Can SNEK Memecoin Save Cardano Price?
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- 2024-08-16 18:42:15378browse
Meme coins play a significant role in the success of any chain, Ton being a great example. TON coin surged in price following the launch and success of its leading meme coin, Notcoin (NOT).
Cardano price dropped below a crucial support level on August 15, displaying a bearish bias. Three support levels were in place to prevent ADA price from falling sharply, with bears already conquering one of them.
This development comes against the backdrop of the Cardano community uniting to increase publicity for their unofficial chain meme, SNEK. The role of memes in the success of mainnet coins cannot be ignored, as evidenced by the Ethereum, Solana, and Ton networks. Meanwhile, whales have set their buy limit orders at specific prices where they believe ADA price might rebound.
Cardano price still maintained a downtrend on the longer timeframe, as depicted by its price trading consistently below the 21, 50, and 200 exponential moving averages (EMAs).
ADA price broke below the first level of support at $0.3275 and is potentially eyeing an extended drop to the next major support around $0.2800. Notably, Cardano whales have set their buy limit orders around this price.
A close inspection of the Liquidity Orderbook showed large investors placing over $1.77 million worth of buy orders between the $0.27 and $0.28 price levels. This indicated that Cardano might rebound around this zone.
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