The broader cryptocurrency market has struggled recently, and Cardano has looked sluggish, falling 4.65% in the past seven days. In the same period, other cryptocurrencies such as Bitcoin and Ethereum also fell by 3.38% and 5.84%, respectively.
Despite this, new cryptocurrency Meme Kombat ($MK) is surging ahead, raising nearly $500,000 in just over two weeks from the start of the presale.
Cardano heads towards annual support as buyer momentum wanes
Cryptocurrency markets have suffered significant volatility amid escalating global tensions over the past week. However, Cardano performed the worst in terms of erosion, falling towards its one-year support around the $0.24 level.
Cardano must remain above this level, or it may create new lows in a bear market, potentially heading towards the 2019 bear market resistance level at $0.17.
It actually retested this support in September, but after a short bounce, it fell again. This indicates a decline in buyer interest, raising fear that the support may not last much longer.
There is no clear reason for Cardano’s downward price movement as much as it is an accumulation of several factors that are damaging investor confidence. The latest is that Cardano’s innovative stablecoin Ardana was recently unveiled as a traction after raising $10 million and closing shop in November 2022.
Recent evidence from Web3 risk management platform Cerberus claims that up to 80% of the project’s funds have been hijacked by high-level executives at Ardana Labs.
Another factor driving its price is that given the ongoing legal issues with the SEC, Cardano will likely follow XRP’s path. Currently, XRP is the worst performer among the top 10 cryptocurrencies, despite the SEC’s request to appeal Ripple Labs’ partial win being denied.
The SEC’s diminishing foothold in the cryptocurrency industry should be a major bullish event, but prices currently do not reflect that.
However, this is one of many factors that should help keep the Americans with Disabilities Act price in check, but to no avail.
Another bullish factor that is not currently impacting the price of ADA is that blockchain analytics firm Santiment noted that Cardano has recently regained the top spot in development activity, overtaking Ethereum.
This means that Cardano is innovating and expanding, which would lead to an upward price movement. However, with such news failing to impact its price, it appears that the bulls have lost control, and the bears may take greater control. This is especially true for trading ADA at this critical support level.
With this in mind, market participants may be in a better position to identify projects that combine upward momentum with greater upside potential.
Meme Kombat fits this bill perfectly, as it was just released as a preview and is already garnering massive buzz and community interest.
P2E Stake Meme Kombat Coin Reaches $450K with Investors Attracted by 112% APY
Combat meme It is a new pre-sale gambling currency that allows users to bet on the outcome of AI-powered battles between their favorite characters.
The project has taken off unaffected by broader sluggish market conditions, raising over $450,000 in just over two weeks of pre-sale.
Its main draw is the huge benefit that $MK carries. This opens the door to massive upside potential when combined with the currency’s viral appeal.
The platform is powered by the $MK token, with which users ask to bet on meme battles.
Furthermore, users can stake $MK to earn a 112% annual return. This is expected to significantly reduce the available supply of the coin, resulting in scarcity of the coin and possibly boosting its price.
However, the platform is more than just your average P2E game. Its compelling gambling mechanism provides an attractive and competitive feel, which will likely drive real demand from players wanting to use the platform.
It offers different game modes and takes advantage of traditional odds mechanics to facilitate fair and realistic betting.
Several prominent analysts have urged potential buyers to hurry so as not to miss out on the pre-sale. YouTube user Michael Froebel He recently told his 300,000 subscribers that he’s hugely optimistic about the project.
However, with the pre-sale price rising when it raises $1 million, those looking to secure the best possible price should act now.
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