Cardano Price Forecast as ADA Overtakes Dogecoin in Market Capitalization – Are Whales Buying?
The bullish outlook for ADA, the primary token in the Cardano ecosystem, continues to climb to new ranks, toppling Dogecoin (DOGE) to become the world’s seventh-largest cryptocurrency.
ADA boasts $14 billion in market capitalization, slightly above the meme coin’s $13.6 billion. Dogecoin price rallied by more than 30% on Tuesday after users on Twitter realized their home buttons were no longer the blue bird logo, but a dog meme.
The move comes after the microblogging company, under the leadership of Elon Musk, began implementing changes to the platform’s verification process.
Users on Twitter no longer need to wait for legacy verification, instead, the company now offers the blue check mark icon as a subscription service for both individual and corporate accounts.
The news and speculations surrounding Twitter’s home button change saw Dogecoin price skyrocket, reaching highs slightly above $0.1, although the meme coin has already given back some of the gains to trade at $0.0985 on Wednesday.
Cardano price has remained relatively unchanged in the last 24 hours, but a bullish trend appears to be building momentum on the daily timeframe chart. After holding support at $0.3 in early March, the smart contracts token embarked on another aggressive attack, which weakened the seller congestion at $0.35.
Bulls continued with this offensive attack toward the end of March and the beginning of April and now ADA dodders at $0.398. The 200-day Exponential Moving Average (EMA) (line in purple) is currently the stumbling block between Cardano price and an anticipated breakout to $0.6.
The optimistic outlook for ADA is well grounded on the daily chart and bolstered by the formation of an inverse head and shoulders (H&S). This pattern is similar
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