Popular layer 1 Ethereum rival Cardano ($ADA) has stumbled to $0.32 after absorbing overnight losses of around 1%, capping a 7-day depreciation of 10%.
Cardano posted the worst overnight depreciation of any top fifteen cryptocurrency. Its performance is comparable to Ethereum’s $ETH token, which shrank 0.5% overnight and 6.8% over the week to change hands at $2,504 as of this writing.
Meanwhile, market leader Bitcoin ($BTC) added almost a percent (0.7%) and fell back about 6.5% to trade at $58,875 Tuesday morning UTC.
Two of the markets biggest layer 1 Ethereum alternatives, the $62 billion cap Solana ($SOL) and the $9 billion cap Avalanche ($AVAX), both crashed about 15% in the last seven days and currently trade for $134 and $22 respectively.
Cardano’s $ADA: Price and Primer
For crypto fans, Cardano is as stalwart as they come.
Its founder, Charles Hoskinson, was one of the co-founders of Ethereum back in 2013, although he was removed from the team a year later over differences of opinion as to the network’s future.
Hoskinson wanted Ethereum to be commercial and co-founder Buterin wanted it to be a non-profit.
Since then, Hoskinson has been working on Cardano, the token for which was released back in 2017. Cardano is a similar offering to Ethereum in terms of tech and applications, but with cheaper gas fees.
Yesterday, Cardano completed the “Chang” upgrade, which enables $ADA token holders to vote on network development proposals, thus democratizing and decentralizing it.
Still, the news wasn’t enough to send $ADA rallying. If anything, the token is currently trading at a recent support level (green line), and with resistance (red line) declining from $0.45 to $0.40 over the course of the summer, $ADA’s chart is forming a descending triangle pattern, which indicates the potential for further heavy losses, as shown by the falling white arrow.
Source: TradingView
A falling relative strength index (RSI) of 40 appears to confirm the danger, although given that its close to 30—the marker for “oversold”—any further overnight losses can easily be recaptured by the weekend.
Cardano’s Price Acrobatics Sends Meme Coin Fans Into Crypto All-Starz
As an established market-leading layer 1 token, Cardano’s price tracks Bitcoin’s closely, which leaves it little headroom for some of the explosive returns of early crypto investing.
That’s why it’s always worth looking off the beating track for some of the catalytic gold rushes of early crypto prospecting. Some tokens still only in pre-sale are quietly attracting millions.
One project pioneering a unified staking protocol for meme coin fans is Crypto All-Stars ($STARS) a revolutionary staking platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 1,528%.
To that end, the team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Ecosystem.
This new meme coin project has gained so much popularity that its presale has already raised over $931,000 since its launch two weeks ago.
Following the purchase, you can begin staking for rewards and claim the tokens once the presale ends.
So, if you are an investor looking to put your money to work, Crypto All-Stars is a better choice than Cardano’s $ADA. Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Starz presale Website Here
The post ADA Stumbles to $0.32 as Under-the-Radar Coin Soars to Record Highs – Endgame for Cardano? appeared first on Cryptonews.
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