Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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Cardano has been one of the primary beneficiaries of the crypto market turnaround this year. Despite falling 4.70% in the past four days, ADA prices have surged over 56% since the turn of the year.
Cardano is currently priced at $0.3901, with a total market cap of $14.08 billion – making it the seventh-largest cryptocurrency globally.
With the improving macroeconomic environment and upcoming upgrades to the Cardano blockchain, many believe that ADA is set to breach the $1 mark by the end of 2023.
However, AiDoge, the AI-powered meme-generation platform, is another crypto project that has recently caught investors' attention. Having already raised over $590,000 through its presale, this Ethereum-based platform is starting to turn heads in the crypto community.
Cardano Technicals Paint Volatile Price Environment
The Cardano price has found much-needed respite in 2023. After plummeting in the crypto winter, ADA has surged over 56% year-to-date (YTD). Cardano's technical analysis points to substantial buying interest among investors – particularly around the support level at $0.38.
Technical analysis platform TradingView gives ADA a buy signal in the Daily time frame. Moreover, an analysis of various moving averages hints at some pending bullish momentum.
The 200-day Simple Moving Average (SMA) at $0.3512 is a strong support level for Cardano. In addition, the 10-day SMA at $0.3965 is also acting as solid support for ADA.
Despite falling over 15% from mid-April's highs, Cardano is comfortably holding the 50-day exponential moving average (EMA) – for now.
The 100-day Exponential Moving Average at $0.3769 and the 100-day simple moving average at $0.3773 also provide vital support regions.
Moreover, the Bull Bear Power and Momentum (10) indicators predict positive upward moves for ADA on the Daily time frame.
However, it is critical that Cardano rebounds from the nearby support level at $0.38 to "confirm" the upwards move. Price has rejected this level twice before since the beginning of April – and ADA holders are hoping a similar situation plays out this time.
Will Cardano Breach $1 This Year?
Cardano is one of the most volatile crypto assets in the market. ADA often shows explosive price surges during periods of economic stability and prosperity while exhibiting harsh downward moves when overall investor sentiment is bearish.
The latest macroeconomic data hints at cooling global inflation levels. As such, economists expect the global economy to break the shackles of restrictive monetary policy by the end of 2023.
The US Federal Reserve (the Fed) is set to decide on the next interest rate hike on May 4th. The CME FedWatch tool predicts a strong likelihood of a minimal 25 basis points (0.25%) hike.
The ongoing banking crisis may further force the central bank to turn dovish. If so, Cardano prices may be set for a rebound as investors become more attracted to "risky" asset classes like crypto.
ADA is also expected to get a boost from upcoming upgrades to the Cardano blockchain. The ecosystem is eagerly preparing for the "Voltaire" era, which will make Cardano an autonomous system. The upgrade will introduce a voting and treasury mechanism that allows network participants to present improvement proposals.
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The weekly development report presented by Input Output Global (IOG) shows that Plutus V3, the smart contract platform of Cardano, has now been incorporated into the Cardano ledger.
This marks significant progress towards the Voltaire era. Developing CIP-1694 and modification to delegation certificates will also enhance the capabilities of the Cardano blockchain.
Ultimately, the combination of blazing-fast innovation and an improving global economy leaves investors hopeful that the Cardano price can push past the $1 mark by the end of this year – which would be the first time this price point has been breached since April 2022.
AiDoge Raises $590,000 - Is $AI the Best Crypto Investment in 2023?
Cardano enthusiasts are hoping for a solid rally to help ADA bounce back. However, given that price has shown bearish sentiment over the past seven days, investors are looking for alternative investment opportunities with strong growth prospects – and many believe AiDoge meets that criterion.
AiDoge utilizes cutting-edge artificial intelligence (AI) technology to generate memes for users. The platform seeks to revolutionize how crypto platforms communicate and engage with customers. To do so, AiDoge takes text-based prompts as input and generates relevant, timely, and engaging memes.
$Ai, the native token of AiDoge, is now available through a presale phase. The meme coin has already raised over $590,000 and is quickly approaching its Stage 1 goal of $650,000.
$Ai is currently priced at $0.000026, with the price increasing to $0.0000264 in Stage 2. As such, investors have a limited time to acquire $Ai tokens at their lowest price point.
The ongoing presale allows investors to purchase $Ai tokens with ETH, BNB, or USDT. Users can allocate these tokens to their crypto wallet and swap them for $Ai after paying the gas costs. On the other hand, $Ai tokens can also be purchased through their bank card.
Per the project's whitepaper, users need to purchase $Ai to buy credits that can be used to generate memes on AiDoge. Users can also earn rewards by staking their tokens and voting on memes on the platform.
Further token development milestones and a security audit are expected to occur in the second quarter of 2023. The staking platform will be launched in the third quarter, followed by the credit system in the fourth quarter.
Finally, investors who purchase $Ai tokens during the presale are also eligible for AiDoge's recently-announced airdrop. Investors can share their unique referral link, and depending upon the amount raised through the link, they will receive a share of the 50 billion $Ai token pool.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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Alex Brown
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View source version on newsdirect.com: https://newsdirect.com/news/cardano-price-prediction-is-1-new-cryptocurrency-aidoge-hits-250k-564563728
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.