Cardano (ADA) Price Prediction: Is A Crash Looming While Chimpzee Coin Continues To Gain Traction?

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Despite its positive fundamentals, Cardano’s (ADA) price shows signs of downside potential. This article explores whether it will decline further or make a rebound toward new gains.

Cardano Q2 2023 Report: Key Insights and Progress Analysis

Messari has recently published the Q2 2023 report on Cardano, yielding valuable insights. Notably, the Total Value Locked (TVL) surged by 198.6% Year-to-Date (YTD), propelling Cardano’s TVL rank from 34th to 21st, despite a bearish market.

State of @Cardano Q2 2023

With a dedicated community of users and developers, Cardano has demonstrated staying power.

In Q2, average daily dapp transactions were up 49%, TVL up 10%, and 199% YTD.@redvelvetzip dives in. https://t.co/MNhyNJvIPq

— Messari (@MessariCrypto) August 4, 2023

Impressively, TVL also increased approximately 25% compared to the same period last year. The prioritization of stability and security over speed remains a consistent theme for Cardano. This is evident through offerings such as liquid staking and decentralized models.

While average daily users witnessed a 4% decline this quarter, daily transactions grew by 1.9%. Transaction fees averaged $0.13. Cardano’s ADA token serves vital roles, including settling network fees, establishing network consensus, and enhancing network security.

Remarkably, despite a 25.2% price decline, protocol revenue expanded by 11.5%, with an actual yield of 3.28% for stakes.

Cardano achieved notable infrastructure developments this year, incorporating stablecoins, sidechains, and Layer 2 (L2) solutions. The interplay between deliberate, secure growth and rigorous academic testing of solutions/roadmaps raises intriguing prospects for Cardano’s success in a competitive landscape.

SEC’s Classification Impact: ADA Status and Market Reactions

Notably, the SEC flagged $ADA as a potentially classified security asset.

Cardano has been officially named as one of the cryptocurrencies that are securities by the SEC

— Tez Blocks bakery 🌮 (@TezBlocks) August 4, 2023

Following the SEC’s announcement, ADA has faced considerable pressure. Nonetheless, the market found some solace as XRP secured a partial triumph against similar SEC allegations. Moreover, the recent authorization of Binance’s activities in Japan has fostered optimism, indicating that ADA is not perceived as a security in Japan. These positive developments have been keeping ADA prices from falling further.

Binance has been granted permission to operate in Japan and trade 34 cryptocurrencies, including $ADA. This means that Japan does not consider ADA a security. #Cardano

— Cardanians (CRDN) (@Cardanians_io) August 1, 2023

Cardano Price Analysis

In ADA/USD daily price chart analysis, the occurrence of a breakout below the previously established ascending trendline is noteworthy. The highlighted purple region has emerged as a significant support zone for the cryptocurrency’s valuation.

A pivotal level demanding attention is identified at $0.2772. A conclusive breach and subsequent closure below this threshold will trigger substantial selling activity. It will potentially propel the prices toward the $0.2391 mark. It is important to note that this level aligns with the formation of a double bottom pattern in ADA’s past price action.

However, if the indicated support zone successfully maintains its role, a prospect for a robust price resurgence emerges. This resurgence can potentially propel the pair toward the resistance level at $0.4022.

From a technical perspective, the analysis of key indicators offers valuable insights. The MACD histograms, positioned below the zero line, coupled with the southward orientation of the RSI, collectively indicate an impending surge in selling pressure. Moreover, a recent EMA crossover indicates a trend shift, potentially leading to a continued downward trajectory in prices.

Market participants will closely monitor price developments in the mentioned support region as it will help in assessing evolving momentum.

Meanwhile, another coin has been showing impressive growth potential.

Alternative to Cardano

Chimpzee introduces a transformative innovation, allowing individuals to earn money while also championing environmental and animal conservation efforts. Having achieved its $1,000,000 funding goal, the project has initiated an airdrop of 10,000,000 tokens, with 2,555,000 tokens already distributed.

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Operating under the ticker “CHMPZ” and priced at $0.00095, the project has recently reached its 9th stage, with less than 14 hours remaining before the subsequent price adjustment. The platform leverages web3 technology for its groundbreaking initiatives, encompassing a marketplace, shop, NFTs, and play-to-earn (P2E) games. This fusion of web3 and crypto incentives has attracted considerable attention from both gaming and crypto enthusiasts.

At its core, Chimpzee disrupts traditional charitable contributions by enabling individuals to earn money while donating. The platform also raises awareness about critical issues like deforestation, animal preservation, and environmental concerns. Tokenomics are meticulously designed to contribute to charities, reward the community, and fuel product development.

Chimpzee offers NFT passports – Diamond, Gold, Silver, and Bronze – to optimize user participation, providing enhanced earnings and premium benefits within the ecosystem. Early Chimpzee investors can enjoy a 100% bonus during the presale phase. The platform maintains a user-friendly ethos with no fees, sales tax, or purchase tax.

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— Official Chimpzee Project (@RealChimpzee) August 5, 2023

CHPMZ Presale

With $1,127,516 raised in presale Stage 9, the CHMPZ Gold presale offers competitive value, equating 1 USDT to 1290 CHMPZ. Gold NFT investors access 750,000 CHMPZ and an attractive 18% annual percentage yield (APY) for staking NFTs. With a limited supply of 2,505,000 $CHMPZ remaining, astute investors are encouraged to secure their additional tokens.

Hey #ChimpzeeArmy!🌟🦍

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Participate in the #Chimpzee mission to earn, combat climate change, and support animal conservation!💸🐾https://t.co/Geog3EVuMC #EcoCrypto pic.twitter.com/No4xaFzuhk

— Official Chimpzee Project (@RealChimpzee) August 5, 2023

Chimpzee’s dedication to positive change and innovation positions it as a formidable platform, offering a unique opportunity for users to earn money while contributing to environmental well-being.

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