 billion tokens are staked and earning 145% APR. Stakers' tokens are claimable when the presale ends and the coin is listed, but there's a lock period of 7 days.
New stakers after the coin has launched on Uniswap are also locked for an initial seven days. Stakers can either withdraw after that time or leave their funds in the staking smart contract to continue accruing yield. Staking rewards will be distributed over four years.
The staking yields will be conveniently traceable through a specialized staking dashboard.10% of the token supply has been set aside for Decentralized Exchange (DEX) liquidity. Moreover, Sonik Coin commits to securing this liquidity to guarantee investors that any sudden withdrawal won't occur.
The presale could end in the next seven days, a slim window for interested investors to join by visiting this website and acquiring the tokens.
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