Title: Cardano’s Price Forecast as ADA Sees a Decline – Is it Worth Investing Now?
Simon Chandler
April 30, 2024 06:39 EDT
ADA has experienced a 1% drop in the past hour, falling to $0.443 after reaching a 24-hour high of $0.463 earlier today.
This decline is in line with the broader market, which has suffered a 1% loss in the last 24 hours. ADA has seen a decline of 14% in the past week and 31% in the last month.
It is disappointing that ADA has only seen a 10% increase in the past year, compared to Bitcoin (BTC) and Ethereum (ETH), which have posted gains of 111% and 60% respectively during the same period.
However, it can be argued that ADA’s strong fundamentals indicate that the market is currently undervaluing the coin, and it is only a matter of time before it starts to recover.
Chart analysis shows that Cardano may have reached its bottom, as its relative strength index (purple) has dropped to 30 this morning. It has started to recover slightly since then, possibly indicating an upcoming rebound.
Source: TradingView
Furthermore, ADA’s 30-day average (orange) continues to fall below its 200-day (blue), which typically suggests strong selling pressure. However, such selling pressure can only last for so long, implying that Cardano may stage an impressive comeback soon.
A significant buy order could potentially cause the Cardano price to rise aggressively, especially considering that its current volume is relatively low at $300 million. Recent analysis has shown that whale purchases of ADA have reached their highest level since November this week.
A general market turnaround may be necessary for a fresh ADA rally to occur, as post-Bitcoin halving pressure and weak macroeconomics are currently undermining confidence.
However, analysts expect rate cuts later this year, and Cardano remains one of the strongest altcoins in terms of its fundamentals. Its total value locked in currently stands at $285 million, an 85% increase over the past year. Additionally, over 160 apps have been launched on its network, with more than 1,300 projects currently in development on Cardano.
Considering these factors, the future looks bright for the cryptocurrency, and it is likely that the Cardano price will continue to grow steadily over time. It could reach $0.5 by the end of the summer and $1 by the end of 2024.
New Meme Tokens for High Market Returns
For traders seeking quick gains, it may be preferable to explore newer tokens. One promising option is the wave of new meme coins that have emerged recently, combining strong marketing with solid fundamentals.
An example of this is Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised over $12 million in its popular presale. DOGEVERSE will run on various networks, including Ethereum, BNB Chain, Solana, Avalanche, and Base, which increases its potential demand from traders and app users.
With a maximum supply of 120 million tokens and a staking system, DOGEVERSE’s supply may be significantly reduced, potentially leading to price appreciation. Combined with its utilization of the popular Doge meme, these factors could make Dogeverse one of the most successful new tokens of the year.
Interested investors can participate in its sale by visiting the official Dogeverse website, where 1 DOGEVERSE currently costs $0.000304. The price will increase by $0.000001 every 24 hours until the sale ends, at which point the token will be listed on trading platforms and may experience a surge.
Invest in DOGEVERSE Today
Follow Us on Google News
Disclaimer: Cryptocurrency is a high-risk asset class. This article provides information but does not constitute investment advice. It is possible to lose all of your capital.
