Cardano: Potential for a 30% Increase with the Launch of a Memecoin Platform.
The price of Cardano saw a modest rise, encountering resistance around the $0.37 region. The asset has largely stagnated at this level, indicating a rejection of buying pressure.
Most traders are currently uncertain, trying to determine whether ADA’s recent uptrend is over or just the beginning of a new wave. Despite this, Cardano has gained 11% over the past week, and many traders believe it could reach $0.50, which would represent a 24% increase from current levels.
There is speculation within the community about the potential launch of a memecoin platform on the Cardano network, similar to the popular Pump.fun platform. If this speculation proves true, it could drive ADA’s price upward.
The price of Cardano showed some movement, with a 2.1% increase bringing ADA to $0.38 on Friday. However, despite this gain, the cryptocurrency hit resistance and dropped back below that value.
According to speculation, three different projects are working on the launch of a memecoin platform. The most anticipated launch is Snek.fun, by the Snek (SNEK) team, which is currently the largest memecoin on the Cardano network.
No official launch date has been announced yet, but the prevailing optimism might be enough to drive ADA’s price higher.
Traders Are Indecisive, Whales Are Active:
On-chain analysis data reveals some bearish trends in ADA's price and investor behavior. Santiment's data shows a divergence between price and volume in Cardano. While ADA's price rose between August 16 and 23, transaction volume declined.
On the other hand, data from IntoTheBlock indicates that whale activity increased between August 18 and 22. The rise in activity coincided with a decrease in liquidity flow, implying that whales might be selling ADA in anticipation of a price drop.
If ADA's price surpasses $0.3773, it could reach $0.4368 as the next resistance level, representing a 19.74% increase from the current price.
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