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Simon Chandler
Author
Simon Chandler
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Cardano has risen by 2% in the past 24 hours, with the ADA price climbing to $0.3512 on a day when the crypto market has dropped by 3%.
ADA is now up by 3.5% in a week and by 4% in a fortnight, and while the alt has fallen by 19% in a month it has also gained by 31% in the last 12 months.
Its move today comes after Cardano founder Charles Hoskinson jokingly asked Ripple’s Brad Garlinghouse about when the pair would have “Secret Cult meetings”, doing so in response to disparaging comments about ADA and XRP from investor Raoul Paul.
Hoskinson’s joke is unlikely to have an impact on ADA’s price, yet given the coin’s strong fundamentals and steady growth, today’s rally may only be the beginning of something bigger.
Cardano’s Hoskinson Teases ‘Secret Cult’ Meetings with Ripple CEO – Impact on ADA Price?
ADA has been on an upwards charge over the past few days, with its indicators suggesting that it may fall down from an overbought position in the near term.
For instance, its relative strength index (purple) has gone from just over 70 to around 55 today, and because it had also hovered around 70 yesterday it may fall lower in the next few hours.
Meanwhile, its 30-period moving average (orange) is well above the 200-period average (blue), implying that it also needs to come down soon.
What’s also discouraging about ADA right now is that its trading volume is very modest, standing at just under $300 million today, compared to $2 billion in March.
This may have been what investor and Angel Vision founder Raoul Paul was referring to when, in an interview, he compared the ADA and XRP communities to cults.
In particular, Paul noted that XRP last had a really big rally “two bull markets ago,” implying that its best days are now behind it.
And he lumped ADA in with XRP, suggesting that investors and followers are being misled “because [they’re] in a cult.”
As noted above, Cardano’s Hoskinson largely dismissed these comments, inviting Brad Garlinghouse to a secret cult meeting.
Hoskinson is justified in responding via a joke, given that Paul’s comments about Cardano are unfair.
For one, it witnesses a high level of development activity on its network, testifying to the broad range of people involved in building its ecosystem.
Cardano’s steady development – with its upcoming L2 solution Hydra recently running Doom for demo purposes – also shows that there’s some real substance underlying its community’s devotion.
Based on such fundamentals, the ADA price should rally strongly in the medium- and long-term, potentially reaching $0.5 by Q4.
Small-Cap Presale Tokens Could Surge
Yet for traders who feel that ADA’s progress is too gradual, there are smaller tokens that do have the potential to see above-average gains in the shorter term.
This includes a handful of promising presale coins, with the biggest of these often rallying vigorously when they list for the first time.
Possibly the most notable example of such a coin right now is Crypto All-Stars (STARS), an Ethereum-based token that has already raised $600,000 in recently opened sale.
The first token in the market to offer a ‘MemeVault’, Crypto All-Stars will enable holders of any meme coin to their stake their holdings with its platform.
It makes use of the ERC-1155 multi-token standard, meaning that it can tokenize any asset, including coins not on the Ethereum blockchain.
This will make Crypto All-Stars a highly inclusive platform, with stakers earning higher rewards if they hold more STARS tokens.
This will create a substantial incentive to hold STARS tokens, something which will push up the coin’s price over the long term.
It will have a max supply of 42.069 billion, with the coin currently selling at a price of $0.0013966 per token.
The sale opened only a couple of weeks ago, with the coin set to go through numerous price increases with each stage of its sale.
This means interested investors should act as quickly as possible, so as to lock in the lowest possible price for the token.
They can buy some STARS by going to the official Crypto All-Stars website, with the coin purchasable using Ethereum, USDT, BNB or fiat currency..
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
