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Cardano price has dropped by more than 3% in the last 24 hours. Trading at $0.3282 As of 3:30 a.m. ET, trading volumes were up 66% to $279 million.
This drop in the price of ADA comes despite Cardano The network launched the Chang hard fork yesterday. The Chang hard fork is a major upgrade that aims to introduce significant changes to the mainnet, and includes mechanisms for user participation in blockchain governance.
.@cardano It began its transition from centralized to decentralized governance by launching the first phase of the Changpeng hard fork.
This is an important step towards making Cardano a blockchain that is entirely governed by its community. pic.twitter.com/32dneDlHug
— Cryptotvplus (@Cryptotvplus) September 2, 2024
Cardano Price Faces Downward Pressure: Can Support Zone Hold?
The daily chart of the ADA/USDT pair shows that the price is trading within a well-defined bearish channel.
Cardano found support at the $0.3010 level, forming a potential double bottom pattern. This chart pattern is often considered a bullish reversal signal. Therefore, bulls could take advantage of this support area to push ADA price higher and eventually start an upward march above the descending channel.
ADAUSDT Analysis Source: Tradingview
Cardano price is now below the 50-day simple moving average at $0.3730 and the 200-day simple moving average at $0.4810, indicating that the broader trend remains bearish.
However, a break above the descending channel and the 50-day SMA could lead to an upward move towards the target price near $0.4000, representing a huge reward opportunity.
The Relative Strength Index (RSI) is currently standing at 37.98, indicating that ADA is approaching oversold conditions, which could support a rise in the Cardano price.
However, failure to break the current resistance and maintain support at 0.3000 could lead to continued downward pressure, which could lead to a retest of lower levels.
Cardano Price Shows Signs of Uptrend Reversal
For the bullish reversal to hold, ADA needs to break above the 50-day SMA. If this happens, it could signal a shift in market sentiment that could lead to further gains.
The formation of a double bottom near support and a potential breakout from the descending channel indicate a shift in momentum. If ADA manages to break out, it could rally to the $0.3750-$0.4513 range, where traders may consider taking profits.
High volume near support also indicates increased buying interest, suggesting that investors may be accumulating in anticipation of an upward move.
SHIBASHOOT Presales Surpass $1 Million: Is It The Best Meme Coin To Buy Now?
As ADA traders prepare for a potential rally, SHIBASHOOTShiba Inu, a derivative of the Shiba Inu breed, continues to attract more investors after surpassing $1 million in early funding.
This bullish enthusiasm has caught the attention of crypto analyst and YouTuber Crypto Zeus, who says that SHIBASHOOT could explode 100x after its launch.
Set in the fictional town of Shiba Gulch, Shiba Shootout will immerse players in exciting gunfights featuring Shiba Inu cowboys, earn SHIBASHOT tokens, and experience fun gameplay.
However, Shiba Shootout is more than just a hype game; it’s a play-to-earn (P2E) game with a growing ecosystem. Now, a streamlined version of the game is available on Google Play and the Apple App Store, giving early adopters a taste of what’s to come.
The game also features a Posse Rewards referral program, where players can invite new users and earn tokens for themselves and their recruits.
$SHIBASHOOT is not just another memecoin. 💯
It combines innovation and strategy with a Wild West theme. 🤩
Join us for fun events and a clear path to value! 🚀 pic.twitter.com/JW1vRcBbu1
— Shiba Shootout (@shibashootout) August 26, 2024
The Shiba Shootout operates using a DAO-like structure, and includes token governance rounds where all SHIBASHOOT holders can vote on crucial project decisions.
Investors looking to maximize their returns can also participate in the project’s equity stake, which offers an impressive annual return of 880%.
Currently, investors are buying SHIBASHOOT tokens at $0.0201 each through the purchase tool on the official website. With the price rising in less than 7 days, now is the perfect time to invest in the meme coin.
Buy SHIBASHOOT tokens here using ETH, USDT or bank card.
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