The broader crypto market has struggled recently, and Cardano has looked sluggish, down 4.65% in the last seven days. In the same period, other top cryptos like Bitcoin and Ethereum are also down 3.38% and 5.84%, respectively.
Despite this, a new penny crypto Meme Kombat ($MK) is storming ahead, raising almost $500K in just over two weeks from its presale start.
Cardano Edges Towards Yearly Support With Buyer Momementum Dwindling
The crypto markets have endured significant volatility amid global tensions rising over the past week. Yet Cardano has fared worst for wear, plunging towards its one-year support around the $0.24 level.
Cardano must hold above this level, or it may create new bear market lows, potentially heading toward its 2019 bear market resistance level of $0.17.
It already retested this support in September, but after a brief bounce, it has plummeted again. This signifies buyers’ interest decreasing, invoking fear that the support may not hold much longer.
There is no apparent cause for Cardano’s bearish price movement as much as it is a build-up of several factors damaging investors’ confidence. The most recent is that Cardano’s innovative Ardana stablecoin has recently been revealed as a rug pull after raising $10 million and closing shop in November 2022.
Recent evidence from Web3 risk-management platform Cerberus alleges that up to 80% of the project’s funds were hijacked by high-ranking executives at Ardana Labs.
Another factor driving its price is that due to its ongoing legality issues with the SEC, Cardano is likely following XRP’s trajectory. Currently, XRP is faring the worst-performing top 10 crypto, despite the SEC’s request to appeal Ripple Labs’ partial victory being denied.
The SEC’s dwaining foothold over the crypto industry should be a significantly bullish occurrence, but prices currently do not reflect it.
Yet this is one of several factors that should be helping uphold ADA’s price, but to little avail.
Another bullish factor not currently impacting ADA’s price is that blockchain analytics firm Santiment noted that Cardano has recently regained the top spot in development activity, overtaking Ethereum.
This means Cardano is innovating and expanding, which should present bullish price action. Yet, with such news failing to affect its price, it seems bulls are numb, and bears may further take control. This is especially true with ADA trading at such a critical support level.
With that in mind, market participants may be better poised to identify projects gathering bullish momentum with more upside potential.
Meme Kombat fits this bill perfectly, having just launched as a presale and already amassing tremendous hype and community interest.
P2E Staking Coin Meme Kombat Hits $450K as Investors are Drawn by 112% APY
Meme Kombat is a new presale gambling coin that lets users wager on the outcome of AI-powered battles between their favorite meme characters.
The project has pushed forth unaffected by the sluggish broader market conditions, raising over $450K in just over two weeks of presale.
Its main draw is the significant utility that $MK holds. This opens the door to monumental upside potential when combined with its viral meme coin allure.
The platform is powered by the $MK token, with users requiring it to wager on meme battles.
Moreover, users can stake $MK to earn a 112% annual percentage yield. This is expected to drastically reduce the token’s available supply, inducing scarcity and potentially bolstering its price.
However, the platform is more than just an average P2E game. Its compelling gambling mechanism provides an engaging and competitive feel, likely driving real demand from players wanting to use the platform.
It offers various game modes and leverages traditional odds mechanics to facilitate fair and realistic wagering.
Several prominent analysts have urged potential buyers to hurry to not miss out on the presale. YouTuber Michael Wrubel recently told his 300K subscribers that he is massively bullish on the project.
However, with its presale price set to increase when it raises $1 million, those looking to secure the best possible price should act now.
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