Cardano's price continues to lose momentum as ADA struggles to recover from the crypto market crash. Meanwhile, HUH Token has seen an extremely successful launch with an increase of over 900% and is showing no signs of slowing down.
Cardano could be heading lower as bears take control of the market following the token's breach of a critical support level, which has put it on the verge of collapsing.
On the daily chart, Cardano's price has fallen below the lower boundary of the descending parallel channel, indicating that ADA may have additional room to fall. According to the chart pattern, the "Ethereum killer" could fall 34% to $0.91.
ADA Daily Chart According to TradingView
The first target for ADA bears is the August 4 low of $1.32, followed by the July 28 low of $1.25, which coincides with the Momentum Reversal Indicator's support line (MRI). This area should serve as a solid defence for the Cardano price.
If, however, Cardano's price continues to lose momentum, it may fall as low as the June 23 low of $1.10 before reversing course and reaching psychological support at $1.00.
On the daily chart, investors should take note of a death cross, as the 50-day Simple Moving Average (SMA) has intersected the 200-day SMA, signalling the start of a sell-off.
Bulls may be able to end their losing streak if Cardano price can reclaim the lower boundary of the parallel channel at $1.40 as support. However, ADA may face significant obstacles on the road to recovery.
Cardano's price will face resistance at the July 7 high of $1.44. Another roadblock will appear at the July 4 high of $1.49, followed by another at $1.61, where the 21-day SMA and June 15 high converge.
HUH Token (HUH)
HUH Token has rocketed over 900% since its launch on Monday and shows no signs of slowing down.
HUH Token (HUH) is available via PancakeSwap and its debut surge in price could be attributed to strong presale levels and solid fundamentals.
HUH formed a support level at $0.00002700 before breaking its resistance at $0.00003130 and has continued making higher highs, with no signs of slowing down. Trading volume has been steadily increasing with over the past 24 hours.
HUH 1-Hour Chart According to TradingView
Over the past 24 hours HUH has seen over $900 000 in trading volume, taking its market cap to over $26.4 million.
The new cryptocurrency dubbed a "utimeme" aims to rival other meme tokens with enhanced utility and features.
HUH Token features an innovative, intelligent chain-based referral system. Using the code provided at the time of purchase, a holder of HUH Token can refer an unlimited number of people. This referral programme then compensates the holder with 10% of that new person's first HUH purchase. This 10% commission is paid in either Binance Coin (BNB) or Ethereum (ETH), depending on the exchange used for the transaction.
HUH's value also increases over time in a holder's wallet, which means that the more tokens they keep, the more tokens they receive. Currently there are over 2000 holders of HUH.
Another reason for the new cryptos launch success was its ability to go viral, with various news articles appearing on major crypto and financial news websites.
What may also be enticing investors is HUH Token's announcement of $1 million in liquidity, which will be locked in for at least two years to promote stability and security.
Follow HUH Token: