Cardano’s downturn vs Dogecoin’s resurgence – Who will hit $1 first?

Cardano faces potential declines amid weak buying pressure, while Dogecoin gains momentum.
However, the $1 mark remains elusive for both.

As an experienced crypto investor who has witnessed the rise and fall of numerous digital assets, I find myself intrigued by the ongoing dance between Cardano [ADA] and Dogecoin [DOGE]. Both have shown remarkable resilience, yet neither seems able to breach the $1 mark.

In the world of cryptocurrencies, reaching the symbolic $1 mark is often a significant milestone, and many well-known coins such as Cardano [ADA] and Dogecoin [DOGE] have yet to achieve this feat, still lingering just beneath this level.

Although ADA has touched these levels before, DOGE hasn’t come close, even with its high-profile backing. This leads us to ponder: which one might reach the prestigious milestone first?

Cardano faces bearish pressure

Based on its current price patterns, it appears that ADA might experience additional drops, especially considering the looming bearish crossing of MACD lines on the daily graph, which is often an early indicator signaling a potential shift in trend direction.

As a researcher, I’ve observed that the price of ADA has just touched a significant support point at approximately $0.3261. This level is also aligned with the 100% Fibonacci retracement level. If this support does not hold, it might lead to a potential slide in ADA’s price down to around $0.319.

To rekindle its upward trend, Cardano needs to surpass the $0.37 mark, however, the present market atmosphere suggests there isn’t enough buying enthusiasm at this time.

Cardano’s downturn vs Dogecoin’s resurgence – Who will hit $1 first?

Source : IntoTheBlock

A recent AMBCrypto report highlights that Cardano is experiencing swings in the derivatives market, with traders opting to short ADA – an understandable move given its current standing.

Approximately 8 out of 10 ADA holders are currently experiencing a financial loss. The absence of strong buying interest might erode their faith, leading to a possible wave of selling activity.

If the value of ADA increases to $0.35 and attracts significant election liquidity, about 120,000 investors with around 2 billion ADA tokens might decide to sell their holdings in order to realize their profits.

To put it simply, the success of Cardano is strongly linked with broader economic trends, which might propel Bitcoin beyond $70,000. This could possibly lead to a shift in liquidity from Bitcoin into Cardano’s native currency, ADA.

Despite a positive outlook, it seems less likely that ADA will reach $1 soon, as its long-term forecast suggests a more pessimistic trend.

Can Dogecoin take down the target?

According to a recent article from AMBCrypto, it’s been observed that Dogecoin (DOGE) is breaking free from a downward trending channel. Important indicators are now suggesting a positive outlook, and there’s been a significant increase in trading activity (open interest), which seems to be fueling this upward momentum.

To sum up, the immediate future of DOGE seems optimistic, pointing towards a possible surge to $0.148 – a level with historical significance as resistance. During the last cycle, Dogecoin demonstrated resilience and outshone many of its peers, holding steady even amidst the surge in popularity of cat-themed tokens.

It appears that Dogecoin’s long-standing reputation gives it an edge over Cardano, even with the rise of the meme coin market.

Nevertheless, doubts persist about Doge’s future potential. Despite consistently outdoing Cardano in different periods, the escalating competition from other cryptocurrencies is hard to dismiss.

Cardano’s downturn vs Dogecoin’s resurgence – Who will hit $1 first?

Source : CoinMarketCap

Standout examples include two relatively recent meme-based cryptocurrencies, POPCAT and WIF, which are respectively eight and ten years junior to Dogecoin. Remarkably, both have surpassed the $1 value within just five years, with POPCAT showing exceptional performance by recording weekly growth in excess of 10%.

Read Dogecoin’s [DOGE] Price Prediction: 2024-2025

Essentially, Dogecoin has cemented its role as an established meme cryptocurrency, but it doesn’t offer much practical use. On the other hand, the recently introduced memecoin GOAT could possibly reach a value of $1 by the end of this year, given its impressive weekly growth rate exceeding 80% and its market cap approaching $1 billion.

In summary, while Cardano and Dogecoin face challenges in a bear market, up-and-coming cryptocurrencies such as POPCAT and GOAT are gaining traction, potentially making it more difficult for the former two to reach the $1 value milestone.

2024-10-29 09:12

Cardano faces bearish pressure

Can Dogecoin take down the target?

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