Despite the brutal bear market, crypto developers are growing significantly. According to the Electric Capital Developers Report, updated last month, the active crypto developer of the top 200 coins is growing every month and every year. There are now more than 23,000 Active crypto developers of all networks.
On the other hand, the crypto total market cap others ( Marketcap of top 125 coins excluding bitcoin ) has surged more than 82% in the last two months. This has initiated a massive rally in major Altcoins. Including, Cardano (ADA) and Doge (DOGE).
The Altcoin’s market cap after testing a low $70 Billion in December last year, has tested the resistance level of $125 billion, and currently floating around $120.
In this article, I will share the current price analysis as well as the future forecast of ADA, and DOGE.
Cardano (ADA) Price Analysis
After marking the bull run top price of $3.08 in Aug-2021, Cardano (ADA) corrected 92% and tested the bottom price of $0.23 in the bear market of 2022. Despite the poor price action of ADA, Cardano (ADA) developers grew at the rate of 14% last year.
Currently, Cardano (ADA) is holding near $0.39 after testing the resistance level of $0.42, if it closes a week successfully above this area, ranging from $0.42-$0.46, ADA’s next target will be $0.54 in the coming weeks. Whereas, if ADA falls from this level, ADA can test $0.32 again, that is the 20 weekly moving average.
Fortunately, ADA is holding above the 20 weekly moving average, but unfortunately, there is an extremely low volume, ADA is lacking the Volume it has attracted in a bear run of 2018.
However, if everything on the fundamentals side goes well, we can set a target of $8 for the next Bull Run. The $8 target is stated by analyzing the price action of the last 5 years, using Fib Retracement, and considering $0.22 as the bottom price of ADA for this cycle.
Doge (DOGE) Price Analysis
It’s a meme coin apparently but, the fact is it’s in the top 10 by market cap, second, it’s the only coin of the last bull cycle that gave the highest Return on investment (ROI) of more than 60000%. I have been through the more than 200 pages report of Electric Capital but unfortunately, they are not tracking the DOGE coin.
However, Fundamentally, DOGE is highly dependent on ELON MUSK’s tweets and moods. If at any stage ELON put off his hands from DOGE, Investors may see a serious shake-out in the market. Keeping this in mind while investing will help better portfolio management.
From the bottom price of 0.0016 in the last bear cycle, DOGE has been corrected by more than 93% from its Bull Run top price of $0.73, tested in May of 2021. Currently, Doge is trading around $0.08.
Luckily, Doge is on the verge of crossing the 20 weekly moving average above the 50 weekly moving average, which usually signals the start of a long uptrend from here, this has happened with many coins in history including Bitcoin.
Based on Fib Retracement and past performance, Doge can make a high of $2.0 in the next Bull Run.
Conclusion
So far, Crypto is following a four-year cycle and starts an uptrend after every Bitcoin Halving, which will be around June next year. And Altcoin movement is highly dependent on bitcoin dominance which means Bitcoin’s Market Share. Altcoin starts its rally when Bitcoin’s Dominance falls and vs versa. Keeping eye on Bitcoin Dominance (BTC.D) is a good idea to stay ahead of the crowd.
Image from: Electric Capital and Tradingview and U Today.
