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Cardano’s Price Dips Below $0.50 Level – Time to Buy?

Cardano’s price dipped below $0.50 yesterday by lunchtime EST and continued to sustain the losses throughout most of today. The ADA token posted a dip of about 2% over the last 24 hours and currently changes hands at $0.49.

Considering its recent price action, this is somewhat of a comedown. In mid-December, ADA posted a high of about $0.66. Throughout that month it regularly punched above $0.60 according to historical data from CoinGecko.

But in the broader picture, ADA is one of many leading projects that have recovered after crypto’s 2022/2023 downturn and it has largely held onto its post-crash gains. This time last year it traded at around $0.40, so its 365 day gains have added around 22.5% to the price.

It’s also worth noting that the coin has recovered 9.5% over the last fornight.

Taking a look at chart data per TradingView, it appears as if Cardano’s current losses may have bottomed out. Over the last thirty days, the coin has found particularly strong support at $0.48.

Source: TradingView

Cardano’s (often trash talking) creator Charles Hoskinson appears unfazed by ADA’s erratic recent price movements. On Sunday, he tweeted some fighting talk that Cardano and Ethereum (which he co-founded and left) are the only blockchains flexible enough to support “a vibrant L2 environment.”

Having been around for more than ten years, I have seen this narrative thrice. It follows the halving.

Every L2 venture will learn that it’s impossible because Bitcoin cannot change enough to support the things required for a vibrant L2 environment. Both Ethereum and Cardano…

— Charles Hoskinson (@IOHK_Charles) February 4, 2024

The tweet came in response to a Bitcoin-praising tweet by Muneeb Ali, the co-creator of Stacks, a Layer 2 protocol that facilitates the creation of advanced smart contracts on Bitcoin.

Meme Kombat beats Cardano in fun

Cryptocurrencies like Ethereum, Bitcoin and Cardano all claim to be reinventing the wheel when it comes to the concept of money, but many smaller projects in the space are changing the world of monetization.

Video gaming has found a natural synergy with cryptocurrencies. Both attract a crowd willing to graft for rewards. Both can co-exist in 2 or 3-dimensional digital spaces.

Enter Meme Kombat, a pioneering platform in the Web3 gaming space that seamlessly blurs the lines between gaming, betting, and staking for rewards. The premise of the game is simple: people can pit their favorite meme stars, like Pepe or Wojak, against each other in arena combat and gaming fans can bet on the outcomes.

We did it memers!

The $8 million milestone has been smashed

— Meme Kombat (@Meme_Kombat) February 2, 2024

The game’s native $MK token is currently being sold at $0.279 as part of its ICO. It has already surpassed its $8 million presale target, as it inches closer to its goal of raising $10 million.

Meme Kombat is a mighty contender in the next generation of digital entertainment: Web3 gaming. Web3 will enable gamers to monetise their hobby and finally truly own the fruits of their labor.

Visit Meme Kombat Now

The post Cardano’s Price Dips Below $0.50 Level – Time to Buy? appeared first on Cryptonews.

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