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The Cardano price dropped 22% in the last 24 hours to trade at $0.7083 as of 4.15 a.m. EST on trading volume that soared 441% to $3.83 billion.
The ADA price spent the last seven days trading between a support at $0.90 and a resistance at $1, but this ended on Sunday, Feb. 2, when it broke the support and started spiraling down to a support at $0.60, even briefly dipping below it to $0.57.
Earlier today, however, the price started seeing a recovery as the traders rushed in to buy the dip, pushing the ADA price to $0.70 as of the time of writing.
However, things might get busy for Cardano, as its founder, Charles Hoskinson, recently said that the team is working on some new deals and is “meeting a very special person toward the end of the month.”
JUST IN: #Cardano $ADA Founder Charles Hoskinson says "we're still working on some of the deals that are under NDA, and meeting a very special person towards the end of the month. I can't say who it is. February is going to be a good month. We're getting things done." pic.twitter.com/zrT75XBdy7
— Angry Crypto Show (@angrycryptoshow) February 2, 2025
Cardano Price Prediction
As mentioned, ADA started recovering, which allowed its price to reach $0.70 — a level that is currently acting as its new major resistance.
After several days of slight fluctuations, the project’s Bollinger Bands grew tight, which changed as the price started to drop. As the Cardano price went down, it pushed the lower band deeper, causing a major widening.
Since the start of the recovery, the bands have narrowed slightly, but could start widening again if the price manages to continue its surge, and starts pushing the upper band further up this time.
However, according to the project’s Relative Strength Index (RSI), this might not happen yet. While the RSI spent the last several days fluctuating between the oversold zone starting at 30 and the neutral value of 50, occasionally breaching both lines, its surge today allowed the metric to climb to 60 for the first time in days.
Unfortunately, traders seem to still be cautious, and instead of pumping the price and RSI up with more purchases, they started taking profit until the RSI dropped to 50 again. From there, it saw another minor increase to the value of 55, but has since started dropping back down to 50 again.
For now, ADA has seemingly managed to stabilize and the bulls and the bears are in balance, although it remains to be seen how long this will last, and which way the price will go next.
On the positive side, Bitcoin started seeing a mild recovery recently, which could continue throughout the day and potentially give the altcoin market a boost.
Promising Alternative To Cardano
As many do not see ADA as the most profitable crypto to hold right now, they are turning to new high-potential projects, looking for the next big gem. Meme Index (MEMEX), the world’s first decentralized meme coin index, could be one such project.
Meme Index is a new project that aims to make investing in meme coins safer and easier by creating multiple meme coin baskets, or indexes, that focus on more than 1 meme coin each. There will be four different baskets for the investors to choose from, including Titan, Moonshot, MidCap, and Frenzy.
Each of these baskets come with a higher degree of risk than the last. The major advantage of the baskets the project offers is that they make it much easier and safer to invest in meme coins than if an investor were to build a portfolio from scratch and buy into meme coins one by one.
However, to invest in any of the project’s baskets, you first need to acquire MEMEX — Meme Index’s native cryptocurrency that is currently in presale. Selling for only $0.0158443, the token grants you the ability to invest in the project’s indexes, as well as join the governance process and choose which meme coins each basket will focus on.
So far, the ICO has raised over $3.29 million, and it continues to pull investors in. Meanwhile, experts like ClayBro, a crypto YouTuber with over 135k subscribers, encourage investors to buy MEMEX sooner, rather than later, as they predict it could be the next 10x crypto.
Buy MEMEX here before a scheduled presale price increase in 44 hours to lock in the best ICO deal.
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