Cardano has dipped by 1% today, falling to $0.3335 as the crypto market as a whole loses 0.5% in the past 24 hours.
ADA is now down by 13% in a week and by 10.5% in a month, although the alt has risen by 15% in a year.
This latter percentage is disappointing in view of many of ADA’s rivals, with Ethereum up by 32% in the last 12 months, for instance.
But you could also argue that ADA remains highly undervalued, with an investment in the coin now potentially paying off massive dividends in the future.
Indeed, $1,000 invested into Cardano at the time of writing would give you approximately 3,000 ADA, which as we’ll show below could be worth a fortune if the coin reaches $100 or higher.
Here’s What $1,000 in Cardano Could Be Worth If ADA Hits $100, $300, or $500
Cardano’s chart is in a very promising position, with its indicators suggesting that it could be at the beginning of a more bullish phase.
Most notably, its resistance (red) and support (green) levels have very almost converged on each other, creating a pennant that could result in a big breakout very soon.
Source: TradingView
At the same time, ADA’s relative strength index (purple) has gone from 30 only yesterday to just over 50 today, indicating a recovery in momentum.
This finds its complement in the coin’s 30-period moving average (orange), which is climbing steadily towards the 200-period average (blue), a sign of an incoming upswing.
ADA certainly warrants a sustained rally, given that it has been in an oversold position in recent months and is still 89% down from its ATH of $3.09, set back in 2021.
This gives it plenty of space for a big rise in the coming months, with Cardano’s fundamentals suggesting that it could increase substantially over the longer term.
Compared to many layer-one networks, it has seen steady development in the past few years, with its team making incremental improvements that maintain its stability.
ICYMI: the weekly development update has all the info you need to stay abreast of the latest Cardano development news. From core tech to wallets & services, smart contracts, scaling & governance, it’s essential reading for the dev community.https://t.co/9wZWLt5UyN
— Input Output (@InputOutputHK) August 4, 2024
And with over 1,300 projects building on Cardano, the completion of its roadmap could see it grow a significant ecosystem.
What this for investors is that, as mentioned above, if you were to buy $1,000 of ADA right now, it could be worth a small fortune if it rises to either $100, $300 or $500.
In the first scenario, you would have a holding worth around $300,000, while the second two outcomes would give you $900,000 or $1.5 million.
These are long-term targets, yet they remain within the realm of possibility if Cardano continues along its current path.
New SHIB Meme Token Could Have Bigger Rally
But because ADA remains a slow burner, many traders may also be looking to buy into newer and smaller coins, which often outpace the market during their initial growth spurts.
This is particularly the case with presale tokens, with the biggest of these often generating plenty of momentum in the weeks before they list.
One coin doing this right now is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that has raised over $800,000 in its token offering.
Step into the #Shibashootout squad today!
Jump in the fun! https://t.co/jCeu7XMBqR pic.twitter.com/FSOB0pRUbP
— shibashootout (@shibashootout) July 26, 2024
Shiba Shootout is an interesting meme token insofar as it adds Wild West motifs to ever-popular Shiba Inu memes.
It’s building a community that will participate in a variety of mini-games and contests, including poker tournaments, lotteries and online treasure hunts.
By doing this, Shiba Shootout aims to grow a healthy community, with rewards paid out in SHIBASOOT incentivizing greater involvement.
As a token, SHIBASHOOT will have a max supply of 2.2 billion SHIBASHOOT, with 35% of this going to the presale, 20% to staking, and 10% to rewards.
Holders of the coin will also be able to participate in governance, further boosting community involvement.
Taken together, these features provide SHIBASHOOT with lots of utility, particularly for a meme coin.
Investors can join its presale by going to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0198.
This will rise to $0.0199 in four days, although when the coin lists on exchanges it could rise much, much higher.
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