Cardano Price Prediction as ADA Overtakes Dogecoin in Coin Rankings – Can ADA Keep Rising?
The price of Cardano (ADA) has fallen by 1.5% in the past 24 hours, with its drop to $0.246034 coming on a day when the wider market remains largely flat.
ADA is also down by 4.5% in the past fortnight, yet it continues to hold onto the ninth spot in the cryptocurrency market cap rankings, one place ahead of Dogecoin, which has fallen harder recently.
Given just how oversold ADA has been in recent months, the altcoin is likely to rise further in the near future, especially when it remains one of the strongest tokens in terms of fundamentals.
Cardano Price Prediction as ADA Overtakes Dogecoin in Coin Rankings – Can ADA Keep Rising?
ADA continues to look fairly weak as far as its indicators are concerned, although this could be taken as a sign that it's long overdue a rebound rally.
For instance, its relative strength index (purple) has continued to dip again, falling towards 40 and likely to sink to 30 or lower before the altcoin corrects itself upwards.
At the same time, its 30-day exponential moving average (yellow) continues to languish well below its 200-day average (blue), another strong signal that the coin is highly oversold and should rebound.
One ray of light is ADA's support level (green), which has been rising steadily over the past month or so, suggesting that the altcoin won't fall much lower before seeing another rally.
Of course, the question remains as to when a rally is likely to arrive, with the wider market remaining subdued as a result of poor macroeconomic conditions and ongoing uncertainty over whether the SEC will approve recent Bitcoin ETF applications.
This week saw ADA (along with the rest of the market) surge after false rumors emerged that the securities regulator had approved such an application, and while everything has come back down to Earth since then, the spike shows what will happen if and when an ETF is really approved.
Not only would ADA enjoy a big rally along with the market, but the newfound bullishness would ensure that investors saw the altcoin in a more favorable and optimistic light, recognising its strong fundamentals.
Indeed, Cardano continues to grow steadily, even with the ongoing bearish market, with its total value locked in increasing by more than 200% since the beginning of the year.
This testifies to the growing usage of Cardano as a layer-one blockchain, as does the latest data from Input Output Hong Kong (Cardano's main developer), which shows that the platform is now home to 146 launched projects/apps and nearly 1,300 projects under development.
This suggests that Cardano could begin growing exponentially during the next bull market (hopefully next year), with ADA set to benefit in parallel.
From its current level of around $0.246002, it's likely to return to $0.30 within the next few weeks, before possibly seeing out 2023 at $0.40.
Other Alts With High Potential
Traders and investors may find that it takes several months for ADA to make real progress, something which may incline many to look towards newer altcoins in the meantime, particularly those with the potential for quick gains.
Presale coins are one way to make market-beating returns quickly, with the best of these often rallying big once they list on exchanges.
One of the likeliest candidates to do this is TG.Casino (TGC), a decentralized casino platform that has raised more than $1.1 million since opening its presale a few weeks ago.
There are a couple of reasons why TG.Casino has been able to raise over $1 million so quickly, with the first being that its platform uniquely combines online gambling with social media.
That is, it operates largely on popular social messaging app Telegram, harnessing the latter in order to help it quickly grow a big community of users of supporters.
This use of Telegram gives it an originality that has clearly attracted many investors, yet the second factor helping its raise is the fact that it has already launched its platform.
Its platform offers a wide and constantly expanding roster of games, from classic card games to newer and more original experiences.
Games can be joined by waging the platform's native token, TGC, which comes with hard cap of 100 million.
40% of this total has been allocated to the presale, with 20% devoted to staking rewards and 10% to gaming rewards, making it a highly decentralized altcoin.
Investors can buy some early – and at what may turn out to be a steep discount – by going the official TG.Casino website, where 1 TGC costs $0.125.
Of course, time is limited, with TGC's listing on exchanges later in the year likely to see it rise strongly.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
A quick 3min read about today's crypto news!
