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.
Cardano Price Prediction as Dogecoin Overtakes ADA – What’s Going On?
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.
Check it out now! https://t.co/degNWTrWOt
— Input Output (@InputOutputHK) October 22, 2023
Some 147 projects have now launched on Cardano, with dapps such as Minswap and JPG Store attracting thousands of active weekly users.
Similarly, just under 1,300 projects are currently developing on the platform, offering some hint of how big it could become.
So while Dogecoin has overtaken ADA in terms of market cap, the latter altcoin has much better fundamentals.
This means that ADA should eventually re-overtake Dogecoin, which is relying almost exclusively on X potentially introducing DOGE payments.
In the shorter term, ADA is likely to reach $0.30 in the next couple of weeks, before hitting $0.40 by the end of 2023.
Diversification With New High-Potential Alts
As promising as ADA is, its progress could be gradual over the next few months, something which could disappoint traders looking for quicker gains.
Such traders may therefore prefer to look to newer coins, which often have the potential to rally harder, especially when listing on exchanges for the first time.
A good example of this is likely to be TG.Casino (TGC), a decentralized gambling platform that has raised over $1.5 million in its ongoing presale.
Can’t believe we hit $1.5 million raised in presale👏 👏
— TG Casino (@TGCasino_) October 26, 2023
As its name implies, TG.Casino operates on popular social messaging app Telegram, where it already has more than 5,000 members.
This use of Telegram has enabled TG.Casino to grow its community quickly, with the platform already launched (unlike many other presale coins).
That TG.Casino operates on Telegram provides its platform with a strong social element that motivates users to keep coming back for more.
It also helps that the platform boasts a diverse range of gambling opportunities, including sports-related betting markets to traditional card games.
Argentina face off against England in the #RWC2023 3rd place playoff🥉
— TG Casino (@TGCasino_) October 27, 2023
Winners receive native token TGC as their reward, while holders of TGC can also stake the altcoin in order to earn a passive income.
The coin has a max supply of 100 million, with 40% of this going to the presale and 30% going to staking and player rewards.
Investors can buy some early by visiting the official TG.Casino website, where 1 TGC currently costs $0.1375.
Of course, this price could end up rising much higher once the token lists on exchanges later in the year.
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.