After nearly hitting fresh lows for the year below $0.47, the Cardano (ADA) price has recovered back to towards $0.50.
However, the Cardano price continues to struggle within a corrective pattern.
Indeed, at current levels, ADA remains lower by roughly 27% since hitting multi-year highs in the upper $0.60s in December.
Since pumping in December and igniting excitement about Cardano’s web3 ecosystem, the blockchain’s total value locked (TVL) has stagnated.
TVL refers to the dollar amount of crypto locked within smart contracts on a blockchain.
Cardano last had a TVL of around $427 million, down from highs of nearly $500 million in December.
Stagnating TVL comes as the broader crypto market suffers a “sell-the-fact” reaction to last week’s spot Bitcoin ETF approval, and amid macro headwinds.
So does the Cardano price face a breakout or a breakdown ahead?
Cardano Price Prediction – Where Next for ADA?
The Cardano price has been in a bearish trend since early 2024 when it snapped a short-term uptrend.
Confirmation of this downtrend came last week when the Cardano price rejected a retest of this prior support uptrend.
The Cardano price is now increasingly threatening a break to the south of the key long-term support at $0.46.
A breakdown under here would turn near-term price predictions substantially more bearish.
If broader market sentiment takes a turn for the better, Cardano could yet see a comeback.
ADA Alternative to Consider – Sponge V2 ($SPONGEV2)
Cardano (ADA) could deliver holders gains in the region of 10x this bull market.
That’s not bad, but many meme coin investors are aiming higher, i.e. for gains in the region of 100x.
They should look no further than Sponge V2 ($SPONGEV2).
Sponge V2 is the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
Ready for explosive growth?
Stake your $SPONGE and be part of the bright future with #SpongeV2!
With added utility and more exchanges on the horizon, we’re here to take over! $SPONGE #Crypto #Web3 #Altcoins pic.twitter.com/iFrZxFShr9
— $SPONGE (@spongeoneth) January 19, 2024
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
Over $5 million worth of $SPONGE tokens have already been staked and are gaining an APY of over 300%.
$SPONGE Update!
We’ve hit a new milestone with 5,390,882,888 tokens staked, valued at $5,233,589.24!
With a current APY of +300% and a price of $0.0009663 (+18% increase), $SPONGE is stronger than ever.
Don’t miss out, join the takeover! #SpongeV2 #Web3 #Alts pic.twitter.com/GMhqAnTehI
— $SPONGE (@spongeoneth) January 19, 2024
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game, the details of which are yet to be released.
But we do know that there will be a free version and paid version of the game.
Hype surrounding Sponge V2 has driven significant gains in the price of the original Sponge token in recent weeks.
$SPONGE gained another 20% on Friday to near its all-time highs just above $0.0012.
The meme coin is up an impressive near 10x since the start of November.
At a still tiny market cap of $26.5 million, the meme coin has a lot of potential upside as traders keep flocking to Sponge V2.
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilize affiliate links within our content and receive commission.
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