Cardano

bullish

2024

Rescue

when

Cardano price surged on August 23 before encountering a resistance of around $0.37. The asset has mostly stagnated around this price as bulls got rejected. Most traders are showing indecision as they are still determining whether the hype is over or if that was just the first wave. In the meantime, speculation is circulating in the Cardano X community about an incoming Pump.fun derivative on the network. Will cornering the Cardano meme coin niche finally give ADA the juice to hit $0.5? 
<h2 id="cardano-price-prediction-can-a-pump-fun-derivative-rescue-ada">Cardano Price Prediction: Can a Pump.Fun Derivative Rescue ADA?</h2> 
The price of Cardano has started making moves. It soared 2.1% to $0.3765 but still remains two ranks below Tron (TRX) and Dogecoin (DOGE) after briefly entering the top 10.&nbsp; 
While Cardano price struggles to break above a strong resistance, rumor just broke out of a Pump.fun derivative coming to the ADA network. This may be just what is needed to unclog the price for further price hikes. 
According to the speculation, three different projects are working on launching a derivative of the famous Solana-based token-launching platform. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 So, we have ANOTHER pump fun derivative coming. 
 We already have two that are cooking. 
 One is launching today, and the other is launching sometime after….… <a href="https://t.co/RtgcQ1caQR">pic.twitter.com/RtgcQ1caQR</a> 
 — Opti (@store_optimal) <a href="https://twitter.com/store_optimal/status/1826692244574769611?ref_src=twsrc%5Etfw">August 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The most anticipated launch is Snek.fun from the Snek (SNEK) team, the largest meme coin on the Cardano network. There is no official date yet as to when the launch will happen. 
<h2 id="traders-undecided-while-whales-checkout">Traders Undecided While Whales Checkout</h2> 
On-chain analysis reveals some bearish tendencies in ADA price and investors. Whether the sentiment will change as the Snek.fun news settles is yet to be seen. 
Data from Santiment shows a bearish price-volume divergence on Cardano. ADA price rose from Aug. 16 to Aug. 23, while transaction volume dropped, indicating that the price buy momentum is weak and won’t hold. Consequently, bears may take over and drive the price lower. 
<img decoding="async" class="aligncenter wp-image-213676 size-full" src="https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796.jpg" alt="cardano transaction volume" width="1920" height="697" srcset="https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796.jpg 1920w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796-300x109.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796-1224x444.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796-768x279.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796-1536x558.jpg 1536w, https://coingape.com/wp-content/uploads/2024/08/Gaming.net-4-e1724362404796-150x54.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px"> 
Additionally, the large transaction volume metric from <a rel="nofollow" href="https://www.intotheblock.com/">IntoTheBlock</a> shows that whale activity increased from Aug. 18 to Aug. 22. Moreover, the Large holder netflow dropped from Aug. 21 to Aug. 22, indicating that whales may be offloading their bags cautiously anticipating a price drop. 
<img decoding="async" class="aligncenter size-full wp-image-213675" src="https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z.png" alt="large transaction volume" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z.png 1200w, https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z-768x512.png 768w, https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/08/ITB_ada_large_transactions_volume_cardano_2024-08-22T19_11_21.154Z-272x182.png 272w" sizes="(max-width: 1200px) 100vw, 1200px"> 
Futures traders are also uncertain about the future, and the doubts are reflected in their trading behavior. Liquidation Map data from <a rel="nofollow" href="https://www.coinglass.com/">Coinglass</a> shows an almost equal amount of ADA Shorts and Longs. However, the Shorts positions are slightly higher, signaling that the market is slightly bearish on ADA price. 
<img decoding="async" class="aligncenter size-full wp-image-213674" src="https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5.jpg" alt="ada liquidation leverage" width="2230" height="700" srcset="https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5.jpg 2230w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-300x94.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-1224x384.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-768x241.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-1536x482.jpg 1536w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-2048x643.jpg 2048w, https://coingape.com/wp-content/uploads/2024/08/Share-Kef-5-150x47.jpg 150w" sizes="(max-width: 2230px) 100vw, 2230px"> 
ADA open interest (OI) increased by 0.7% over the last 24 hours, while the price dropped by 1.1%. This divergence suggests that traders are opening shorts, which may lead to further price drops. 
<h2 id="ada-price-analysis-0-5-in-sight-if-it-overcomes-this-obstacle">ADA Price Analysis: $0.5 In Sight If It Overcomes This Obstacle</h2> 
Although there’s a short-term recovery, <a href="https://coingape.com/price/cardano/">ADA price</a> is generally in a downward trend since the price is trading below the 200-day EMA. The recent candles show indecision near the 50-day EMA ($0.3773), indicating that the market is trying to decide between continuing the downtrend or starting a reversal. 
If Cardano price breaks above $0.3773, it may target $0.4368 as the next resistance level, a 19.74% increase from the current price. 
The MACD line is still below the signal line, showing weak bullish momentum, and the histogram is starting to turn positive, suggesting that the downtrend may be losing strength, but it’s not a strong buy signal yet. 
The Chaikin Money Flow (CMF) value of 0.08 indicates a slight inflow of capital, which is bullish. However, like the MACD, it’s not strong enough to confirm a significant upward movement. 
<figure id="attachment_213673" aria-describedby="caption-attachment-213673" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-213673" src="https://coingape.com/wp-content/uploads/2024/08/image-1-1.png" alt="Cardano Price Prediction" width="1815" height="762" srcset="https://coingape.com/wp-content/uploads/2024/08/image-1-1.png 1815w, https://coingape.com/wp-content/uploads/2024/08/image-1-1-300x126.png 300w, https://coingape.com/wp-content/uploads/2024/08/image-1-1-1224x514.png 1224w, https://coingape.com/wp-content/uploads/2024/08/image-1-1-768x322.png 768w, https://coingape.com/wp-content/uploads/2024/08/image-1-1-1536x645.png 1536w, https://coingape.com/wp-content/uploads/2024/08/image-1-1-150x63.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
 <figcaption id="caption-attachment-213673" class="wp-caption-text">
 Cardano Price Prediction Chart
 </figcaption>
</figure> 
Cardano price prediction shows that if the asset fails to break and hold above $0.3773, it may confirm market weakness, leading to a further drop to $0.3145. This would invalidate the current bullish thesis 
The post <a href="https://coingape.com/markets/cardano-price-prediction-can-ada-hit-0-5-on-a-pump-fun-derivative/">Cardano Price Prediction: ADA Eyes $0.5 Amid Pump.Fun Derivative</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Cardano Price Prediction: ADA Eyes $0.5 Amid Pump.Fun Derivative

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