• Dogecoin price rises for a third consecutive day after bouncing from $0.128, Friday’s low.
• Elon Musk’s promotion of the meme coin has reignited interest in Dogecoin.
• A daily candlestick close below $0.126 would invalidate the bullish thesis.

Dogecoin (DOGE) extended its gains on Monday and during the weekend after successfully retesting a key support level on Friday. The bullish price action since broadly mid-October has been bolstered by Elon Musk’s promotion of the meme coin, reigniting interest among traders and suggesting a potential rally ahead.

Dogecoin support level holds strong 

Dogecoin retested and bounced from the daily level of $0.128 on Friday and rallied 9.6% in the next two days. The daily support at $0.128 roughly coincides with the 50% price retracement level at $0.126 (drawn from the June high of $0.175 to the August low of $0.078), making it a key support zone. At the time of writing on Monday, DOGE trades slightly higher at around $0.145.

If the $0.128 level continues to hold as support, DOGE could rally 14% from its current price of $0.145 to retest its June 6 high of $0.165.

The Relative Strength Index (RSI) currently reads at 66 and is nearing the overbought level of 70, showing strong bullish momentum. However, if it enters the zone on a closing basis, traders will be advised not to add to their long positions as the chances of a price pullback would increase. Another option is that the rally continues, and the RSI climbs further up into overbought and remains there.

DOGE/USDT daily chart 

Based on IntoTheBlock’s Global In/Out of the Money (GIOM), nearly 460,060 addresses accumulated 59.14 billion DOGE tokens at an average price of $0.119. These addresses bought the dog-based meme token between $0.103 and $0.135, which makes it a key support zone. 

Interestingly, the zone mentioned from a technical analysis perspective, the $0.119 level, coincides with the GIOM findings, making this zone a key reversal area to watch.

DOGE GIOM chart. Source: IntoTheBlock

Elon Musk’s support for Dogecoin 

Elon Musk’s involvement has reignited interest in Dogecoin, particularly following his co-founding of the “Department of Government Efficiency” (DOGE), a concept aimed at streamlining US government operations and reducing waste. 

During a New York campaign rally for former President Donald Trump on Sunday, he claimed this initiative could save the United States $2 trillion in tax spending, asserting and reducing costs.

“Your money is being wasted, and the Department of Government Efficiency is going to fix that,” Musk said. 

The initiative’s initials, DOGE, align with the Dogecoin ticker, fueling discussions and speculation on social media about the token’s future and enhancing bullish sentiment for the meme coin.

DOGE’s bullish trend would be invalidated if the token breaks below the daily support at $0.128 and closes below $0.126. This scenario could lead to a decline in Dogecoin price to retest its October 3 low of $0.101.

The price of Dogecoin (DOGE) has been injected with bullish momentum. It has started to move to the next highs after a health correction last week. It appears that bulls are making a comeback, taking the DOGE price toward a potential breakout. Even top market analysts are now giving positive Dogecoin price predictions.

Renowned on-chain analyst Ali Martinez tweeted earlier today about a potential rally for the highly popular meme coin. He mentioned that the current scenario shows that DOGE is going to be breaking out. Martinez further mentioned that if the $0.139 support holds for the meme coin, the next target will be $0.175.

In a previous tweet, Martinez shared a similar analysis for Dogecoin. He explained that if Dogecoin successfully breaks above the $0.143 resistance level, the market could witness a massive 25% price rally, which will take the Dogecoin price to the $0.175 price level. Martinez appears to be confident about his prediction, as he has reiterated it twice.

Historic Dogecoin price breakout

The price chart shared by him also looks very interesting, yet informative. It depicts the ideal path for Dogecoin’s movement, predicting its journey toward the next high of $0.175. This level is still very low compared to Dogecoin’s all-time high (ATH) of $0.73. It was achieved on May 8, 2021, making it over three years since DOGE achieved this milestone.

However, the potential rally toward $0.175 is still crucial as the DOGE price has been consolidating around the $0.11 range for quite some time. Achieving this level will open up opportunities for the meme coin to turn it into support, and then target the next highs. This slow-yet-steady price growth can result in huge gains over time.

As of now, Dogecoin is trading at $0.1472. It has witnessed a surge of 6.14% in the last 24 hours. Notably, the trading volume has skyrocketed 111.89% and currently sits around $1.77 billion. These figures show the strong bullish sentiment on the market. Considering the prediction from Martinez, it looks like Dogecoin is now eyeing the $0.175 target.

Buyers keep controlling the situation on the market at the beginning of the week, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) has risen by 1.36% since yesterday.

On the daily chart, one should pay attention to the nearest resistance of $69,425. If the bar closes around it with no long wick, there is a chance to see a breakout, followed by a blast to the $70,000 range.

Bitcoin is trading at $68,629 at press time.

ETH/USD

Ethereum (ETH) is less of a gainer than BTC, going up by 0.76%.

From the technical point of view, the price of ETH is far from the resistance. If the situation does not change by the end of the day, sideways trading in the zone of $2,450-$2,550 is the more likely scenario.

Ethereum is trading at $2,511 at press time.

XRP/USD

The price of XRP has gone up by 0.11%.

On the daily time frame, bears are more powerful than bulls. 

Related

If the breakout of the interim zone of $0.50 happens, traders may witness a test of the support level of $0.4860 by the end of the week.

XRP is trading at $0.5155 at press time.

Solana price today: $178

• Solana posts a third consecutive day of gains on Monday, with prices less than 10% away from its July peak at $193.98.
• The volume in Solana’s decentralized exchanges nearly doubled that of Ethereum last week.
• Solana could extend gains to retest its July peak, technical indicators suggest.

Solana (SOL) recovered from Friday’s intraday decline to near $160 over the weekend and trades at $178.04 at the time of writing on Monday. The native token of the Solana blockchain eyes further gains as on-chain metrics and technical charts support a bullish thesis. 

Solana is considered the largest competitor for Ethereum, and with decentralized exchanges (DEX) weekly volume nearly double that of Ether, SOL is likely primed for further gains. 

Higher DEX volume is typically representative of higher demand for the chain and its relevance among market participants. 

Solana beats competitor, dominates weekly DEX volume

Solana’s on-chain metrics, such as new addresses, active addresses, and transactions on the SOL chain, noted an increase in the third quarter, according to TheBlockData. When compared to Ethereum, the weekly DEX volume metric, which measures the transaction volume across all decentralized exchanges in the Solana ecosystem, it was evident that Solana leads. 

Solana’s weekly DEX volume is $15.733 billion, against Ethereum’s $8.849 billion, according to DeFiLlama data. This marks a significant milestone for Solana since it is the first time that SOL leads Ether in DEX trading volume by a large margin (77.79%). 

Solana’s weekly DEX volume on DeFiLlama 

Ethereum’s weekly DEX volume on DeFiLlama

In the last 24 hours, Solana’s DEX volume stands at $1.739 billion, and for Ether, the metric lags behind at $836.79 billion. 

Solana Price Forecast: SOL eyes nearly 10% gains

Solana could make a comeback to its July peak of $193.98, and test its resistance, if the altcoin extends its gains. On Friday, Solana slipped under $160, a key psychological support level for the altcoin. Since then, SOL has recovered and climbed to $178.04 at the time of writing. 

The Relative Strength Index (RSI) indicator reads 66.42, still under the “overbought” level at 70, and shows there is room for further gain in Solana’s price. The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line, signaling underlying positive momentum in SOL price. 

SOL/USDT daily chart

Looking down, Solana could find support at the upper boundary of the Fair Value Gap (FVG) at $160.99, as seen on the daily chart. Another key support level is the 10-day Exponential Moving Average (EMA) at $154.16. 

Dogecoin (DOGE) has witnessed quite a rally over the last few days. The popular memecoin is up by 4.5% in the daily charts, 28.8% in the 14-day charts, 16.9% over the previous month, and 110.5% since late October 2023.

Despite the rally, DOGE’s price is down 1.8% in the last week. This price prediction article will discuss whether the memecoin will breach the 50 cents ($0.50) mark after the upcoming US Presidential elections.

Also Read: Top 3 Cryptocurrencies That Could Rise By 30% In November 2024

DOGE Price Prediction: Can It Reclaim $0.50 After The US Elections?

Elon Musk is one of the most significant supporters of Dogecoin (DOGE). The world’s richest man has been very vocal about his admiration for the cryptocurrency. Musk’s support has often led to significant gains for the asset.

DOGE’s recent price rallies are likely due to Musk’s recommendation to create a Department of Government Efficiency (D.O.G.E.) if Donald Trump wins the upcoming elections. Musk is also one of Trump’s biggest donors and supporters, donating millions to his campaigns. A Trump victory could lead to DOGE hitting a new all-time high, breaching the $0.50 mark last seen in 2021.

Also Read: AMD Stock Expected To Surge After Q3 Earnings Results

Price Prediction For The Memecoin After The Elections

According to CoinCodex analysts, Dogecoin’s (DOGE) price will dip over the next few days. The platform anticipates the asset trading at $0.13 on November 5, 2024, the election day.

Sliding to $0.13 from current levels will translate to a dip of about 7.14%. The platform anticipates DOGE continuing to fall throughout November, hitting $0.122 on Nov. 25, 2024, a dip of about 14% from current price levels.

Changelly presents a bearish outlook for Dogecoin (DOGE) in November. The platform predicts that the asset will dip to $0.10 on election day, November 5, 2024. Hitting $0.10 from current price levels will translate to a dip of about 28.5%.

Also Read: How to Buy Crypto with Absa?

Given that Donald Trump won, we may witness a DOGE rally after the election. Musk’s support for Trump may lead to investors becoming bullish on the memecoin. How the memecoin performs over the next few weeks is yet to be seen.

• Cardano’s price was rejected by its ascending trendline pullback, suggesting a decline ahead.
• Artemis data shows decreasing daily trading volume, suggesting a fall in traders’ interest and liquidity in the ADA chain.
• A daily candlestick close above $0.367 would invalidate the bearish thesis.

Cardano (ADA) is trading slightly down around $0.33 on Monday, struggling against resistance from its previously broken ascending trendline. Declining daily trading volume reinforces a bearish outlook, indicating reduced trader interest and liquidity in the ADA chain.

Cardano shows signs of weakness 

Cardano price broke and closed below the ascending trendline (drawn by joining multiple low levels since August ) on Friday, after rejection and declining 9.2% from the 50% price retracement level at $0.367 since Wednesday. It recovered slightly to retest the broken trendline and was rejected. On Monday, it declines slightly, trading around $0.332, facing resistance from the broken trendline at around $0.342.

If the $0.342 holds as resistance, ADA could decline over 9% to retest its September 6 low of $0.303.

The Relative Strength Index (RSI)  indicator on the daily chart reads 42,  below its neutral level of 50, indicating increasing bearish momentum.

ADA/USDT daily chart

Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP), nearly 119,360 addresses accumulated 2.27 billion ADA tokens at an average price of $0.336. These addresses bought the tokens previously for between $0.332 and $0.341 and would likely sell them to get out at a breakeven price, which makes it a key resistance zone. 

Interestingly, the zone mentioned from a technical analysis perspective, the $0.341 level, coincides with the IOMAP findings, making this zone a key reversal area to watch.

Cardano IOMAP chart. Source: IntoTheBlock

Another aspect bolstering the platform’s bearish outlook is a fall in traders’ interest and liquidity in the ADA chain. Artemis Terminal data shows that ADA’s daily trading volume fell from $545 million on Friday to $197 million on Sunday, the lowest level since early October and has been constantly declining since mid-February.

ADA daily trading volume chart. Source: Artemis Terminal

However, the bearish thesis would be invalidated if ADA breaks and closes above the $0.367. This scenario could result in a rise in Cardano’s price to retest its September 27 high of $0.415.

Ripple (XRP) and Solana (SOL) can be dubbed two power-packed tokens of the cryptocurrency market. Both tokens have had a raging 2024, with new developments hovering over both tokens and pushing them to go behind their realms to aim for higher price peaks.

Here’s how November may ultimately prove for XRP and SOL. Will they be able to claim new price peaks this month?

Also Read: BRICS: 85% Trade Settled in Local Currencies, Not US Dollar

Ripple (XRP) Price Forecast for November

Ripple has had a remarkable 2024, with November approaching with renewed investor hopes. For instance, Ripple’s win against the US SEC helped XRP break free from intense public speculation.

At the same time, the token enters the stablecoin arena with RLUSD, and talks of XRP ETFs are also in the mix. Both developments may prove lucrative for XRP in the long run, considering how the token is onboarding new users while peaking interest in the industry.

According to CoinCodex, XRP may note a significant price surge in November and may rise by 16% to hit $0.60.

*According to our current XRP price prediction, the price of XRP is predicted to rise by 16.75% and reach $0.601213 by November 27, 2024. Per our technical indicators, the current sentiment is bearish while the Fear & Greed Index is showing 69 (greed). XRP recorded 15/30 (50%) green days with 5.87% price volatility over the last 30 days. Based on the XRP forecast, it’s now a bad time to buy XRP.”

Also Read: Two Reasons Why You Should Invest In Ripple (XRP) & Shiba Inu (SHIB)

Solana (SOL) Price Forecast For November

Solana is another leading cryptocurrency, taking the domain one step at a time. SOL has recently outpaced Ethereum in daily fee metrics for seven consecutive days.

“BREAKING BIG: Solana makes history, flipping Ethereum in 7-day fees for the first time.Solana: $25.73M. Ethereum: $23.28M.”

The token has outpaced ETH in other domains, including in the DEX volume metrics, by surpassing the token by nearly $10B.

“BREAKING: Solana’s DEX volume for October surpasses Ethereum by $10B with only 3 days left until monthly close.”

SOL has also emerged as a nucleus for the crypto meme coin realm and has been significantly involved in launching meme coins.

According to CoinCodex, Solana may surge by 13% to reach a new price mark of $199 by November 2024.

“According to our current Solana price prediction, the price of Solana is predicted to rise by 13.28% and reach $199.09 by November 27, 2024. Per our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 69 (greed). Solana recorded 15/30 (50%) green days with 6.88% price volatility over the last 30 days. Based on the Solana forecast, it’s now a good time to buy Solana.”

Also Read: Would You Quit Your Job For Shiba Inu? 55% of Investors Will at $0.01

In the crypto casino, many investors bet on the big names like bitcoin and Ethereum, but is Cardano the wildcard everyone underestimates?

While early talks labeled Cardano as the next “Ethereum killer,” the project has since earned a reputation as one of the most divisive in the crypto space. Its journey has been marked by soaring peaks, challenging troughs, and an undeniable impact on the crypto market.

When it comes to the project, questions remain: What’s next for Cardano? Is it poised for greatness, or will it fade into the shadows like so many projects before it?

To shed light on the possible future of Cardano, we’ve turned to Gracy Chen, Managing Director of Bitget, to provide her view of where Cardano stands today and where it might be headed in the near future.

What Is Cardano?

In the competitive and crowded world of cryptocurrencies, Cardano stands out. Think of it as a new-generation blockchain designed to be more secure, scalable, and sustainable. The project was founded in 2014 and officially launched its native token ADA in 2017. Cardano offers a platform for building smart contracts (like digital agreements) and creating decentralized applications while claiming to be more secure and efficient than competitors.

Chen says that Cardano is alive with activity, with “135 projects launched and 1,264 projects in various stages of development” on the chain. However, she also adds that it’s not all smooth sailing, noting that “it’s clear that not all projects have flourished”. Regulatory scrutiny and significant advancements in layer 2 blockchain technology further threaten the progress of projects building on Cardano. 

While Cardano was built to address the shortfalls of competitors like Ethereum, it has struggled to gain any significant level of adoption. Now that Layer 2 blockchain solutions have arrived on Ethereum, significantly decreasing transaction costs and increasing confirmation speed, Cardano’s once-unique features are no longer a significant catalyst for adoption.

Despite this, Chen notes that “the foundation’s focus on development education, new infrastructure like stablecoins, programming languages, and wallets, and the growth of multi-chain solutions” set the tone for its ambitious future roadmap. A keen focus on next-gen tech, innovative digital coins, and user-centric solutions is at the forefront of this project. However, whether they can deliver on any promises is yet to be seen.

Cardano’s Price History

Like many crypto projects, Cardano’s price history chart resembles the path of a theme park roller coaster: teetering highs, followed by precipitous drops.  In 2017, the Cardano blockchain and its native token, ADA, officially debuted in the crypto world at $0.0024.

ADA was originally greeted with skepticism. Chen recalls many detractors dismissing the project as just another “high market-cap sh*tcoin”. However, Cardano would soon defy these early judgments. “One of the pivotal moments for ADA was the Alonzo hard fork in 2021, which unlocked its smart contract capabilities,” says Chen. This technological leap and the 2021 crypto bull market set the stage for ADA’s meteoric rise.

The enthusiasm and anticipation surrounding Cardano’s smart contracts led to ADA’s valuation surging by 30 times. Its market cap touched an impressive $94.9 billion, which established ADA as a serious contender in the crypto race.

“Such an ascent was distinct,” Chen says. “ADA, during this phase, even managed to outpace giants like BTC and ETH in growth rates.”

Yet, with great crypto highs come inevitable corrections. Post the peak of the Alonzo hard fork in September 2021, ADA faced a downward shift.

“After the Alonzo-driven peak, ADA’s price trajectory began oscillating, leading to the varied trends we observed in 2023,” Chen says.

The final quarter of 2023 saw some life come back to the crypto markets, largely driven by the anticipation of the SEC’s approval of pending applications for spot bitcoin ETFs. All 11 applications were approved in early January 2024, sending bitcoin’s price to new all-time highs. You will now need roughly INR 5,106,99 to buy one bitcoin.

While Cardano did not spike to the same magnitude, a rising tide lifts all boats, and ADA has been buoyed by the overall market enthusiasm surrounding the institutional acceptance of digital assets. As of August 9, 2024, ADA is trading at $0.3475, around 50% higher than where it was in October just last year. 

However, as the project has failed to gain traction against competitors like Ethereum, Solana and TON, Cardano has slipped out of the top 10 cryptocurrencies after holding its place for many years. Whether the project can reignite adoption and reactivate the once-strong community is yet to be seen.

How Will Cardano Perform in 2024?

Analyzing Cardano’s on-chain data provides key insights into its current activity. The total number of transactions has reached 91 million, averaging between 50,000 and 70,000 daily. This might seem impressive at first glance, but the differences become stark when placed side-by-side with Ethereum.

Ethereum, being a significant player in the blockchain space, records daily transfers in the millions. In contrast, Cardano’s numbers, while growing, are still just a fraction of Ethereum’s daily activity. 

Chen notes: “With bitcoin surpassing its all-time high, investors have high expectations for other prominent public blockchain projects in the crypto industry to also exceed their historical highs. Currently, Cardano’s price is still 88.79% low from its historical high.”

One primary indicator of a project’s success is the number of developers working on the chain. The renewed sentiment around blockchain projects, such as Cardano, is spurring a surge in activity from developers, which can be seen in the number of new contracts being deployed exploding over the past month.

“The number of smart contracts on Cardano increased by 67% in just three weeks in March 2024, adding 9,671 new contracts, demonstrating the rapid growth and adoption of Cardano’s smart contract platform,” Chen says.

“Additionally, Cardano has become the blockchain with the highest development activity during Q4 2023, surpassing other major crypto projects, including Polkadot, Kusama, Cosmos, and Ethereum.”

Yet, challenges abound. Despite the fact that over 100 projects are already live and thousands more are in the development stages, only some ventures have found success.

“The TVL (Total Value Locked) in Cardano’s DeFi ecosystem exceeded $450 million in March 2024, marking a 300% rise from last year,” Chen says.

“The driving force behind this growth is the increased interest in other blockchain platforms, as investors seek diversified opportunities and higher returns.” Once again, compared to Ethereum, with a TVL of over $53 billion, it highlights how far Cardano has to grow to compete.

Chen is cautious when considering Cardano’s price potential.

“In the short term, ADA’s potential to deviate from BTC’s prevailing trend seems restricted,” she says.

“A resistance point near $0.6 is evident.” Nevertheless, there are reasons to be optimistic.

“Projects like Indigo and Minswap have witnessed significant growth in TVL, indicating healthy capital inflows and increasing investor confidence in the ecosystem’s potential.”

What Does the Future Hold for Cardano?

Before we delve into the possibilities, let’s understand two essential market perspectives. The bull case is optimistic, highlighting scenarios where Cardano’s price could rise. In contrast, the bear case offers a more cautious stance, outlining why Cardano’s price might decline. These two contrasting views provide a balanced understanding of potential market trajectories for the project.

The Bull Case

Cardano is not without its strengths and opportunities. The Cardano Foundation has placed a significant focus on development education, creating innovative infrastructure, and expanding multi-chain solutions. These efforts cannot be understated.

Chen is optimistic about certain facets of Cardano’s future: “Cardano’s reputation as an OG cryptocurrency project remains robust. The backing it receives from multiple entities and communities gives ADA a unique price elasticity.” Indeed, this collective support system can act as a springboard for ADA’s potential upward movement.

Additionally, the almost cult-like group of supporters helps to push the project forward in the right direction. Half the battle for many projects is gaining a strong support base from avid users, and for Cardano, this is something that the project has no shortage of. Another question is whether the current level of support is enough to push the project back into the limelight.

The Bear Case

No coin, no matter how promising, is exempt from challenges. Despite Cardano’s concerted efforts in ecosystem development, it still faces obstacles.

As highlighted by Chen, a concerning point is that “Cardano’s ecosystem is presently heavily reliant on its native token, and its user engagement and trading volumes remain moderate at best”. Furthermore, only some projects within the Cardano ecosystem have found success, with many failing to gain much traction. “For genuine, substantial growth, the network needs much more intensified operational efforts,” Chen says.

The rise in popularity of layer 2 blockchains has made many of the lower-cost layer 1 blockchains, like Cardano, virtually redundant. The project must work hard to find its niche in the market among other blockchain projects.

Additionally, uncertainties can’t be dismissed. Factors ranging from the overall development of the ecosystem, and regulatory decisions from bodies like the SEC, to broader macroeconomic conditions, all play pivotal roles in shaping ADA’s future.

Is Cardano a Good Investment?

Making a definitive judgment about an asset’s investment potential is always tricky, especially in the ever-evolving world of cryptocurrencies. However, we can make an informed assessment based on the available data and expert perspectives.

Chen adopts a measured stance on the future of ADA. She acknowledges Cardano’s robust background, its infrastructure, and the substantial growth in its staking activity. Yet, she also underscores the need for more intensified operational efforts for it to truly flourish.

On the price front, Chen anticipates that “ADA will most likely fluctuate within the $1 to $3 range”, however, she adds that a significant breakthrough in technological progress may drive its value back above $1 for a sustained period.

Like any investment, Cardano comes with its set of opportunities and challenges. Its status as an original cryptocurrency project, coupled with the strong support from its various entities and community, offers a sense of stability. Yet, uncertainties stemming from ecosystem development, regulatory environments, and global economic factors should be considered.

For Indians considering Cardano as an investment, it’s always prudent to conduct thorough research, consult with a financial advisor, and approach it as a part of a diversified portfolio. As always, investments in the crypto space should be made with a clear understanding of the risks involved.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in India and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorized financial advisor.

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