Cardano Price braces for 25% rebound after Crypto Crash and HUH Token launch

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Disclaimer: The text below is a press release which was not prepared by Cryptonews.com.

Cardano’s price consolidates after a rapid recovery after the cryptocurrency flash crash on December 4. Meanwhile, a new HUH cryptocurrency token has been launched on PancakeSwap.

Cardano (ADA)

Cardano price appears to be building bullish support at current levels. Additionally, on-chain metrics for Cardano (ADA) indicate this move is doable.

Cardano’s price fell 32% between Dec 2-4, but rallied above the support level of $ 1.192. This new test allowed ADA to recover 15% of its current price around $ 1.28

This drop follows a 12-week drop in the price of Cardano, which means ADA is now heavily oversold. As a result, it is possible that the ADA could set a new high above $ 1.446, signaling the start of a rally.

4-hour ADA chart according to CoinMarketCap

This indicates that the ADA is preparing to retest the subsequent resistance levels at $ 1.606. After breaking through that level, $ 1.749 will be its next barrier. If ADA tests this level again, the Ascent will be a 27% increase from the current level.

While the transaction data indicates a strong level of resistance around $ 1.70, the social volume indicates a massive interest in retail. Cardano’s social volume metric rose 832% in the past 24 hours, from 328 to 3059. Interestingly, that surge last happened in August, just before the ADA established a new record high of 3.10 USD.

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

ADA volume according to Santiment

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

As Cardano’s price improves, the inability to set a high above $ 1.446 indicates that buyers are unwilling or unable to get on the plate. In this scenario, ADA could retest the support level of $ 1.192.

If Cardano’s price hits a low below $ 1.192, the bullish thesis is invalidated and ADA may collapse to retest the support floor of $ 1.02.

HUH Token (HUH)

The new HUH Token cryptocurrency has launched on PancakeSwap, and the price could see a first rise due to the token’s strong fundamentals and strong presale levels.

HUH Tokens initial coin offering (ICO) is at $ 0.00564 and its first psychological barrier will be set at $ 0.00600. If it manages to overcome this hurdle, the new cryptocurrency could experience a boom. Volatility is to be expected as the new token finds its footing.

Traders looking to profit from any rally will increase volatility in the coming weeks as 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. In addition, it charges a standard 15% purchase fee and a 20% standard sales fee. These tokens will be distributed as follows:

Normal purchase costs: 15%:

5% Acquisition of liquidity pool 5% Redistribution of HUH tokens 5% Marketing portfolio

Normal sales charge: 20%:

10% cash pool acquisition 5% HUH token redistribution 5% marketing portfolio

HUH Token will have a 5% development portfolio which will be used to reward developers who continue to improve and adapt HUH Token for the future. The marketing portfolio is at 10% and HUH has a solid marketing strategy in place, including signing up top social media influencers to help promote the token.

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

Additionally, the creators of HUH blocked $ 1 million in cash for two years from the launch date to bolster long-term sentiment.

Follow HUH Token on their social networks

Telegram: https://t.me/HUHTOKEN

Website: https://huh.social

Twitter: https://twitter.com/HuhToken

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

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