Like most of the crypto market, Cardano has failed to sustain its uptrend. As a result, it has dropped below a support level and could face more price declines. Meanwhile, a new stablecoin has been added to the Polkadot Asset hub. In the blockchain gaming space, investors are showing massive interest in Kangamoon’s unique virtual world.
Cardano (ADA) Drops Under $0.250, Price Decline Could Continue
After a week-long rally in the crypto market, the price of Cardano (ADA) rallied above $0.250. Many investors saw this as a huge win because it helped ADA break out of a descending trendline. However, the Cardano coin is back in bear territory.
Unable to sustain the recently discovered bull momentum, bears have returned to the market. As a result, Cardano has lost its recently converted $0.2500 support. According to experts if ADA fails to to recover this level, more price drops could happen.
If Cardano remains under $0.2500, then bullish momentum could build. If this happens, the price of ADA could drop to the next support level at $0.2000. ADA will now look for momentum from the Cardano network to prevent a price drop.
Circle Launches USDC on the Polkadot Asset Hub
As part of an expansion move, Circle, the issuer of USDC has launched the stablecoin on the Polkadot asset hub. Immediately after the launch, USDC became available to developers on the Polkadot network.
The stablecoin can also be transferred to Parachains on the network. This move is expected to improve the development of the Polkadot. Despite this announcement, the Polkadot coin is facing price drops like Cardano.
However, the Polkadot price still has support at $4.0. In addition, DOT is forming a double bottom at this level, which hints at a potential price upswing. If the DOT price remains bullish, then it will look to rally to the $4.5 resistance level.
Why Kangamoon (KANG) is Gaining Attention
Unlike Cardano and Polkadot Kangamoon has been attracting a lot of bullish attention. Crypto investors and gamers alike have both turned to the platform since its introduction. There are several reasons for the growing interest in Kangamoon, most noticeably its unique platform.
Kangamoon is building the first ecosystem (Kangaverse) that merges blockchain gaming with DeFi, NFTs, and play-to-earn. The P2E game will serve as the core of this fascinating ecosystem. In the game, players will take on the role of Kangamoon and fight their way to the pinnacle of boxing.
As they journey to the top, players will earn rewards and digital assets from the game. In addition, Kangamoon introduced a new type of NTF called M’NFTs. These NFTs merge meme coins with characters from the game to create unique meme non-fungible tokens.
Also, Kangamoon has the growth potential that many projects lack. It launches in a sector that has a CAGR of 17.93% and will reach $8.86 billion in 2028. With ample room for growth, it’s easy to see why investors are interested in Kangamoon. Now, the project is in its first presale stage, and a KANG token sells for $0.005.
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