Cardano is likely to fall amid weak buying pressure, while Dogecoin is gaining momentum. However, the $1 mark remains elusive for both.
The quest for the elusive $1 mark is a classic story in the world of cryptocurrencies. Among the candidates, established names such as Cardano (ADA) and Dogecoin (DOGE) continue to hover below this threshold.
ADA has reached this range before, but DOGE, despite the attention it has received, has fallen far short of that range. A question arises here. Who will be the first to claim the coveted mark?
Cardano is facing bearish pressure
ADA’s recent price trend suggests the possibility of further decline, especially with the emergence of a bearish MACD crossover on the daily chart. This is an early signal of a possible trend reversal.
The price has recently tested a key support level at $0.3261, which coincides with the 100% Fibonacci retracement level. If this support fails, ADA could fall to around $0.319.
Cardano needs to rise above $0.37 to regain bullish momentum, but current market sentiment indicates that there is insufficient buying pressure.
Source: Into the Block
A recent AMBCrypto report highlights that Cardano is experiencing volatility in the derivatives market and traders are choosing to short sell ADA. This is a natural move considering the current situation.
With nearly 80% of ADA holders incurring net losses, a lack of bullish support could erode confidence and lead to a sell-off.
However, if ADA gains election liquidity and rises to $0.35, approximately 120,000 addresses holding approximately 2 billion ADA tokens may seek to liquidate their holdings after securing profits. be.
In summary, Cardano’s performance is closely tied to macroeconomic factors that could push BTC above $70,000, potentially pulling liquidity away from BTC and into ADA.
Nevertheless, the long-term outlook for ADA looks more bearish, with prospects of reaching $1 in the near term fading.
Will Dogecoin be able to defeat its target?
Another report from AMBCrypto reveals that DOGE is breaking out of a descending channel, with key indicators turning bullish and a notable spike in open interest supporting this move.
In conclusion, DOGE’s near-term outlook looks bullish, with a potential rally to the historically important resistance level of $0.148. In the previous cycle, Dogecoin outperformed many other tokens and remained strong despite the increased popularity of cat-themed tokens.
This suggests that despite the growth of the memecoin market, Dogecoin’s strong legacy positions it as a more formidable competitor than Cardano.
However, concerns loom over DOGE’s long-term prospects. Although it has outperformed ADA on various time frames, the increasing pressure from other coins cannot be ignored.
Source: CoinMarketCap
Remarkably, two new meme coins, POPCAT and WIF (one 8 years old and the other 10 years younger than Dogecoin), have both hit the $1 mark within five years, and POPCAT has outperformed major meme coins with a weekly increase of over 10%.
Read Dogecoin (DOGE) price prediction: 2024-2025
In short, Dogecoin has established itself as a legacy meme coin, but lacks true utility. In contrast, the newly launched meme coin GOAT could reach $1 by the end of the fourth quarter, is up more than 80% week over week, and has a market cap approaching $1 billion.
Overall, as Cardano and Dogecoin weather the bear market, new coins like POPCAT and GOAT are emerging as front-runners, complicating the path to reaching the $1 mark.
Next: Tether CEO denounces claims of federal investigation: ‘I have no knowledge of any such investigation’
Source link
