ADA has just dropped by 1% in the past hour, falling to $0.443 after the Cardano price climbed to a 24-hour high $0.463 earlier this morning.
This fall comes as the wider market suffers a 1% loss in the past 24 hours, with ADA now having declined by 14% in a week and by 31% in the last 30 days.
It’s also disappointing that ADA is up by only 10% in the past year, whereas coins such as Bitcoin (BTC) and Ethereum (ETH) have posted gains of 111% and 60%, respectively, across this period.
However, it’s entirely arguable that ADA’s strong fundamentals mean the market is grossly undervaluing the coin right now, and that it’s only a matter of time before it begins to compensate.
Cardano Price Prediction as ADA Goes Red – Should You Invest Today?
If there’s one positive thing to say about Cardano’s chart at the moment, it’s that it shows the alt reaching what has to be a bottom.
Its relative strength index (purple) has fallen to 30 this morning, although it has begun to recover ever so slightly since dropping, potentially a sign of an incoming recovery.
Source: TradingView
Meanwhile, ADA’s 30-day average (orange) continues to fall further below its 200-day (blue), ordinarily a sign of strong selling pressure.
Yet such selling can continue for only so long, implying that it may only be a matter of time before we see Cardano stage an impressive comeback.
Indeed, it may take only one big order for the Cardano price to rise aggressively, given that its volume remains relatively low today, at $300 million.
And recent analysis has shown that whale purchases of ADA have risen to their highest level since November this week.
#Cardano‘s whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. $ADA‘s market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
— Santiment (@santimentfeed) April 29, 2024
It may take a general turnaround in the wider market for a fresh ADA rally to arrive, with a combination of post-Bitcoin halving pressure and weak macroeconomics undermining confidence.
Still, analysts expect rate cuts later this year, while Cardano itself remains one of the strongest alts in terms of its fundamentals.
Its total value locked in currently stands at $285 million, which is up by 85% over the past year (a bigger percentage than ADA’s price growth over this time).
ICYMI: the #EssentialCardano development update is live and packed full of all the details of what’s been going on development-wise on #Cardano.
Check it out now! https://t.co/ZiTDkQuI9p
— Input Output (@InputOutputHK) April 28, 2024
Its network now hosts over 160 launched apps, while more than 1,300 projects are developing on Cardano.
The cryptocurrency’s future therefore looks bright, with the Cardano price likely 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 Big Market-Beating Gains
Given that Cardano is something of a slow burner, many traders may prefer to look to newer tokens if they’re chasing quicker gains.
One promising avenue resides with the wave of new meme coins that have appeared in recent weeks, with some of these combining strong marketing with equally strong fundamentals.
A good example of this comes from Dogeverse (DOGEVERSE), a multi-chain meme coin that has now raised over $12 million in its popular presale.
Big Paws Up for #DOGEVERSE!
We’ve surpassed $12 million raised in our #Presale initiative! Thanks to all – your support is helping us unleash new possibilities in the cryptoverse.
Stay tuned for more news as we continue to grow! #AltSeason #BaseChain #SOL #ETH pic.twitter.com/Ka4qh04lOx
— DogeVerse (@The_DogeVerse) April 29, 2024
As a multi-chain cryptocurrency, DOGEVERSE will run numerous networks, including Ethereum, BNB Chain, Solana, Avalanche, and Base.
This is bullish because it means DOGEVERSE will attract demand from more potential sources, be it traders or app users.
And over time, greater demand equals a greater price, all other things being equal.
The coin will also have a max supply of 120 million tokens, and when combined with its staking system, we could end up seeing its supply seriously squeezed.
When added to its use of the ever-popular Doge meme, such ingredients could see Dogeverse become one of the most successful new tokens of the year.
New investors can join its sale by going to the official Dogeverse website, where 1 DOGEVERSE currently costs $0.000304.
This price will rise by $0.000001 every 24 hours before the sale ends, at which point the token will list on trading platforms and potentially surge.
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