Cardano Price Prediction as Dogecoin Overtakes ADA – What’s Going On?
The Cardano price has dropped by 4% in the past 24 hours, with the altcoin’s fall to $0.284623 enabling Dogecoin to overtake it in terms of market cap.
Despite today’s fall, ADA remains up by 14.5% in a week and by 16% in a month.
The altcoin has also risen by 15% since the beginning of the year, and with its fundamentals remaining as strong as ever, it’s due further rises soon.
ADA’s technical indicators have moved into strong positions, signalling incoming gains over the next week or so.
Its relative strength index (purple) has risen to 70 and has hovered in this position for several days now, suggesting that it has maintained momentum.
Likewise, its 30-day average (yellow) is climbing steadily towards its 200-day average (blue).
This indicates not only that buying interest is increasing for the coin, but that it has plenty of room to continue rising before it becomes overbought.
At the same time, its price has well and truly broken through its 30-day average, indicating a consolidation into a new long-term base level.
ADA has rallied this past week in tandem with the rest of the market, with Bitcoin ETF news buoying market sentiment.
Its moves haven’t had much to do with its own fundamentals as a coin, yet such fundamentals point to more rallies to come.
Perhaps most impressively, Cardano’s total value locked in has risen by 294% this year, pushing it into the top ten layer-one blockchains.
This indicates growing use of the platform, as does its latest development update.
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/degNWTrWOt
— Input Output (@InputOutputHK) October 22, 2023
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