ADA’s price today, September 28, at 4:12 am EST is $0.24. The asset has slightly declined in the past 24 hours. ADA dropped from $0.25 on September 20 and now struggles at the $0.24 price level till today. Also, it has lost 2.1% in the last seven days.
But despite these price drops, Cardano developers have continued their extensive developments on the network with plans for several upcoming events. One such event is the upcoming Cardano summit in November 2023. Some of these developments in the ADA’s ecosystem will likely influence its price in the coming weeks.
Crypto.com’s ADA Staking, Likely to Lead to A Price Increase
On September 27, Crypto.com announced that ADA staking is now available on the exchange. According to the crypto exchange, staking enables users to put their idle assets to work.
Also, token rewards are distributed according to the blockchain protocol. Furthermore, users can un-stake their assets securely and at their convenience. The on-chain staking will boost the demand and utility of ADA tokens, likely leading to a price surge.
Also, data from IntoTheBlock reveals that Cardano whales moved over $3 billion worth of ADA tokens on September 25. The whale movement suggests a likely accumulation phase for ADA after the present dip.
Additionally, the analytical platform DeFiLlama revealed that Cardano still has over 37,000 active users today. These active users will rely on ADA tokens for transactions, boosting their long-term value.
Cardano Summit in 2023 Will Likely Boost ADA Adoption And Price
Cardano has continued to promote the upcoming Cardano Summit on November 2-4, 2023. According to the announcement, Input Output Global (IOG) is the headline sponsor for the event.
🎊Exciting news! We’re delighted to reveal Input Output Global as the headline sponsor for #CardanoSummit2023!
IOG are global leaders in blockchain research & engineering.
🎟️Don’t miss out, grab your tickets to connect! https://t.co/MaTB86yyAL #CardanoCommunity @InputOutputHK pic.twitter.com/W7Yykfbuh4
— Cardano Foundation (@Cardano_CF) September 26, 2023
IOG is a global blockchain research and engineering leader and will bring attention to the event. , According to a blog post, Cardano Summit 2023 and CV Labs are collaborating to prepare a competition for Cardano startups.
This competition, tagged the Battle of the Builders, gives startups a chance to pitch their ideas to experts and investors. Additionally, exceptional artists in the ecosystem will create an exhibition for Cardano NFTs. All submissions must be made before the October 15 deadline to gain rewards.
ADA Stuck at $0.24, What is its Next Possible Direction?
ADA is under bearish pressure, trading below its 50-day and 200-day Simple Moving Averages (SMA). Also, the candles formed in the past week are small and reflect the limited trading activity for the asset this week.
Furthermore, the Moving Average Convergence/Divergence (MACD) is declining and will soon drop below its signal line. This decline is confirmed by fading green Histogram bars indicating the sellers’ return.
Also, the Relative Strength Index (RSI) indicator is stuck in the neutral zone with a value of 40.17. Based on ADA’s present decline, the RSI will likely drop into the oversold region below 30 if the sellers sustain their pressure.
ADA Breaks Above Trendline, Hinting at A Possible Recovery
Meanwhile, ADA is a sideways trend on the daily chart after finding support at the $0.241 level. However, the buyers at this price level still need sufficient pressure to force an uptrend. Also, ADA has encountered stiff resistance at $0.248, limiting its price gains in the past week.
Nevertheless, ADA has broken above the trendline from September 18, likely a sign of a recovery. Based on its past price action, ADA will likely return to test the $0.247 resistance in the next few days. A break above the $0.247 resistance is a reliable entry point for long trades.
But while ADA shows price uncertainty, investors can benefit from the memecoin season with the ongoing Meme Kombat presale.
Meme Kombat: Are You Ready?
Meme Kombat is an innovative project that unites internet users with creative and popular memes. Also, these memes bring the competitive edge of the project in battle arenas. This project operates on the Ethereum network and aims to give users a well-rounded gaming experience.
— Meme Kombat (@Meme_Kombat) September 28, 2023
Meanwhile, $MK, the utility token, finds several applications across the ecosystem, giving it immense value. MK is used for engaging in automated battles, wagering, and staking for passive income.
Meme Kombat Presale Grants Users Opportunities for Exciting Rewards
MK is on presale and can be purchased with ETH or USDT. 1 MK token is worth $1.667 at this stage. Also, users can opt to purchase the tokens on the BSC Smart Chain, but token claims will be on Ethereum.
Remarkably, 50% of the total supply is dedicated to the presale, and the hard cap of the presale is $10 million. Also, during the MK presale, each purchase automatically stakes the tokens for the purchasing wallets.
This feature gives users additional rewards based on the APY. Also, users can re-stake their tokens after the presale and collect their presale staking rewards. However, users can remove tokens from the staking contract but will forfeit the staking rewards earned during the presale.
Meme Kombat Betting Gives Gamers a Thrilling Experience
Furthermore, Meme Kombat offers users betting opportunities through direct participation or support from the sidelines. Also, a user can opt for Player vs Player (PvP) betting with other users using their MK tokens. Conversely, they can opt for Player vs Game (PvGame) betting, predicting the outcome of battles.
Additionally, participants place wagers on specific battles or characters in direct betting. Lastly, side action betting brings variety, allowing users to bet on details such as first moves and battle events. Overall, Meme Kombat assures its users of a fun-filled gaming experience and will likely have long-term relevance.
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