Cardano (ADA) Finds Support at $0.519 – Will it Make a U-Turn to $0.68?
Cardano (ADA) price rally has stalled following a few weeks of progressive rallies to levels above $0.6. Now, ADA seems to have found support around $0.519.
But it remains uncertain whether the token will make a U-Turn since a minor push from buyers could propel ADA head back to $0.68.
In the meantime, ADA trades at $0.53, with a 2% price decline as of 6:40 a.m. EST. But it still retains some of its past gains, with over 8.5% seven-day price increase, according to CoinMarketCap data.
But while ADA struggles with critical fights for control between buyers and sellers, the newly introduced Sponge V2 presents itself as a top alternative promising massive ROI for investors.
Cardano Price ActionCardano's price witnessed many ups and downs over the past two months amidst broader crypto market swings. After hitting 2023 lows near 30 cents in November, ADA surged over 150% in early December, climbing above the $0.60 region.
However, this rapid pump quickly lost steam, and by January 08, ADA was back down 50% to the $0.40 zone due to profit-taking. However, the token has renewed support after staging another steep rebound above $0.5 on January 11. That's an insane 50% gain in just four days.
Yet heavy overhead resistance around the $0.6 region halted multiple rally attempts. This same level rejected ADA's upside moves three times in 2022.
Looking at indicators, ADA briefly broke above its 50-day moving average during January's spike before bearish sentiment weighed it lower again.
Despite constructing a series of higher lows, ADA still lacks bullish confirmation. While ADA shows some positive signs, substantial resistance and fickle sentiment keep its outlook uncertain in the short term.
Cardano Price Analysis: Analyzing ADA's Mixed Signals
Cardano currently trades below critical simple moving averages, a setup that often signals that selling momentum has driven the price to oversold levels.
However, oversold conditions indicate the potential for an upward reversal as it presents opportunities for buy-the-dip investors to accumulate coins, increasing buying demand and pushing the coin upwards.
Cardano is also approaching the upper boundary of a descending channel (red line) that has contained its price action since December 2023. This descending structure reflects the long-term bearish trend.
But if Cardano manages to break above the upper channel line convincingly, it would show bulls overpowering the prevailing downtrend.
This would be a very positive sign for its trajectory. ADA's RSI stands at 47 currently, signaling equilibrium between buyers and sellers. Thenext few hours are critical to ADA's trajectory as the outlook of the struggle between the bulls and bears will determine if it will rise or fall.
A decisive breakout above its descending channel is needed to confirm the bulls are dominating again. ADA will likely recover the $0.6 level in the coming days if this happens.
Signs Point to a Bright Future for Cardano (ADA)ADA might not be as popular as ETH or SOL right now, but this may change this year. The latest report from CoinShares reveals that ADA received $3.7 million in investments in the first week of January alone.
2024 is off to a strong start, with US$151 million in inflows! Total inflows since the Grayscale vs SEC lawsuit now stand at US$2.3 billion.
Notable asset inflows include:$BTC: US$113m inflows$ETH: US$29m inflows$ADA: US$3.7m inflows$AVAX: US$2m inflows$LTC: US$1.4m... pic.twitter.com/9wfshmqxsB
- CoinShares (@CoinSharesCo) January 8, 2024
This report shows that the Cardano network has recorded significant growth this year, building on its 2023 developments. With over 150 apps running and more than 1,300 projects building, Cardano is getting stronger.
This growth will likely rub off on ADA, propelling it to $1 in the coming months.
Another High Potential Project for 10x Gains
While established coins like ADA fight off bearish momentum, some traders are beginning to explore other options, of which SPONGE V2 appears among the top choices.
Daily Staking Update!
Today, a staggering 4,705,172,778 $SPONGE tokens are staked, with a total value of $3,944,150.86!
Plus, our holders are enjoying an impressive 343% APY.
Don't miss out on these remarkable rewards!
#AltSeason #SpongeV2 #Crypto pic.twitter.com/b4i7vD0uTY
- $SPONGE (@spongeoneth) January 12, 2024
The stake-2-Earn Ethereum-based platform has garnered significant interest from investors due to its affiliation with Sponge Coin. Considering the success of Sponge V1, many believe SPONGE V2 is on its way to a 10 - 50x increase.
Notably, SPONGE V1 recorded incredible success in 2023, rising from a market cap of $1 million to more than $100 million, and Sponge V2 is set to replicate this achievement.
Moreover, Sponge V2 is not like most meme coins that lack utility. It has an exciting gaming utility that allows people to play and win rewards while staking their coins for impressive 323% APY yields.
The Next Big Presale for Exciting Growth OpportunitiesSponge V2 presents a second chance for many crypto folks who missed out on Sponge V1's significant growth. With over 5 billion Sponge V2 tokens already staked, SPONGE is heading to the moon.
Huge Milestone Alert!
We've just surpassed an incredible 5,010,192,318 $SPONGE tokens staked, valued at $3,998,276.67!
With a current APY of over 300%, our community is thriving like never before.
Join us now and absorb the damp!
#SpongeV2 #Crypto #Altcoins pic.twitter.com/KIVvh77dQZ
- $SPONGE (@spongeoneth) January 15, 2024
Now, trading at a low price of $0.000821is the best time to buy Sponge V2 before it hits notable exchanges. Sponge V1 holders are not left out. They can stake their SPONGE coins and partake in the V2 benefits.
While it's yet to be listed on popular centralized exchanges, Sponge V2 is available on leading DEX and Uniswa; expertss are bullish on Sponge V2, predicting a multiple-fold price surge in the coming weeks.
Interested investors should hurry to the official website and exchange ETH or USDT for Sponge V2 coins or buy from Uniswap.
The post Cardano (ADA) Finds Support at $0.519 - Will it Make a U-Turn to $0.68? appeared first on The Tech Report.