For the first time since early July, the price of Cardano (ADA) has slipped below the $0.30 mark, settling at $0.293809. This indicates a slight decline in the past 24-hours and a more significant fall in the past week, resulting in a 5% loss. The wider picture, nevertheless, reveals that ADA managed to amass an impressive 19% gain since the beginning of the year.
These market mechanics make ADA a highly undervalued coin at the moment, suggesting a potential for a sharp surge, especially considering the solid underlining fundamentals of Cardano. Market markers such as ADA’s relative strength index slipping to 30 indicate a potential recovery not too far in the future.
However, ADA’s declining support level warrants concern, with the coin dropping below its crucial $0.30 support level. This may be an indication of a further possible decline before regaining momentum. And with recent downgrade of US government debt negatively impacting global markets, it wouldn’t be a surprise if ADA slid slightly more to around $0.280 before charting a recovery.
Despite these short-term concerns, Cardano’s fundamentals offer strong potential for a recovery. The successful deployment of the Mithril upgrade enables a more efficient node sync, improving the stability and scalability of the Cardano network. The ever-increasing number of projects building on Cardano, currently over 1,250, provides strong indication of long-term growth for ADA, which is expected to bounce back to $0.30 in the coming weeks and possibly hitting $0.50 by the end of 2023.
While ADA’s growth is steady, those seeking more dramatic growth may want to diversify into newer altcoins, such as presale tokens. One such token is the Cowabunga Coin (COWABUNGA), an ERC-20 meme token inspired by the popular Teenage Mutant Ninja Turtles franchise. Currently in the presale phase, 35% of its total supply, roughly 4 billion, is being offered at a presale price of $0.000357.
With 25% of its total supply reserved for community rewards and airdrops, COWABUNGA’s tokenomics seeks to entice investors into its community, and judging by initial reactions, it seems to be succeeding. While it’s a playful plunge into the meme token market, only investor participation will determine if COWABUNGA will experience a longevity in token life cycle.
In conclusion, both ADA’s steady growth and COWABUNGA’s promising market entry serve as important examples to explore the diverse range of investment possibilities in the crypto market. Please bear in mind that investing in cryptos is a high-risk activity. Always conduct thorough research before committing.
Source: Cryptonews
