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.
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. The market for Cardano (ADA) may see a turnaround soon, but it will likely depend on broader market conditions and economic factors. Despite this uncertainty, analysts believe that rate cuts later this year could benefit ADA, which remains strong in terms of fundamentals. Currently, Cardano has a total value locked in of $285 million, showing an 85% increase over the past year.
Cardano’s network hosts over 160 launched apps and has more than 1,300 projects in development, indicating a promising future for the cryptocurrency. Some experts predict that the Cardano price could reach $0.5 by the end of the summer and $1 by the end of 2024.
For traders looking for quicker gains, newer meme tokens like Dogeverse (DOGEVERSE) have gained popularity recently. DOGEVERSE, a multi-chain meme coin, has raised over $12 million in its presale. With plans to run on multiple networks including Ethereum, BNB Chain, Solana, Avalanche, and Base, DOGEVERSE could attract demand from various sources, potentially leading to a price increase over time.
With a max supply of 120 million tokens and a staking system in place, DOGEVERSE’s supply could become limited, further driving up its value. The use of the popular Doge meme adds to its appeal, making it a promising new token in the market. Interested investors can participate in the sale on the official Dogeverse website, where 1 DOGEVERSE currently costs $0.000304, with the price increasing by $0.000001 every 24 hours until the sale ends.
As with any cryptocurrency investment, it’s important to remember that crypto is a high-risk asset class. This article is for informational purposes only and should not be considered investment advice. Investors should be aware of the potential to lose all of their capital when trading cryptocurrencies.