Cardano (ADA) has dropped below a significant level, and its price may face further downward pressure as Bitcoin struggles to regain $64k. However, on-chain data reveals a surge in whale activity, which could signal a potential reversal.

This article delves into the price forecast for Cardano and its implications for KangaMoon (KANG), a new cryptocurrency that combines meme coin culture with the emerging SocialFi and GameFi aspects of the crypto market.

What is KangaMoon?

KangaMoon is a novel cryptocurrency that capitalizes on the burgeoning meme coin sector and the utility and appeal of play-to-earn (P2E) gaming. Its native token provides access to these components of the market, with early supporters having the chance to earn more KANG during the presale phase.

As a SocialFi project, KangaMoon fosters a community-driven approach to P2E. Simple activities and challenges provide token holders with opportunities.

The upcoming project's features have bolstered investor confidence in its presale, which currently stands at over $5.9 million.

According to the KangaMoon presale page, the token sale is in the final stage 5, with less than 25% of the allocation still available. The project has a total supply of 1 billion KANG, with 600 million offered in the presale.

Cardano Price Forecast Amid Whale Activity Surge

Cardano's price has been on a downtrend since a bearish flip from highs of $0.8 in mid-March. ADA's price has declined 31% in the past month, while its market cap has decreased by 43% since mid-March.

Notably, ADA reached an all-time high of $3.09 in September 2021, but it has underperformed compared to its peers, with gains of only over 12% in the past year.

The altcoin's dip below $0.50 brought it close to the critical support area near $0.41.

Currently priced at $0.45, there is potential for a bearish continuation due to the descending triangle chart formation. The RSI and MACD indicators on the daily chart also suggest bears are in control.

However, market intelligence platform Santiment's analysts noted on Tuesday that a potential reversal is brewing amid significant whale activity.

According to Santiment, Cardano has experienced the highest level of whale transactions above $100,000 since November 8, 2022.

"These spikes in whale activity historically correlate with potential price reversals," the analysts stated.

Bulls preventing fresh losses from current price levels could help bolster this outlook.

KangaMoon Price Prediction

In stage 5 of the presale, which is 76% sold out, the price of KangaMoon is $0.0196. This represents a considerable increase from the KANG presale price in stage 1, where it was priced at $0.005.

The increase suggests KangaMoon's early bird investors are looking at a ROI of 290% when this stage concludes. At this stage, it might seem that buying KANG does not offer much in terms of early gains. However, a 20% bonus is an excellent opportunity to acquire the token at the price of $0.0196.

KangaMoon's allure lies in its potential dominance in the meme coin space and the resurgence of GameFi. The two segments could benefit from a broader market upturn, with KANG potentially exploding due to factors such as staking and gaming rewards.

Investors seeking to capitalize on this potential might want to buy KANG before the presale ends.