- Cardano (ADA) dropped 22% to $0.70, but founder Charles Hoskinson teased major deals in February that could spark a rebound.
- Meanwhile, investors are eyeing Meme Index (MEMEX), a new decentralized meme coin index, as a safer alternative for high-risk crypto gains.
Cardano (ADA) has faced a steep decline, shedding 22% of its value in just 24 hours. The price tumbled to $0.7083 early this morning, triggering massive trading activity. Volume skyrocketed 441% to $3.83 billion as traders rushed in to buy the dip.
ADA’s Price Plunge and Recovery
Over the past week, ADA struggled between a $0.90 support and a $1 resistance. But on February 2, the support cracked, sending the price spiraling to a low of $0.57. A slight recovery has since taken place, bringing ADA back to $0.70.
Technical indicators suggest a battle between bulls and bears. Bollinger Bands widened as ADA dropped, showing heightened volatility. The Relative Strength Index (RSI) climbed to 60 but later dropped to 50 as traders took profits. This signals market uncertainty, leaving ADA at a crucial turning point.
Hoskinson Hints at Major Deals
Cardano’s founder, Charles Hoskinson, fueled speculation by revealing that February could be a game-changing month. He teased upcoming deals, some under non-disclosure agreements (NDAs), and a meeting with a “very special person” later this month.
While he didn’t disclose details, his remarks sparked curiosity. If Cardano announces major partnerships or upgrades, it could trigger a strong price rebound.
Can Cardano Bounce Back?
Bitcoin has started a mild recovery, which could boost altcoins like ADA. However, ADA needs to reclaim key resistance levels to confirm a reversal. If buyers step in, a push above $0.75 could pave the way to $0.90. But if bearish pressure continues, ADA may retest the $0.60 support.
A Safer Bet? Meme Index (MEMEX) Gains Traction
With ADA’s uncertainty, some investors are looking for new opportunities. One emerging project is Meme Index (MEMEX), a decentralized meme coin index. MEMEX offers diversified baskets of meme coins, reducing risk while maximizing potential gains.
Currently in presale at $0.0158, MEMEX has already raised over $3.29 million. Analysts believe it could deliver significant returns, making it an attractive alternative for risk-tolerant investors.
Cardano’s future depends on upcoming developments and broader market conditions. Hoskinson’s hints suggest exciting news ahead, but investors remain cautious. Meanwhile, alternative projects like MEMEX are gaining momentum as traders seek the next big opportunity.
