Cardano’s downturn vs Dogecoin’s resurgence – Who will hit $1 first?

• Cardano faces potential declines amid weak buying pressure, while Dogecoin gains momentum. 
• However, the $1 mark remains elusive for both.

The quest for the elusive $1 mark is a classic narrative in the cryptocurrency landscape. Among the contenders, established names like Cardano [ADA] and Dogecoin [DOGE] continue to hover below this threshold.

While ADA has previously reached this range, DOGE has been far from it, despite high-profile endorsements. This raises the question : who will claim the coveted mark first?

Cardano faces bearish pressure

ADA’s recent price trends suggest potential further declines, particularly with a bearish MACD crossover emerging on the daily chart – an early signal of a possible trend reversal. 

The price has recently tested a crucial support level at $0.3261, aligning with the 100% Fibonacci retracement level. If this support fails, ADA could slide to around $0.319. 

For Cardano to regain bullish momentum, it must rally past $0.37, but current market sentiment shows insufficient buying pressure.

Source : IntoTheBlock

A recent AMBCrypto report highlights that Cardano is experiencing swings in the derivatives market, with traders opting to short ADA – an understandable move given its current standing.

With nearly 80% of ADA holders at a net loss, the lack of bullish support could undermine their confidence, potentially triggering a selling spree. 

However, if ADA captures election liquidity and rises to $0.35, around 120K addresses holding approximately 2 billion ADA tokens may seek to liquidate their holdings after securing profits.

In summary, Cardano’s performance is closely tied to macroeconomic factors that could push BTC past $70K, potentially attracting liquidity away from BTC into ADA. 

Nonetheless, the long-term outlook for ADA appears more bearish, diminishing its prospects of reaching $1 in the near term.

Can Dogecoin take down the target?

In another AMBCrypto report, it was revealed that DOGE is breaking out of a descending channel, with key metrics turning bullish and a notable spike in open interest supporting the move.

Conclusively, the short-term outlook for DOGE appears bullish, with a potential rally to $0.148, a historically significant resistance level. In the previous cycle, Dogecoin outperformed many of its counterparts, maintaining strength even as cat-themed tokens gained popularity.

This suggests that, despite the growth in the memecoin market, Dogecoin’s strong legacy positions it as a more formidable contender than Cardano.

However, concerns loom over DOGE’s long-term prospects. While it outperforms ADA across various timeframes, the growing pressure from other coins cannot be ignored.

Source : CoinMarketCap

Notably, two newer memecoins, POPCAT and WIF – one eight years younger and the other ten years younger than Dogecoin – have both claimed the $1 mark in under five years, with POPCAT even outpacing major memecoins with weekly gains exceeding 10%.

Read Dogecoin’s [DOGE] Price Prediction: 2024-2025

In short, while Dogecoin has solidified its status as a legacy meme coin, it lacks genuine utility. In contrast, the newly launched memecoin GOAT could potentially hit $1 by the end of Q4, boasting a weekly surge of over 80% and nearing a $1 billion market cap.

Overall, as Cardano and Dogecoin navigate bearish waters, newer coins like POPCAT and GOAT are emerging as frontrunners, complicating their paths to reaching the $1 mark.