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Simon Chandler
Author
Simon Chandler
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The price of Cardano has dropped by 1% today, with ADA falling to $0.3304 as the cryptocurrency market as a whole barely moves in the past 24 hours.
ADA is down by 1.5% in a week but up by 2% in a fortnight, with the altcoin also sitting on a 32% increase in a year.
Such percentages may be modest in relation to other coins, yet Cardano is arguably one of the sleeping giants of the market, with its developers steadily working on a number of upgrades that will improve its fundamentals.
One of these is the much-anticipated Leios upgrade, which according to Cardano founder Charles Hoskinson this week will make the platform “faster than Solana without losing decentralization.”
Cardano’s Leios Upgrade Sparks Price Analysis – Will ADA Finally Surpass Solana?
ADA’s price chart is in line with that of most other major alts today, with the coin’s indicators weak but in a position where we could see a rebound soon.
Its RSI (purple) has fallen below 40 today, having been weak since late Sunday.
Meanwhile, its 30-period moving average (orange) has stopped falling further below the 200-period average (blue), implying that a positive turnaround may be on the cards very soon.
However, traders should remember that ADA remains a comparatively small alt in terms of trading volume, with its 24-hour volume today standing at only $285 million today.
Despite this modest volume, Cardano remains one to watch for the future, as highlighted by a recent tweet from founder Charles Hopkinson.
In a reply to a Cardano staking pool operator, Hoskinson stated that Leios – which has been on the pipeline since 2022 as a scalability upgrade – would make Cardano faster than Solana.
This may be so (only time will tell), but it should be remembered that Leios is still only at the prototyping stage, according to Hoskinson, who added that work will accelerate next quarter.
As such, Cardano remains a promising prospect, even if it’s still some way from becoming a real threat.
Its total value locked in remains at around $187 million, some 28% up on where it was this time last year.
This isn’t a particularly impressive increase, especially when Solana’s TVL is up by over 1,000% in the past 12 months.
Cardano therefore still has some work to do, even if it remains fundamentally sound.
The ADA price should therefore reach $0.5 by the end of October and potentially $0.8 by December.
New Small-Cap Tokens Could Outperform Market
Because ADA looks as though it will continue to post only gradual gains for the foreseeable future, many traders may also opt to invest in smaller cap tokens with more potential upside.
This should include a mix of up-and-coming alts as well as presale coins, which in the best cases can rally big once they list on trading platforms.
One strong candidate to do this is Memebet Token (MEMEBET), an Ethereum-based cryptocurrency that has raised nearly $250,000 after launching its sale last week.
Memebet is an online crypto-friendly casino with its own native meme token, for which it’s holding the presale.
Its platform will launch once the sale ends, with it set to provide more than 1,000 crypto-native games to play, including classic casino games, slots and a big sports book.
Users will be able to place bets with all of the major meme coins, as well as with the aforementioned MEMEBET coin.
By using MEMEBET to wager, holders will earn greater play-to-earn rewards, with 20% of the coin’s overall supply – of 2 billion tokens – earmarked for casino payouts.
It’s also worth mentioning that Memebet will offer a KYC-free Telegram casino, making it more accessible than many of its rivals.
New investors can participate in its sale by going to the official Memebet Token website, where it sells for $0.0252 per token.
This price will rise $0.001 with every new stage of the sale, while the early signs suggest that it could surge once it goes on exchanges.
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.
