Saturday, 25 May 2024

Crypto News

Cardano price forecast as whale activity explodes; KangaMoon offers opportunity

Cardano price forecast as whale activity explodes; KangaMoon offers opportunity

  • Cardano’s price is at $0.45 after a bearish flip this past month. 
  • Santiment analysts say ADA could see a potential bullish flip as whale activity spikes.
  • KangaMoon (KANG) is a new crypto project attracting a lot of attention in its presale. 

Cardano (ADA) has dipped below a key level and could face new downside pressure as Bitcoin struggles to reclaim $64k. However, on-chain data shows a spike in whale activity to suggest a potential reversal.

This article looks at the price prediction for Cardano, and what the broader market outlook means for KangaMoon (KANG).

What is KangaMoon?

KangaMoon is a new cryptocurrency that combines meme coin culture with the emerging SocialFi and GameFi elements of the crypto market.

The project’s strong pull is down to the rapid growth of the meme coin sector and the utility and appeal of play-to-earn (P2E) gaming. KangaMoon’s native token offers access to these components of the market, with early backers getting a chance to earn more KANG right from the presale stage.

As a SociaFi project, KangaMoon presents a community-driven approach to P2E. Simple activities and challenges provide an opportunity to token holders. 

These features of the upcoming project have helped solidify investor sentiment around its presale, which currently stands at more than $5.9 million.

According to details on the KangaMoon presale page, the token sale is in the final stage 5, with less than 25% of the allocation still available. The project has a total supply of 1 billion KANG, with 600 million offered in the presale.

Cardano price forecast amid spike in whale activity

Cardano’s price has been downtrend since a bearish flip from highs of $0.8 in mid-March. ADA price is down 31% in the past month while its market cap has decreased by 43% since mid-March.

Notably, ADA reached an all-time high of $3.09 in September 2021, but badly lags peers with gains of just over 12% in the past year.

The altcoin’s dive below $0.50 saw it reach the critical support area near $0.41.

While price is at $0.45, there’s potential for a bearish continuation given the descending triangle chart formation. The RSI and MACD indicators on the daily chart also suggest bears have an upper hand.

However, as analysts at market intelligence platform Santiment noted earlier Tuesday, there’s a potential reversal in the making amid massive whale…

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