Cardano (ADA) Reclaims $0.32 Level After Bearish Wind; Will the Uptrend Continue?

Crypto is recovering following a market-wide bloodbath that wiped significant valuations off many assets. Bitcoin has exceeded $55,000 after hitting a multi-month low over the past day.

And like most altcoins, Cardano (ADA) has taken the recovery path. After falling to $0.28 on Monday, ADA now trades around the $0.32 level.

This resurgence has sparked optimism in the Cardano community, but will the uptrend continue? A closer look at the recent price moves and technical indicators could provide valuable insights.

Cardano (ADA) Price Movement

Cardano (ADA) has struggled with bearish pressure after attaining the $0.8 threshold in early March. It slipped into a bearish trendline marked with lower highs and lows.

ADA picked up after finding support at $0.33 on July 5, hitting $0.44 on July 13. This level has been marked with stiff resistance, preventing ADA from ascending further.

A market-wide downturn hit Cardano on August 5, pushing its price to $0.278, a low not tested since last October. However, the momentum seems to be shifting as ADA turns green on the daily chart.

Cardano (ADA) trades at $0.3255, marking an increase of 12.60% in the past 24 hours. However, a key metric shows that the bearish pressure remains in the market.

Cardano's GIOM Metric Signals Potential Investor Caution

While ADA gradually recovers, recent data suggest that the bears are still around. The Global In/Out of the Money (GIOM) metric for Cardano shows a concerning trend.

According to IntoTheBlock, more addresses are holding ADA at a loss ($0.31) than those in profit ($0.28-$0.30).

Currently, 106,850 addresses bought 572.21 million ADA tokens at $0.31, while 35,460 addresses purchased 451.95 million ADA tokens between $0.28 and $0.30.

This means many investors bought ADA at higher prices than the current market value. So, only a small portion of tokens are profitable at current prices.

Based on this, ADA could lose its $0.30 support because many traders are ready to sell. If that happens, the token's price could drop to $0.28. The technical analysis below provides more detail about ADA's next potential movement.

ADA Technical Analysis: Indicators Signal Bearish Momentum

ADA token's current price analysis points to a strong bearish trend. The SuperTrend indicator displays a sell signal. The Moving Average Convergence/Divergence is also below the signal line, with red histogram bars suggesting the bears are still in charge.

Moreover, ADA's price has fallen below the lower Bollinger Bands, signaling increased volatility and bearish momentum. Falling below these bands confirms the intense downward momentum currently affecting ADA.

The Relative Strength Index is at 29, indicating a low buying strength.

Is Now the Best Time to Buy ADA?

Despite the bearish technical indicators, ADA is showing a green candle, suggesting there might be a short-term buying interest or a potential rebound.ADA is currently oversold, and investors may see this as an opportunity to buy at lower prices, hoping for a price recovery.

However, given the bearish signals from the SuperTrend, MACD, Bollinger Bands, and RSI, it's crucial to proceed cautiously. ADA might be a good buying opportunity if the price stabilizes and shows signs of a reversal.

However, if the bearish momentum continues, it could face further declines.

The Meme Games: A Rising Star as ADA Struggles

While Cardano's ADA token faces challenges, this new presale project, The Meme Games ($ MGMES), is gaining traction. The Meme Games ($MGMES) has raised nearly $340,000 in its presale amid excitement over the Paris Olympics.

The Meme Games offers a unique blend of cryptocurrency and sports-themed entertainment. Given its unique offerings, $MGMES could provide a viable investment opportunity for those seeking ADA alternatives.

What is The Meme Games?

The Meme Games is a play-to-earn crypto game with an Olympic theme. It features popular memes like Doge and Pepe as athletes. These characters compete in virtual events such as sprinting and swimming.

One exciting feature is the chance to win a 25% token bonus. Investors who correctly predict the winning meme in virtual events receive this reward. This adds an element of gamification to the investment process.

The project also offers impressive staking rewards. Current APY stands at 629%, attracting investors looking for passive income. Moreover, over 16 million $MGMES tokens have been staked already, demonstrating its allure among profit-hungry investors.

Investors can buy $MGMES tokens at a discounted price of $0.00915. The presale accepts various payment methods, including ETH, USDT, and credit cards.

The Meme Games has attracted the attention of popular crypto pundits. Some predict $MGMES could see 10x gains after its launch. This positive outlook is driving interest in the presale.

According to the project's website, the $MGMES token will launch on decentralized exchanges on September 10. This upcoming event is creating excitement among investors and an urgency to join early before the presale ends.

Amid the widespread market struggles, The Meme Games presents an intriguing alternative. Its blend of meme culture, sports themes, and crypto technology sets it apart.

Investors seeking diversification might find it worth exploring. However, remember, like all investments, it's essential to do your own research.

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