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The Cardano price has soared 4% in the past 24 hours to trade for $0.4533 as of 05:28 a.m. EST.
CoinGecko data shows that the surge has seen the Cardano price break above resistance due to the descending trendline.
However, seeing as ADA price action continues to chop horizontally, coupled by the position of the Relative Strength Index (RSI) below the mean level of 50, Cardano is not yet primed for a rally.
The RSI is also knit closely to the yellow band of the signal line, suggesting the bulls and bears are both putting in the work. This coupled with the position of the Awesome Oscillator in negative territory, tilts the odds further in favor of the downside.
Moreover, the volume profiles are dwindling, showing that the little bullish sentiment in the ADA market is not enough to facilitate a climb.
Traders looking to take long positions on the Cardano price must wait for the price to venture into the Golden Zone between the 61.8% Fibonacci retracement at $0.5525 and the 38.2% Fibonacci retracement level at $0.6478.
A decisive candlestick close above the 50% Fibonacci placeholder at $0.6001 would confirm the continuation of the uptrend.
In the meantime, however, the odds favor the downside and the Cardano price could drop back to the bottom of the market range at $0.4000.
TradingView: ADA/USDT 10-day chart
Analysts’ Forecast For The Cardano Price
Nevertheless, one analyst, @Cryptosahintas on X, observes that the bottom is almost in for the Cardano price, which could precipitate a recovery. The forecast is based on the analysis that the weekly RSI values are almost the same as what has been seen in the past before a recovery.
#Cardano 1 H
Dip neredeyse onaylandı
Haftalıkta RSI Değerleri neredeyse aynı
-%50 Düşüş neredeyse aynıİzleyip görelim..$Ada #Ada https://t.co/cTUOIsEiWt pic.twitter.com/Y2Cxvuq7jq
— Cryptosahintas (@Cryptosahintas) May 9, 2024
ADA has also featured among the top tokens of the day, as traders and analysts start to monitor large market capitalization-sized projects in readiness for the altcoin season.
Top 10 Coins of The Day$bnb$kas$rune$ton$pork$akt$ada$duko$ltc#api3
Resource and notes on 👇👇👇https://t.co/DaDKl4Mx2H
Bitcoin@LunarCrush pic.twitter.com/avlzQnCXDv
— Sales Wallet™ (@saleswallet) May 9, 2024
Analyst @UnknownWhales22 has observed a falling wedge pattern on the one-day timeframe, suggesting a possible big move to the upside.
$ADA @Cardano is breaking out falling wedge on daily timeframe 👀
Expecting a Massive Bullish Rally 📈🚀
Get Free Signals: https://t.co/pmKwVEP3W8#Crypto #CardanoCommunity #Cardano #ADA #ADAUSDT #ADACoin #cryptocurrency #cryptomarket pic.twitter.com/q22xop5rSK
— UNKNOWN WHALES (@UnknownWhales22) May 9, 2024
Meanwhile, analysts are monitoring the ADA/USDT trading pair for a potential bullish rally toward $0.5000 after a successful breakout.
While they do so, analyst Franklin Emmanuel, with 268k YouTube subscribers, says that SPONGE V2, a 2.0 meme coin, might 1000X after launch.
Promising Alternative To Cardano
Sponge V2 is a stake-to-bridge token, taking the stage after its predecessor, Sponge V1, recorded massive success in 2023.
After recording 100X growth in 2023 in a bear market, Sponge V1’s upgrade, Sponge V2 is giving investors who missed the 2023 rally a second chance.
Early in February, the network migrated to the Polygon chain following a malicious attack. On the Polygon network, users can enjoy more secure, efficient (faster), and cheaper transaction experiences. The project is also running on the Ethereum blockchain.
Important reminder! ⏰
Exchanges have been asked to suspend trading of $SPONGE V1 on the 5th of February at 11 PM UTC.
We strongly advise all holders to withdraw their tokens from centralised exchanges and stake through the #Sponge website as soon as possible.#MemeCoin #Alts pic.twitter.com/1L8bwZcJfu
— $SPONGE (@spongeoneth) February 2, 2024
Sponge V2 can be staked on Ethereum for an Annual Percentage Yield (APY) of 163% and on Polygon for a huge 338% APY.
Sponge V2 Play-To-Earn Game
Sponge V2 also has a Play-to-Earn (P2E) function. To increase community engagement, Sponge V2 will introduce a new P2E racer game where players can compete against each other for a chance to win $SPONGEV2 tokens as rewards.
Don't forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Tron (TRX) founder and Huobi Global advisor Justin Sun bought Sponge tokens last year and continues to hold them, while some analysts rank successor SpongeV2 among the the best meme coins to invest in.
Justin Sun holds this #memecoin :O I won't even say anymore… this could destroy #SNEK and #PEPE..! Who remembers #SPONGE?!! 🫢🔥$SPONGE V2 is making loud movements in the market, even #Trons very own Justin Sun is holding $50k worth of SPONGE! 😮 💎💎
DYOR -… pic.twitter.com/ULzSDJdYnS
— Jacob Crypto Bury (@BuryCrypto) January 4, 2024
Sponge V2 is now offering a last chance to buy. If you are interested, buy and stake it today before it launches on major exchanges.
Also Read:
- How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review
- 100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?
- Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review
- $SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential
Most Searched Crypto Launch - Pepe Unchained
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