Cardano Price Forecast – Can ADA Overtake Dogecoin This Week?
The ADA bears are in control on Wednesday, with the cryptocurrency trading about 2.5% lower on the day near the $0.31 per token level, taking losses since Monday’s peak near $0.33 to around 6.0%.
Price predictions have become less bullish this week. ADA, which is the token that powers the Cardano blockchain, is now only just over 5.0% above the annual lows it printed in November, just under $0.30.
Price Prediction – Can This Trend Channel Support ADA?
Some technicians think that ADA might find support from a short-term bullish trend channel that it has been trading within for the last few weeks.
If the cryptocurrency can turn higher, perhaps catalyzed by macro optimism if upcoming US inflation data surprises to the downside once again, then it could be looking at a recovery back to monthly highs in the $0.33 area.
However, a breakout below this short-term uptrend would confirm that, in the long term, the ADA bulls remain very much in control. Indeed, ADA/USD remains locked well within a downtrend that has been in play since mid-August.
ADA/USD also remains capped by a longer-term downtrend that has been in play since the cryptocurrency hit its record highs above $3 back in mid-2021.
Can Cardano overtake Dogecoin this week?
At current prices, the market capitalization of Cardano’s ADA token is around $10.7 billion versus Dogecoin’s market cap of around $12.7 billion. That means Dogecoin’s market capitalization is around 19% larger than Cardano’s. While cryptocurrencies are highly volatile, meaning traders shouldn’t rule out the possibility that Cardano can close the near 20% gap to Dogecoin this week, the current bearish state of Cardano means that such a move is highly unlikely in the near future.
IOHK Executive Likens Current Crypto Market to Dot-com Bubble
In a recent interview at the Messari Mainnet Conference, a top executive at Input Output Hong Kong (IOHK), the company that works on the development of the Cardano blockchain, Jerry Fragiskatos likened the current state of the cryptocurrency market to the dot-com bubble of the late 1990s/early 2000s.
The dot-com bubble saw massive investment into internet companies that eventually failed. But it also saw the likes of Amazon and Facebook emerge to become huge long-term success stories. Fragiskatos said that ADA will emerge as a survivor, arguing that the lack of venture capital investment into Cardano allows the ecosystem to take a longer-term view when it comes to development.
Here is the full interview:
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $8.94 million. The sale has now entered its fourth and final phase and the pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule.
Amid the growth in popularity in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits on the blockchain.
IMPT tokens are currently in their second stage of the presale with IMPT having raised over $14.7 million. That amounts to $300K in token sales in just the last 24 hours. Investors only have another four days to purchase tokens at the current discounted price of $0.023. IMPT token exchange listings begin in seven days.
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.23 million and is in the final stage of its fundraising process. Only 28% of pre-sale tokens remain up for grabs.