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Cardano (ADA) has been one of the top performers among major cryptocurrencies over the last week. The price of ADA has risen over 16% in the past 7 days, reaching as high as $0.46 before settling around $0.43.
This marks the fourth straight daily session of bullish momentum for the ADA price chart. Recent price action signals growing commitment among buyers to push the price even higher.
Cardano Price Analysis
A look at the ADA price chart on TradingView shows the technical setup favoring further upside. The exponential moving averages (EMAs) are angled upwards sharply, positioned below the current market price. This indicates that Cardano is sitting on relatively strong support levels on the downside.
The relative strength index (RSI) on the daily ADA chart is reading 45. This means that while the crypto asset is in bullish territory, there is still some room left before it reaches overbought levels. Typically, an RSI above 70 is considered overbought while below 30 is oversold.
Additionally, the moving average convergence divergence (MACD) indicator for ADA shows a bullish setup. The MACD line has remained above the signal line since crossing over on October 21. Its upwards trajectory reflects positive market sentiment around Cardano.
Some crypto market analysts have also weighed in on the recent ADA price action:
Rekt Capital, a leading crypto analyst with over 350k followers, tweeted:
“Cardano is attempting to breakout from its Macro Range. Needs to reclaim the Range High as support to confirm the breakout.”
This suggests that ADA needs to maintain prices above its previous high around $0.46 to sustain the bullish breakout.
Another prominent analyst, Ali, tweeted a bullish outlook:
“#Cardano is on track! $ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ADA punching through the $0.45 resistance soon. What’s next? A potential rally to $0.75 by late December!”
This analyst sees ADA continuing its long-term bullish pattern from 2018-2020. Hitting the next price milestone at $0.75 by year-end is a possibility if momentum holds up.
New Meme Coin ‘Meme Kombat’ Attracts High Investor Demand
With Cardano meme coin SNEK up 120% in the past week, and Solana’s Bonk up 150%, meme coin season is definitively back.
Meme Kombat ($MK) is the latest meme coin aiming to capture the attention and money of crypto degens. This new project combines elements of AI, gambling, and internet meme culture for a unique crypto gaming experience.
Meme Kombat hosts virtual battles between popular meme characters powered by artificial intelligence. These include famous memes like Doge, Pepe, Shiba Inu, and others. Users bet on the outcomes of these meme battles, with correct guesses and top leaderboard finishes earning rewards in $MK tokens.
Meme Kombat Season 1 is set to kick off as soon as its ongoing presale concludes. There will be 11 meme coin mascots participating in the first battles that meme coin enthusiasts know very well.
In recent weeks, Meme Kombat’s token presale has attracted over $2.5 million from investors wanting early exposure. The meme coin phenomenon has proven extremely lucrative in crypto, hence the excitement building around this new entrant.
Inside the Meme Kombat battle arena, players can stake MK tokens and wager bets on randomized fight results. The AI-generated battles have unpredictable outcomes, verified to be fair, making for an engaging crypto gaming experience.
Meme Kombat uses automated algorithms on the Ethereum blockchain to create random meme battle simulations. As the most popular meme coins and their mascots face off in tournaments, ample betting opportunities arise for players to choose winners and earn prize money.
For token distribution, Meme Kombat takes a community-first approach. 50% of the total MK supply is reserved for presale participants, giving earliest supporters priority. Another 30% goes to stakers and fight bracket winners, with the remaining 20% split between community governance and liquidity provisions.
With presale slots filling up quickly, interested buyers looking for the next potential meme coin breakout should visit the Meme Kombat site soon to buy MK tokens with ETH, USDT or BNB contributions.
Conclusion
Cardano has shown impressive price strength over the last week, with technical indicators pointing to further near-term upside for ADA. The latest meme coin splash, Meme Kombat,…
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