Cardano’s (ADA) price confirmed its downtrend by breaking a critical support level on August 15. This development comes on the heels of the Cardano community’s efforts to promote SNEK, one of the unofficial memecoins on the chain. While memecoins are known for their role in the success of core network coins, bears have seized one of the support levels on Cardano, posing a risk of further declines for ADA’s price.
The SNEK memecoin has become a rapidly growing asset, receiving significant support from the Cardano community. The community quickly raised 2 million ADA, allowing SNEK to be promoted for a week at the Las Vegas Sphere. Such initiatives seem to be raising expectations that SNEK’s success could push the price of ADA to new highs.
On the other hand, European-based real asset tokenization platform Finest has decided to operate on the Cardano mainnet. This platform’s attempt to tokenize assets such as commodities, stocks, and bonds could potentially attract new investors to ADA and have a positive impact on its long-term price action.
Cardano’s ADA price is currently trading in a long-term downtrend. The price is trading below the 21-day, 50-day, and 200-day Exponential Moving Averages (EMAs). ADA broke the first support area at $0.3275 and it could now decline towards the next major support area around $0.2800. However, ADA whales are placing large buy orders at these price levels, signaling a possible reversal.
Liquidity order book analysis shows that whales placed $1.77 million worth of buy orders between $0.27 and $0.28 price levels. This suggests that ADA could rally in this region. Here are some takeaways for users
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