Dogecoin and Cardano [ADA] are bearish, but only one will see a bull run

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  • Cardano’s non-zero addresses declined.
  • Dogecoin’s non-zero addresses increased by over 13%.

Recent data suggests that Dogecoin and Cardano have seen a slight shift in the number of active wallet addresses. Dogecoin’s holder count has grown by over 13% in the last three months, while Cardano’s has declined, despite both assets displaying flat trends recently.

As an analyst, I’ve noticed a subtle change in the count of active wallets for Dogecoin (DOGE) and Cardano (ADA).

Each asset’s performance, as measured by this metric, has shown unique variations. Additionally, their pricing and current market moods have exhibited noticeable distinctions in recent times.

Dogecoin and Cardano show varying flat trends

As a crypto investor, I’ve noticed that the total number of Dogecoin holders seemed to be stagnant based on recent analysis. However, upon closer examination of the data from the past three months, I was pleasantly surprised to discover a growth rate of over 13%.

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Currently, there are around 6.62 million individuals holding the asset, which is slightly more than the 6.58 million reported in early April.

Dogecoin and Cardano [ADA] are bearish, but only one will see a bull run

While the number of Cardano holders decreased somewhat, there wasn’t a noticeable uptick like with Dogecoin. Instead, the trend has remained relatively stable for Cardano.

As a researcher studying the Cardano blockchain, I’ve observed that although there has been a growth in the number of non-zero addresses compared to the initial volume this month, the total count has decreased by a modest 0.1% over the past three months.

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At the time of this writing, the number of Cardano holders was around 4.7 million.

Dogecoin and Cardano in bear trends, but…

As a researcher studying the cryptocurrency market, I have observed a downward trend in both Dogecoin and Cardano’s prices over the last few months when analyzing their respective price charts.

As a crypto investor, I’ve noticed that Dogecoin (DOGE) has shown greater price growth over the past three months compared to Cardano (ADA).

Over the past three-month period, an examination of DOGE‘s daily pricing trends revealed that its value surged from the neighborhood of $0.08 up to around $0.1.

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In late March, the graph displayed a significant rise, touching the $0.2 mark momentarily, only to retreat and settle at approximately $0.1. Currently, its value hovers around $0.14, experiencing minimal growth of roughly 0.6% or less.

Despite this, DOGE remained in a bearish trend, with its Relative Strength Index (RSI) below 40.

Dogecoin and Cardano [ADA] are bearish, but only one will see a bull run

Contrarily, according to ADA‘s assessment, its value has decreased since roughly three months ago when it was priced at about $0.5.

The price spiked up to around $0.7 towards the beginning of March, but it failed to maintain that elevated position. By the month’s end, it had retreated to the $0.6 range instead.

As I pen down these words, ADA is currently exchanging hands for roughly $0.47. Its value has experienced a minimal uptick of under 1%. Much like DOGE, ADA continues to follow a downtrend. The Relative Strength Index (RSI) for this cryptocurrency lies below the 40 mark.

Dogecoin and Cardano [ADA] are bearish, but only one will see a bull run

Cardano goes negative, Dogecoin stays positive

Based on my expertise in analyzing data, I found that Cardano’s funding rate on Coinglass has recently dipped below zero after previously holding steady above this threshold for some time. Currently, the funding rate stands at a negative 0.0010%.

From my research perspective, the current trend suggests that sellers hold significant power in the ADA market, implying a potential price decrease. Surprisingly, traders’ activity levels stayed low despite the previously positive sentiment.

Read Cardano’s [ADA] Price Prediction 2024-25

As an analyst, I’ve observed a significant difference in sentiment between Dogecoin and other cryptocurrencies. The positive vibes surrounding Dogecoin are reflected in its current Funding Rate of 0.011%. This figure suggests that market participants are predominantly buying DOGE rather than shorting it, which is an optimistic sign for the coin’s price trend.

This suggested an expected rise in Dogecoin’s price.

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2024-04-29 02:15