Can ADA Community $650K Catalyst Prevent Cardano Price Crash?

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As a seasoned researcher with a decade-long career in the cryptocurrency market, I have witnessed the fascinating dynamics that govern this ever-evolving sector. The latest development with Cardano (ADA) has piqued my interest, given its intricate interplay of meme culture, community spirit, and strategic investment.

On August 15, the value of Cardano dipped below a significant resistance point, indicating a potential bearish trend. Three barriers were in place to minimize a sudden drop in the price of ADA, but one has already been breached by sellers. This development occurs as the Cardano community is rallying to boost visibility for their informal coin meme, SNEK. Memes have proven to be instrumental in the growth of mainnet coins, as demonstrated by Ethereum, Solana, and Ton networks. At the same time, large investors have positioned buy limit orders at strategic prices where they anticipate the price of ADA might recover.

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). 

As a crypto investor, it’s exhilarating to witness the unity within the Cardano community. In an impressive display of camaraderie, we managed to collect 2 million ADA ($645,026) in a matter of minutes, which will showcase SNEK on the Vegas Sphere for an entire week. This is a testament to our shared belief and support for the Cardano project.

BREAKING
The Cardano community pooled their resources, contributing a total of 2,000,000 $ADA, equivalent to approximately 650,000 USD, in order to have the project $SNEK showcased on the Vegas Sphere for an entire week.
Funds were raised within just a few minutes!
— ₿en (@BenElferink) August 15, 2024

On the Cardano blockchain, SNEK stands out as the most prominent meme token. If it continues to thrive, this could propel the price of ADA back up towards its past record highs.

Meanwhile, Finest, a European platform for tokenizing real-world assets, has decided to debut on the Cardano’s main network.

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 Bonds

on-chain.

All in a 100% compliant way!

— finest (@finest_tokenize) August 15, 2024

Top-tier operations are set to start digitizing assets like commodities, shares, and bonds on the blockchain. This move could entice potential new investors to invest in ADA.

ADA Price Analysis: All Eyes on $0.27

Over a prolonged period, the price of Cardano continues to decrease, evident in its repeated trades under the 21-day, 50-day, and 200-day exponential moving averages (EMAs).

The price of ADA dipped below its initial support level at $0.3275, indicating a possible further decline towards the significant support area around $0.2800. It’s worth noting that large Cardano investors (whales) have positioned their buy orders near this price point.

An extensive examination of the Cardano’s Liquidity Orderbook reveals significant buy orders totaling approximately $1.77 million have been placed at price points ranging from $0.27 to $0.28. This implies it’s likely that Cardano could recover in this specific price range.

Can ADA Community $650K Catalyst Prevent Cardano Price Crash?

The price had been fluctuating inside an upward trending channel, yet it’s now dropped below this channel, hinting at a possible breakdown of the uptrend’s strength.

In simpler terms, the MACD (Moving Average Convergence Divergence) is displaying a bearish signal close to the zero line right now. This suggests that bearish pressure might intensify, potentially leading to more price drops, reinforcing the notion of a continued downtrend.

Can ADA Community $650K Catalyst Prevent Cardano Price Crash?

The price of Cardano is generally following a prolonged downward trend. However, recent occurrences on the chain suggest that the SNEK meme coin enjoys significant support from its community, which could potentially boost ADA prices in the future. At the moment, there are substantial buy orders amassed near $0.27, hinting at a possible rebound point.

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2024-08-16 09:49