Cardano price crashed for six consecutive days, reaching its lowest point since July 11, and 25% below its highest level in July. This crash happened as most cryptocurrencies plunged, and as traders waited for the upcoming Rare Evo event. It was trading at $0.70 on Saturday, giving it a market cap of $24 billion.
Cardano Price Crashes Before Rare Evo
The next important catalyst for the Cardano price will be the Rare Evo event at Caesar’s Palace in Nevada that takes place between August 6 and 10.
This is an important event that brings together key players in the Cardano ecosystem, including its founder, Charles Hoskinson, and Caitlin Long, the founder of Custodia Bank. It will also have top executives from companies like Hedera, Coinbase, and Kaleido.
The key aspect of the Rare Evo event is the announcement of the Midnight launch and the Glacier airdrop. Glacier will see Cardano holders and those of eight other chains, including XRP, Ethereum, BNB, Avalanche, Bitcoin, and Solana, receive new NIGHT tokens through a three-stage process.
In a statement, the developers noted that these tokens will be allocated to 33.6 million addresses. Over 1.07 million Cardano addresses will receive the tokens, with a conversion rate of 1 ADA = 0.3466 tokens. Cardano holders will receive 12 billion NIGHT tokens.
ADA Price Technical Analysis
The daily chart shows that the Cardano price has been in a strong downtrend in the past few days. It moved from a high of $0.9335 in July to $0.70 today as the crypto market crash continued.
Cardano token has bottomed at the 50-day and 100-day Exponential Moving Averages (EMA). The Relative Strength Index (RSI) has moved from a high of 84.10 to the current 40.
Therefore, the token will likely bounce back and possibly retest the key resistance point at $0.8621, its highest swing on May 12. This rebound will happen if it holds above the two moving averages.
On the other hand, dropping below the two averages risks the token falling to the support at $0.5110, its lowest point in July, which is about 28% below the current level.
Bitcoin Penguins Surge Continues
Bitcoin Penguins, a newly launched crypto presale, is firing on all cylinders as demand jumps. Data on its website shows that BPEP has raised over $1.895 million from investors who believe it can be the next big thing in crypto.
Bitcoin Penguins is based on the success of Pudgy Penguins, an Ethereum meme coin whose market capitalization jumped to over $2 billion.
It aims to be a better version by leveraging Bitcoin, a cryptocurrency commonly seen as a store of value.
Unlike other presales, Bitcoin Penguins aims to create value by ensuring that the token sale lasts for 30 days or less. In this scenario, the sale will either conclude within the 30-day window or upon raising $10 million. Their goal is to have a fully diluted valuation (FDV) of $50 million at the token generation event and $500 million by the end of the year.
Early Bitcoin Penguins investors are almost guaranteed to have a positive return—the token trades at $0.0011, 80% lower than the eventual listing price. Hurry up and buy BPEP here.
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