Cardano’s native ADA token has seen a double-digit percentage surge over the last 24 hours, boosting hopes that the platform can recover from its recent slump.
ADA’s surge has come alongside renewed optimism in the broader crypto market, with Bitcoin (BTC) now stabilizing above $44,000.
Meanwhile, some traders are looking for the next altcoin that could see significant growth – with the presale project Meme Kombat (MK) gaining traction as a potential contender.
Cardano Primed to Soar Higher on Technicals & Rising Trading Activity
While ADA holders have welcomed the recent 10% surge, the technical setup and on-chain metrics hint at further room for upside.
Looking at the daily chart, top crypto analyst Ali Martinez has identified a descending triangle pattern that could trigger another rally if Cardano can close outside of it.
Ali mentions a potential upside target for ADA as $0.68 – which would be a 28% rise from the token’s current value.
Additionally, trading activity is heating up again, with Coinglass data showing that ADA volume is up significantly from last week.
Additionally, the 30-day MVRV for Cardano has recovered to -0.1%, meaning nearly all current ADA holders are at breakeven on their positions.
With bullish technicals, surging trading volumes, and almost profitable holders, Cardano seems primed to continue rising higher.
However, traders will need to be wary of the wicks around $0.54, where ADA struggled in mid-January.
2024 Shaping Up to Be a Bullish Year for Crypto, According to Experts
While Cardano’s outlook remains positive, the analyst community also holds an optimistic view of the broader crypto market for 2024.
According to Finder’s latest industry survey conducted in January, the average BTC price target from 40 specialists stands at $77,423 by year-end.
This would represent a 71% increase from Bitcoin’s current price.
Driving this bullishness is the expectation that key catalysts like the Bitcoin halving, further institutional adoption through spot ETFs, and potential interest rate cuts will all create the next crypto bull run.
In fact, over half of the experts surveyed believe Bitcoin will post a new all-time high within 6-12 months of the next halving event.
Naturally, this is excellent news for Cardano investors since a rising tide in the crypto market is usually a positive sign for ADA.
If Bitcoin enters another bull cycle, demand for altcoins like Cardano will likely surge – meaning the year ahead could be fruitful for long-term holders.
Meme Kombat Emerges as Potential Meme Coin Breakout Bet Ahead of DEX Listings
While the positive outlook for major cryptos like Cardano and Bitcoin sets the stage for broader market strength, some traders are opting to target early-stage projects that could generate even higher returns.
One such project gaining attention is Meme Kombat, an Ethereum-based play-to-earn (P2E) token featuring games, memes, and staking rewards.
Powered by the native MK token, Meme Kombat offers a battle arena where popular meme coin mascots face off in simulated fights.
Players can bet on fight outcomes using MK, providing a crypto-powered gambling experience.
Meme Kombat’s platform also offers 112% APY staking rewards to incentivize long-term MK holding.
After raising over $8.3 million in its ongoing presale phase, the project’s developers are preparing to launch MK on DEXs in the coming weeks.
10% of the total MK supply has been set aside to provide liquidity for these DEX listings, with a further 30% of the supply earmarked for community/staking rewards.
Adding to the buzz around Meme Kombat is that the development team is fully transparent and led by Matt Whiteman – an experienced Web3 entrepreneur.
While it may have higher risk than Cardano due to it being an early-stage venture, Meme Kombat’s combination of gaming, strong tokenomics, and community rewards makes it an intriguing option for meme coin enthusiasts.
Interested investors can buy MK tokens for $0.279 during the final stage of the presale using ETH, USDT, or BNB.