Cardano (ADA) is currently ranked 11th on CoinMarketCap, with a market cap of approximately $12.7 billion. Despite its high ranking, $ADA has experienced a recent decline in trading volume, unlike the growth seen in other major cryptocurrencies such as XRP and Solana.
In the past 24 hours, Cardano’s trading volume has decreased by 20%, placing it 27th in trading volume among cryptocurrencies—a notably weak performance given its market cap.
As altcoins struggle to maintain their value, some investors are shifting their focus to the meme coin sector. New presale projects, particularly Pepe-themed coins like Pepe Unchained, are gaining attention from whales as potential alternatives to traditional altcoins in the current market.
Examining $ADA’s price chart reveals several key insights. Historically, Cardano’s peak was around $3.10 in September 2021, during the bull market. In the current market conditions, $ADA has encountered a series of lower highs and lows.
The most recent lower high is around $0.45, which remains unbroken by recent price movements. The recent price trend shows that $ADA is in a micro downtrend with a low of approximately $0.27.
The asset has failed to establish a higher low, indicating that a macro bullish market structure is unlikely at this point. The downtrend is confirmed by a significant drop below previous lows, which also broke market structure.
To better understand potential future movements, a Fibonacci retracement tool has been applied. The 0.5 Fibonacci retracement level is particularly significant as it often indicates a potential reversal point.
For $ADA, this level aligns with the price range of $0.45 to $0.49. A breakthrough above this range could suggest a reversal from the current bearish trend to a bullish one.
Conversely, $ADA’s current trend shows a potential rejection at the 0.236 Fibonacci retracement level, situated around $0.36. Should this rejection occur, a further decline to recent lows could follow, representing a move of approximately 22% to the downside.
This is a critical point to monitor for those trading $ADA. Volume-weighted Average True Range (ATR) bands for different timeframes (4-hour, 12-hour, and daily) indicate that $ADA’s price action remains highly reactive.
The 4-hour ATR band has shown some positive bounce, but the 12-hour and daily ATR bands are on a downward trajectory, which is a bearish sign. Typically, such a pattern suggests that while short-term bounces are possible, the overall trend continues to lean bearish.
Currently, the market is showing signs of a weak recovery, but the overall sentiment remains uncertain. It’s essential to closely monitor $ADA’s interaction with the key resistance level and its potential upward movement.
If $ADA fails to achieve a significant price increase, it may be necessary to reassess expectations. For now, the price is likely to fluctuate within a limited range without a clear trend. As investors seek high-potential alternatives, the emerging Pepe Unchained project may be worth considering.
If you’re looking for investment opportunities that could offer big returns and increase in value during the next bull run, check out our guide here for the best crypto presales of 2024.
Pepe Unchained has been making headlines recently as this exciting new project is being accumulated by whales. This surge in interest has boosted its presale, which has already raised an impressive $13.2 million, highlighting strong investor interest and potential.
Lucky number 13! 🎉 We’ve hit $13M! pic.twitter.com/8M3vBNzdie
— Pepe Unchained (@pepe_unchained) September 12, 2024
Additionally, the attractive Annual Percentage Yield (APY) is likely to incentivize investors to hold onto their $PEPU tokens longer. The staking rewards will be distributed over a two-year period, enhancing the appeal of long-term investment in the project.
Pepe Unchained operates as a Layer 2 blockchain protocol built on Ethereum, similar in concept to Base Chain but tailored specifically for meme coins.
Pepe Unchained is a meme coin that uses the popular Pepe Frog as its mascot. It aims to create a dedicated blockchain environment for memes and has successfully raised funds through its presale.
The project’s focus on meme culture and strong fundraising has attracted over 14K followers on X. This makes Pepe Unchained a promising opportunity for those interested in meme coins.
The presale is open for contributions in Ethereum, USDT, Card, or BNB, offering flexibility for potential investors.
For those looking to explore this innovative project further, Pepe Unchained is definitely worth a closer look. To participate in the $PEPU token presale, go to pepeunchained.com.
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