Cardano Price Gearing Up for a 25% Bounce After Crypto Crash and HUH Token Launches

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Cardano’s price is consolidating following a swift recovery from the cryptocurrency flash crash on December 4. Meanwhile, new cryptocurrency HUH Token has launched on PancakeSwap.

Cardano (ADA)

Cardano’s price seems to be building bullish support at current levels. Additionally, on-chain metrics for Cardano (ADA) indicate that this move is feasible.

Cardano’s price fell 32% between December 2 and December 4, but recovered above the USD 1.192 support level. This retest enabled ADA to recover 15% to its current price around USD 1.28

This decline follows a 12-week fall in Cardano’s price, meaning that ADA is now heavily oversold. As a result, it’s possible ADA could establish a new high above USD 1.446, signalling the start of a recovery rally.

ADA 4 Hour Chart according to CoinMarketCap

This indicates that ADA is preparing to retest the subsequent resistance levels at USD 1.606. After clearing this level, USD 1.749 will be its next barrier. If ADA retests this level, the ascent will be a 27 per cent increase from the current level.

While transaction data indicates a strong resistance levels around USD 1.70, social volume indicates massive retail interest. Cardano’s social volume metric increased by 832 per cent in the last 24 hours, from 328 to 3059. Interestingly, this uptick last occurred in August, just prior to ADA setting a new all-time high of USD 3.10.

Finally, between December 3 and 4, the on-chain volume of ADA reached a higher high of 3.86 billion and a lower low of 4.33 billion, while Cardano’s price reached a lower low.

ADA Volume According to Santiment

This difference in the on-chain volume and ADA price reveals a bearish divergence, indicating that Cardano’s price is poised for a rally.

While Cardano’s price is improving, a failure to establish a higher high above USD 1.446 indicates that buyers are unwilling or unable to step up to the plate. In this scenario, ADA could retest the USD 1.192 support level.

If Cardano’s price makes a lower low below USD 1.192, the bullish thesis is invalidated, and ADA may crash to retest the USD 1.02 support floor.

HUH Token (HUH)

New cryptocurrency HUH Token has launched on PancakeSwap, and the price may experience a debut surge as a result of the token’s strong fundamentals and solid presale levels.

HUH Tokens initial coin offering (ICO) is at USD 0.00564 and its first psychological barrier will be set at 
USD 0.00600. If it can overcome this barrier, the new cryptocurrency could experience a surge upwards. Volatility is to be expected as the new token finds its feet.

Traders looking to profit from any upswings will add to the volatility in the coming weeks as the long-term bulls begin to form a base.

HUH Token (HUH) has a total supply of 888 billion, according to their White Paper, with 1% (8,880,000,000) already allocated during the presale. Additionally, it charges a standard buy fee of 15% and a standard sell fee of 20%. These tokens will be distributed as follows:

Normal Buy Fee: 15%:

  • 5% Liquidity Pool Acquisition
  • 5% HUH Token Redistribution
  • 5% Marketing Wallet

Normal Sell Fee: 20%:

  • 10% Liquidity Pool Acquisition
  • 5% HUH Token Redistribution
  • 5% Marketing Wallet

HUH Token will have a 5% Dev Wallet that will be used to compensate developers for continuing to improve and adapt HUH Token for the future. The Marketing Wallet is at 10%, and HUH has a robust marketing strategy in place, including the signing of top social media influencers to help promote the token.

Within the first 12 months, HUH Token intends to be listed on approximately 100 exchanges. If this happens HUH’s price will become more bullish with each exchange listing, as access to the token becomes easier and more widespread.

Additionally, HUH’s creators have locked in USD 1 million of liquidity for two years from the date of launch to bolster long-term sentiment.

Follow HUH Token on their Socials

Telegram: https://t.me/HUHTOKEN                             

Website: https://huh.social                                

Twitter: https://twitter.com/HuhToken                            

Instagram: https://www.instagram.com/huhToken/

Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.