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The Cardano price has tumbled 3% in the last 24 hours to trade at $1.16 as of 11:23 a.m. EST on a 25% pump in trading volume to $1.9 billion.
This comes after Cardano Foundation’s X account was compromised on December 8 by a threat actor promoting a fake “ADAsol” token and claiming that the foundation would halt support for Cardano’s ADA due to a lawsuit from the US Securities and Exchange Commision (SEC).
Cardano Foundation X account has been hacked.
There is no SEC lawsuit and $ADA will not be shut down or burned.
Please stop liking and retweeting those tweets. pic.twitter.com/2QawLbYG7Y
— Sssebi🦁 (@Av_Sebastian) December 8, 2024
The ADAsol token generated approximately $500K in trading volume and rapidly crashed by 99%, after which Cardano founder Charles Hoskinson confirmed the hack in social media posts.
Cardano Price Could Still Soar From Here
The ADA/USD chart displays a strong uptrend, particularly noticeable in the steep rally beginning in late October and extending into November. Currently, the Cardano price is consolidating around the $1.2 range within a rising channel, marked by parallel blue trendlines, indicating a steady but controlled uptrend, according to data from GeckoTerminal.
While the Cardano price is still in an overall bullish channel, the recent candles suggest a slowdown in momentum, as it is testing the lower boundary of the channel.
The correction within the lower boundary of the rising channel has pushed the price of Cardano to trade slightly below the 50-day Simple Moving Average (SMA), but still trades well above the 200-day SMA, which shows that the asset could still soar.
Moreover, the Relative Strength Index (RSI) is at 44.91, trending downwards after being in overbought conditions earlier in the trend. The RSI below 50 indicates waning bullish momentum, suggesting caution as the trend could be losing strength.
A breakdown further below the lower channel trendline (around $1.15) could lead to a drop toward the $1.00 region, a formidable support level.
If the price holds above the lower boundary of the rising channel, it could rebound and continue targeting the upper trendline near $1.30–$1.35 in the short term.
Meanwhile, investors are piling into the Best Wallet ($BEST) presale, which has surged past $3 million in funds raised.
ClayBro, a popular crypto analyst on YouTube with over 132K subscribers, says that BEST ”Could Be The Best Crypto Wallet Of 2025.”
Best Wallet Raises Over $3 Million In Blockbuster Presale
Best Wallet is a Web3 crypto wallet that offers advanced features and an intuitive interface. The platform allows users to access exclusive tools like “Upcoming Tokens” for presale participation, including its own native token, $BEST.
Best Wallet Family, are you using the Upcoming Tokens feature yet? 👀
It’s the easiest way to buy, track, and trade your presale tokens in one app. All the tools you need, right where you need them. ⚔️
Download now! 📲 https://t.co/AALEwrMCmn pic.twitter.com/ZXu3xC1zqz
— Best Wallet (@BestWalletHQ) November 29, 2024
“Upcoming Tokens” is a game-changing tool that could give investors a valuable edge in the crypto space. By allowing them to get in on potentially high-value investments before they hit the mainstream, it positions these investors ahead of the curve in crypto’s fast-paced, ever-evolving market.
Tokens like Catslap ($SLAP), which was featured on the app, achieved an impressive 2,000% return after launch, cementing Best Wallet’s reputation as a go-to platform for uncovering hidden crypto gems.
Blockbuster presale Pepe Unchained (PEPU), the most successful presale of the year after raising about $73 million, was also flagged early by Upcoming Tokens. It’s scheduled to launch tomorrow.
No more missing out on early-stage #crypto projects! 💸
With Best Wallet’s Upcoming Tokens feature, you can easily browse, learn, and buy presale tokens directly from the app!
Download now! 👉 https://t.co/he5kzra7TY pic.twitter.com/ZcNZ1b6Up1
— Best Wallet (@BestWalletHQ) October 26, 2024
You can buy $BEST for $0.023025, but act before its price increases in less than 32 hours
Join the presale at the official $BEST Token website here.
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