Ethereum

Cardano

Sphere

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-battles-price-drop" data-wpel-link="internal">Cardano Battles Price Drop</a><br></p>
<p style="text-align: justify">Cardano’s (ADA) price confirmed a downward trend on August 15, as it broke a pivotal support level. This decline occurred shortly after the Cardano community rallied to promote their unofficial on-chain <a href="https://en.bitcoinhaber.net/why-do-most-memecoins-fail" data-wpel-link="internal">memecoin</a>, SNEK. Despite the significance of memecoins in boosting the main network coins of platforms like Ethereum and Solana, ADA faces bearish pressure that has led to the loss of a crucial support level, raising concerns about further price declines.</p> 
<h2 id="community-efforts-and-positive-developments">Community Efforts and Positive Developments</h2> 
<p style="text-align: justify">The Cardano community has shown substantial support for the SNEK memecoin, quickly raising 2 million ADA (approximately $645,026) to promote SNEK at the Las Vegas Sphere for a week. This initiative has fueled hopes that SNEK’s success could help ADA prices recover to former highs.</p> 
<p style="text-align: justify">Additionally, Europe’s real asset tokenization platform, Finest, has chosen the Cardano mainnet to launch its operations. By tokenizing assets such as commodities, stocks, and bonds, this move could attract new <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a> to ADA, potentially benefiting its long-term price trajectory.</p> 
<h2 id="ongoing-downtrend-for-ada">Ongoing Downtrend for ADA</h2> 
<p style="text-align: justify">Despite these positive initiatives, ADA remains in a long-term downtrend, trading below the 21, 50, and 200-day Exponential Moving Averages (EMAs). The price recently fell below an initial support level at $0.3275 and may decline further to the next major support around $0.2800.</p> 
<p style="text-align: justify">However, large investors, known as whales, are placing significant buy orders at these lower price levels, indicating potential signs of a reversal. An analysis of the liquidity order book reveals that whales have placed $1.77 million worth of buy orders between the $0.27 and $0.28 price levels, suggesting a possible recovery for ADA in this range.</p> 
<h2 id="key-takeaways">Key Takeaways</h2> 
<p style="text-align: justify"> – The Cardano community raised significant funds to promote SNEK, which could influence ADA’s price positively.<br> – Europe’s real asset tokenization platform, Finest, has chosen Cardano’s mainnet, potentially attracting new investors.<br> – ADA’s price is trading below key EMAs, indicating a continued downtrend.<br> – Significant buy orders from large investors at lower price levels suggest potential for a price rebound.</p> 
<p style="text-align: justify">In conclusion, while Cardano’s ADA faces bearish pressures and a confirmed downtrend, community efforts and strategic initiatives like those of Finest offer a glimmer of hope. The activity of large investors at lower price levels could also indicate the potential for a price recovery. However, the market remains cautious and watchful for further developments.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-battles-price-drop" data-wpel-link="internal">Cardano Battles Price Drop</a></h5>

Cardano Battles Price Drop

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