The latest movements in the cryptocurrency market paint a nuanced picture. Cardano’s token, ADA, slips by 0.5% in the past day, marking a 5% downside in the past week, mirroring the broader crypto market’s discomfort over the US government’s debt downgrading and the ongoing Coinbase-SEC rift. Yet ADA is fundamentally robust, with Messari’s recent report indicating a 49% surge in daily dapp transactions on its platform between Q2 and Q3 2023.
ADA’s price chart suggests a recovery may be in sight after a rough patch. The rising relative strength index points to a possible upswing, and the altcoin’s 30-day moving average, having potentially bottomed out against its 200-day average, often spells gains ahead. That said, there is a caveat – ADA’s support level has been wavering, indicating it could go lower before any recovery kicks in.
Despite these challenges, Cardano’s growing popularity bodes well for ADA. Besides, the significant 50% uptick in ADA locked quarter-on-quarter and the 35% growth in stablecoin value on the network, point towards Cardano’s blossoming as a layer-one blockchain platform. This, along with a near 200% rise in Cardano’s total USD value locked in since the year’s start, could position it among the sector’s leading blockchains in the near future.
Assuming this trajectory, ADA may recover to $0.40 in the coming months and possibly hit the $0.50 mark by year-end. However, ADA might not hit meteorite-scale growth overnight. Those looking for high short-term returns could consider diversifying with presale tokens.
Consider Wall Street Memes (WSM), a new ERC-20 token creating buzz in the market due to its $22.2 million impressive fundraising since its June kick-off. Boasting of over 258,000 followers on Twitter, WSM’s success indicates it harnesses the thriving meme stocks phenomenon of 2021. Its decentralization – 50% of supply slated for presale – and community rewards invite higher engagement levels and could position WSM as a sustainable digital asset in the future. Up for grabs at $0.0331 currently, WSM’s price will escalate to $0.0337 in its final sale stage, post which, it might be headed for exchange listings, destined perhaps to emerge as a successful coin this year.
It is essential to bear in mind that crypto remains a high-risk asset class. Information shared in this article is for informational purposes and does not constitute investment advice. Approach with caution, as the potential for significant loss is real.
Source: Cryptonews
