Cardano

Sponge

Polygon

Coin

The Cardano price has soared 4% in the past 24 hours to trade for $0.4533 as of 05:28 a.m. EST.
CoinGecko data shows that the surge has seen the Cardano price break above resistance due to the descending trendline.
However, seeing as ADA price action continues to chop horizontally, coupled by the position of the Relative Strength Index (RSI) below the mean level of 50, Cardano is not yet primed for a rally.
The RSI is also knit closely to the yellow band of the signal line, suggesting the bulls and bears are both putting in the work. This coupled with the position of the Awesome Oscillator in negative territory, tilts the odds further in favor of the downside.
Moreover, the volume profiles are dwindling, showing that the little bullish sentiment in the ADA market is not enough to facilitate a climb.
Traders looking to take long positions on the Cardano price must wait for the price to venture into the Golden Zone between the 61.8% Fibonacci retracement at $0.5525 and the 38.2% Fibonacci retracement level at $0.6478.
A decisive candlestick close above the 50% Fibonacci placeholder at $0.6001 would confirm the continuation of the uptrend.
In the meantime, however, the odds favor the downside and the Cardano price could drop back to the bottom of the market range at $0.4000.
<a href="https://insidebitcoins.com/wp-content/uploads/2024/05/ADAUSD_2024-05-09_12-24-36.png" rel="noopener noreferrer nofollow"><img decoding="async" class="alignnone wp-image-518933 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/05/ADAUSD_2024-05-09_12-24-36.png" alt="Cardano price" width="785" height="579" srcset="https://insidebitcoins.com/wp-content/uploads/2024/05/ADAUSD_2024-05-09_12-24-36.png 785w, https://insidebitcoins.com/wp-content/uploads/2024/05/ADAUSD_2024-05-09_12-24-36-300x221.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/ADAUSD_2024-05-09_12-24-36-768x566.png 768w" sizes="(max-width: 785px) 100vw, 785px"></a>
<a href="https://www.coingecko.com/en/coins/cardano" target="_blank" rel="noopener noreferrer nofollow">TradingView: ADA/USDT 10-day chart</a>
<h2 id="analysts-forecast-for-the-cardano-price">Analysts’ Forecast For The Cardano Price</h2>
Nevertheless, one analyst, @Cryptosahintas on X, observes that the bottom is almost in for the Cardano price, which could precipitate a recovery. The forecast is based on the analysis that the weekly RSI values ​​are almost the same as what has been seen in the past before a recovery.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> 1 H
 Dip neredeyse onaylandı Haftalıkta RSI Değerleri neredeyse aynı -%50 Düşüş neredeyse aynı
 İzleyip görelim..<a href="https://twitter.com/search?q=%24Ada&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$Ada</a> <a href="https://twitter.com/hashtag/Ada?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ada</a> <a href="https://t.co/cTUOIsEiWt" rel="noopener noreferrer nofollow">https://t.co/cTUOIsEiWt</a> <a href="https://t.co/Y2Cxvuq7jq" rel="noopener noreferrer nofollow">pic.twitter.com/Y2Cxvuq7jq</a>
 — Cryptosahintas (@Cryptosahintas) <a href="https://twitter.com/Cryptosahintas/status/1788507020259168518?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
ADA has also featured among the top tokens of the day, as traders and analysts start to monitor large market capitalization-sized projects in readiness for the altcoin season.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Top 10 Coins of The Day<a href="https://twitter.com/search?q=%24bnb&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$bnb</a><a href="https://twitter.com/search?q=%24kas&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$kas</a><a href="https://twitter.com/search?q=%24rune&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$rune</a><a href="https://twitter.com/search?q=%24ton&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ton</a><a href="https://twitter.com/search?q=%24pork&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$pork</a><a href="https://twitter.com/search?q=%24akt&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$akt</a><a href="https://twitter.com/search?q=%24ada&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ada</a><a href="https://twitter.com/search?q=%24duko&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$duko</a><a href="https://twitter.com/search?q=%24ltc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ltc</a><a href="https://twitter.com/hashtag/api3?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#api3</a>
 Resource and notes on 👇👇👇<a href="https://t.co/DaDKl4Mx2H" rel="noopener noreferrer nofollow">https://t.co/DaDKl4Mx2H</a>
 Bitcoin<a href="https://twitter.com/LunarCrush?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@LunarCrush</a> <a href="https://t.co/avlzQnCXDv" rel="noopener noreferrer nofollow">pic.twitter.com/avlzQnCXDv</a>
 — Sales Wallet™ (@saleswallet) <a href="https://twitter.com/saleswallet/status/1788507200362602666?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Analyst @UnknownWhales22 has observed a falling wedge pattern on the one-day timeframe, suggesting a possible big move to the upside.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ADA</a> <a href="https://twitter.com/Cardano?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Cardano</a> is breaking out falling wedge on daily timeframe 👀
 Expecting a Massive Bullish Rally 📈🚀
 Get Free Signals: <a href="https://t.co/pmKwVEP3W8" rel="noopener noreferrer nofollow">https://t.co/pmKwVEP3W8</a><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/CardanoCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CardanoCommunity</a> <a href="https://twitter.com/hashtag/Cardano?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cardano</a> <a href="https://twitter.com/hashtag/ADA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADA</a> <a href="https://twitter.com/hashtag/ADAUSDT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADAUSDT</a> <a href="https://twitter.com/hashtag/ADACoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADACoin</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://twitter.com/hashtag/cryptomarket?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptomarket</a> <a href="https://t.co/q22xop5rSK" rel="noopener noreferrer nofollow">pic.twitter.com/q22xop5rSK</a>
 — UNKNOWN WHALES (@UnknownWhales22) <a href="https://twitter.com/UnknownWhales22/status/1788506026846654825?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Meanwhile, analysts are monitoring the ADA/USDT trading pair for a potential bullish rally toward $0.5000 after a successful breakout.
While they do so, analyst Franklin Emmanuel, with 268k YouTube subscribers, says that SPONGE V2, a 2.0 meme coin, might 1000X after launch.
<iframe title="1000X Crypto PUMP With SPONGE V2 | Last Chance" width="640" height="360" src="https://www.youtube.com/embed/RfHDxDt1uEY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
<h2 id="promising-alternative-to-cardano">Promising Alternative To Cardano</h2>
<a href="https://insidebitcoins.com/visit/sponge" target="_blank" rel="noopener noreferrer nofollow">Sponge V2</a> is a stake-to-bridge token, taking the stage after its predecessor, Sponge V1, recorded massive success in 2023.
After recording 100X growth in 2023 in a bear market, Sponge V1’s upgrade, Sponge V2 is giving investors who missed the 2023 rally a second chance.
Early in February, the network migrated to the Polygon chain following a malicious attack. On the Polygon network, users can enjoy more secure, efficient (faster), and cheaper transaction experiences. The project is also running on the Ethereum blockchain.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Important reminder! ⏰
 Exchanges have been asked to suspend trading of <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> V1 on the 5th of February at 11 PM UTC.
 We strongly advise all holders to withdraw their tokens from centralised exchanges and stake through the <a href="https://twitter.com/hashtag/Sponge?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Sponge</a> website as soon as possible.<a href="https://twitter.com/hashtag/MemeCoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MemeCoin</a> <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Alts</a> <a href="https://t.co/1L8bwZcJfu" rel="noopener noreferrer nofollow">pic.twitter.com/1L8bwZcJfu</a>
 — $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1753463452436234290?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 2, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Sponge V2 can be staked on Ethereum for an Annual Percentage Yield (APY) of 163% and on Polygon for a huge 338% APY.
<a href="https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2.png" rel="noopener noreferrer nofollow"><img decoding="async" class="aligncenter wp-image-518936 size-full" src="https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2.png" alt="Sponge staking" width="1345" height="388" srcset="https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2.png 1345w, https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2-300x87.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2-1024x295.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/05/sponge-2-768x222.png 768w" sizes="(max-width: 1345px) 100vw, 1345px"></a>
<h4>Sponge V2 Play-To-Earn Game</h4>
Sponge V2 also has a Play-to-Earn (P2E) function. To increase community engagement, Sponge V2 will introduce a new P2E racer game where players can compete against each other for a chance to win $SPONGEV2 tokens as rewards.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Don't forget, <a href="https://twitter.com/hashtag/SPONGERS?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SPONGERS</a>! 🧽💦<a href="https://twitter.com/hashtag/SpongeV2?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SpongeV2</a> is bringing exciting utility through our upcoming <a href="https://twitter.com/hashtag/P2E?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#P2E</a> game! 🔥
 Get ready to earn <a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> tokens by playing the game and ranking on the leaderboard.
 Stay tuned for more info! 🚀<a href="https://twitter.com/hashtag/MemeCoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#MemeCoin</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Alts?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Alts</a> <a href="https://twitter.com/hashtag/100x?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#100x</a> <a href="https://t.co/5aaLxGz8N1" rel="noopener noreferrer nofollow">pic.twitter.com/5aaLxGz8N1</a>
 — $SPONGE (@spongeoneth) <a href="https://twitter.com/spongeoneth/status/1771117138381525404?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 22, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Tron (TRX) founder and Huobi Global advisor Justin Sun bought Sponge tokens last year and continues to hold them, while some analysts rank successor SpongeV2 among the <a href="https://www.linkedin.com/pulse/best-meme-coins-invest-top-picks-exponential-gains-calsona-iorle" target="_blank" rel="noopener noreferrer nofollow">the best meme coins to invest in</a>.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Justin Sun holds this <a href="https://twitter.com/hashtag/memecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#memecoin</a> :O I won't even say anymore… this could destroy <a href="https://twitter.com/hashtag/SNEK?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SNEK</a> and <a href="https://twitter.com/hashtag/PEPE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PEPE</a>..! Who remembers <a href="https://twitter.com/hashtag/SPONGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SPONGE</a>?!! 🫢🔥<a href="https://twitter.com/search?q=%24SPONGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SPONGE</a> V2 is making loud movements in the market, even <a href="https://twitter.com/hashtag/Trons?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Trons</a> very own Justin Sun is holding $50k worth of SPONGE! 😮 💎💎
 DYOR -… <a href="https://t.co/ULzSDJdYnS" rel="noopener noreferrer nofollow">pic.twitter.com/ULzSDJdYnS</a>
 — Jacob Crypto Bury (@BuryCrypto) <a href="https://twitter.com/BuryCrypto/status/1742849400756466052?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Sponge V2 is now offering a last chance to buy. If you are interested, buy and stake it today before it launches on major exchanges.
<a href="https://insidebitcoins.com/visit/sponge" target="_blank" rel="noopener noreferrer nofollow">Visit and buy Sponge V2 here</a>
<h3 id="strong-also-read-strong">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/how-to-buy-sponge-v2-on-presale-alessandro-de-crypto-video-review" rel="noopener noreferrer nofollow">How to Buy Sponge V2 On Presale – Alessandro De Crypto Video Review</a></li>
 <li><a href="https://insidebitcoins.com/news/100x-meme-coin-sponge-prepares-for-second-takeoff-with-launch-of-v2-is-spongev2-the-best-crypto-to-buy-now" rel="noopener noreferrer nofollow">100X Meme Coin Sponge Prepares For Second Takeoff With Launch of V2 – Is $SPONGEV2 The Best Crypto to Buy Now?</a></li>
 <li><a href="https://insidebitcoins.com/news/can-sponge-v2-experience-a-100x-surge-similar-to-sponge-v1-upon-its-launch-in-2024-conor-kenny-presale-review" rel="noopener noreferrer nofollow">Can Sponge V2 Experience a 100x Surge Similar to Sponge V1 Upon Its Launch in 2024? Conor Kenny Presale Review</a></li>
 <li><a href="https://insidebitcoins.com/news/sponge-crypto-price-surge-sparks-speculation-on-sponge-v2s-meme-coin-100x-potential" rel="noopener noreferrer nofollow">$SPONGE Crypto Price Surge Sparks Speculation on SPONGE V2’s Meme Coin 100x Potential</a></li>
</ul>

Cardano Price Prediction As ADA Jumps 4% And A Crypto Analyst Says This 2.0 Meme Coin Might 1000X

Table of Contents

Inside Bitcoins

Other articles published on May 9, 2024

Warzone Hackers Unleash Explosive Chaos

Boost Financial Resilience with Bitcoin (BTC): Learn from Setbacks and Strategize for the Future

Lyra Finance now Allows LRT to Generate Additional Yield through Options Strategies

Bitcoin at $61K: Are investors losing interest? THIS is a worrying sign

Avalanche (AVAX) Welcomes Salvor to Rush Program: $1M Incentive Boosts NFT Lending Platform Innov...

Nigeria Slams Binance CEO’s Bribery Claims as ‘Baseless Diversion

Join our free newsletter for daily crypto updates!