The post Cardano Price Drops Back as Polygon & Meme Moguls Aim at Winter Rally appeared on BitcoinEthereumNews.com.

The following content does not constitute the opinion of BeInCrypto and should not be construed as financial advice The cryptocurrency market is seeing a burst of activity as we head into the winter season. Specifically, Cardano (ADA) has recently seen a drop in price as other major players like Polygon (MATIC) and Meme Moguls (MGLS) set their sights on a winter rally. Let’s examine these developments further. Cardano (ADA) Price Fails to Sustain Momentum Cardano (ADA) is among the largest, most respected smart contract platforms. However, it has had a challenging ride in terms of price performance. In fact, Cardano is trading 88% down from its all-time high of $3.10 set in 2021. This high was achieved in the lead-up to Cardano gaining smart contract functionality on the native blockchain. Since then, however, the price has slid back as real-world projects using the network have yet to grow significantly. In recent months, Cardano’s price has been recovering and reached $0.4093 as of November 16, 2021. However, the current price of $0.38 shows that the market is still unsure about buying ADA without a close above the $0.40 resistance level. This is the line in the sand to watch for traders looking to capitalize on price recovery. Pressure is showing, as Charles Hoskinson, the founder of Cardano, recently sparked controversy with his comments on the Bitcoin ETF. He claimed that Bitcoin lacks decentralization and advocated for Cardano winning an ETF — something not welcomed by all. Meme Moguls (MGLS): A New Era in Meme Trading Meme Moguls (MGLS) combines the fun of memes with the financial potential of decentralized finance (DeFi). The result is a play to earn memecoin where users can trade meme stocks to channel their inner mogul and potentially make a profit. A whole ecosystem has been created…

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Filed under: News - @ December 7, 2023 3:24 pm