Cardano price broke below a crucial support level on August 15, confirming a bearish bias. Three support levels were in place to cushion the price of ADA from a steep fall, with bears already conquering one of them. This happens against the backdrop of the Cardano community coming together to increase publicity for their unofficial chain meme, SNEK. The role of memes in the success of mainnet coins cannot be underplayed, as has been evident in Ethereum, Solana, and Ton networks. Meanwhile, whales have set their buy limit orders at specific prices where they think ADA price might rebound.
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).
Cardano seems to be going in the same direction as in a show of comradery, the community raised 2 million ADA ($645,026) in just a few minutes to get SNEK showcased on the Vegas Sphere for a whole week.
🚨 BREAKING
The #Cardano community got together, and chipped-in 2,000,000 $ADA (650,000 $USD) to get $SNEK featured on the Vegas Sphere for a whole week.
Funds were raised within just a few minutes!pic.twitter.com/uT1abFSHtf
— ₿en🎗️ (@BenElferink) August 15, 2024
SNEK is the largest meme coin on the Cardano network, and its success can catapult ADA price back to previous all-time highs.
In the meantime, Finest, a European real-world asset tokenization platform, has chosen to launch on Cardano mainnet.
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 Bondson-chain.
All in a 100% compliant way! pic.twitter.com/64LYDueObW
— finest (@finest_tokenize) August 15, 2024
Finest will commence tokenizing commodities, stocks, and bonds on the chain, potentially attracting new investors to buy into ADA.
ADA Price Analysis: All Eyes on $0.27
The Cardano price still maintains a downward trend over the longer term, as seen from its value consistently trading below the 21, 50, and 200 exponential moving averages (EMAs).
ADA price broke below the first level of support at $0.3275 and is potentially looking at an extended drop to the next major support around $0.2800. Interestingly, Cardano whales have set their buy limit orders around this price.
A deep analysis of the Liquidity Orderbook shows large investors have placed over $1.77 million worth of buy orders between $0.27 and $0.28 price levels. This suggests that Cardano might rebound around this zone.
The price was moving within a rising channel but recently broke downwards, suggesting that the bullish momentum within the channel has failed.
The moving average convergence divergence (MACD) indicator is currently showing a bearish crossover near the zero line, indicating a potential increase in bearish momentum, supporting the idea of further downside.
The Cardano price remains in a long-term bearish trend. Recent events on the chain indicate that the SNEK meme coin has strong community backing that may positively impact ADA prices in the future. Meanwhile, bulls have gathered large buy orders of around $0.27, marking a potential bounce zone.
Frequently Asked Questions (FAQs)
The Cardano community raised 2 million ADA (about $650K) to feature the SNEK meme coin on the Vegas Sphere for a week. This initiative aims to increase publicity and potentially drive ADA’s price upward.
SNEK, the largest meme coin on Cardano, could boost ADA price, similar to how meme coins have lifted other networks.
Cardano whales have set buy limit orders around $0.27, signaling that they expect a potential rebound at this price level. Over $1.77 million worth of buy orders have been placed between $0.27 and $0.28.
Related Articles
Evans Karanja
Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-ada-community-650k-catalyst-boost-cardano-price/
✓ Share: