Due to strong retail interest, the DeFi project with AUM worth over $30 million has surged past $10 million in presale funding. Savvy investors are flocking to this emerging token, taking advantage of its 50% deposit bonus using the code “ATH50.”
The Cardano price has bounced off the 200-EMA ($0.69) support, soaring above the $0.70 mark. The latest recovery comes after the Cardano community approved a 96M ADA treasury withdrawal on August 2 to fund major upgrades.
The approval sparked positive momentum across the community, with many tagging it a notable achievement for the decentralized project. Yet, the Cardano price has dropped by 11.7% on the 7D timeframe. Meanwhile, technical analysis shows that bearish momentum is still high. The Hull Moving Average (9) and ADI are displaying a sell signal.
On the other hand, the RSI is at 46, meaning the Cardano price has room for a huge rally before being overbought. Mr Brownstone forecasts that the DeFi crypto price might soar to $1.60 soon, but bulls have to clear the $1.18 mark.
Another crypto enthusiast, Hailey LUNC, believes the movement of Bitcoin would dictate the Cardano price movement in the coming days. She said the Cardano price is strong above a resistance line and could rally past $1.00 soon.
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