Cardano Price Slumps 2% As ADA Battles Shiba Inu And Toncoin For Top 10 Crypto Ranking And This New Dogecoin Derivative ICO Goes Ballistic

The Cardano price dropped 2% in the last 24 hours to trade at $0.4515 as of 7 a.m. EST on trading volume that surged 7% to $378.8 million.

Cardano has spent the last day locked in a battle with two other cryptos — Shiba Inu (SHIB) and Toncoin (TON) — to secure a ranking among the world’s top 10 biggest cryptos by market capitalization.

ADA was edged out of the 10th spot by SHIB yesterday and again at times today, but currently has moved back into 9th spot with a market cap of $16.1 billion. TON, ranked 9th yesterday, has slipped into 10th place on $15.6 billion, while SHIB has been elbowed out of the top 10 on a market cap of $15.5 billion.

With the gap between the three still narrow, the battle for ascendancy looks likely to continue in the near future.

Cardano Price Prediction

While ADA is currently trading in the red, the coin has already started a recovery from the recent price drop, which can be seen on the chart below. Furthermore, multiple technical indicators suggest that Cardano price is likely to surge, and potentially put some distance between itself and its two competitors.

For example, the coin’s Bollinger bands have recently widened significantly, with the price currently being halfway between the upper and lower bands. The band widening is a bullish signal that suggests that ADA is likely to see a continued recovery.

Another signal that suggests further growth is the coin’s Relative Strength Index (RSI) value, which returned to the neutral zone after previously dropping to the oversold area. This suggests that Cardano’s buying pressure is building up.

While the coin’s RSI already reached the neutral zone only to drop again earlier today, the widening of the Bollinger bands coupled with the RSI increase suggests that traders believe that the recovery will be strong this time and that this is the time to buy and hold.

For the moment, Cardano still has a resistance at $0.450 to breach before it can head further up, and after that, the next one sits right above at $0.455. However, if these two barriers fall, ADA will have a clear path to $0.46, and potentially beyond. Alternatively, if its price gets rejected, the coin has a strong support at $0.445 which stopped its previous drop several hours ago, and will possibly act as a bottom in case of another rejection.

Promising Alternative to Cardano

While Cardano has the potential for recovery, many experienced investors believe that the best potential for exponential gains lies with crypto presales, which often explode after launch.

PlayDoge (PLAY) might be one such good example after it raced to $200k in funds raised just minutes after its launch. It’s a mobile-based P2E game that transforms the iconic Doge meme into a Tamagotchi-style 2D pet.

The project combines meme coins, the P2E model, and gaming, all three of which have been recording massive attention over the years.

On top of that, it also brings ‘90s nostalgia that is all but guaranteed to attract millennial investors who used to take care of their own Tamagotchi toy back in their childhoods.

YouTube channel Cryptonews says PLAY has the potential to 100X on launch.

PLAY has raced to $441k in funds raised already in only two 2 days since its launch while selling for $0.005. If you are interested to join the project, buy before a price hike in less than two days.

Buy PLAY tokens on the official website here with BNB, ETH, USDT, or credit/debit cards.

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