Dogecoin (DOGE) price has hit a major resistance level and continues to underperform amid rising market volatility. Despite key announcements and community hype for memecoins, the price rally faltered and traversed back to previous support. A prominent Dogecoin (DOGE) trader has preferred an emerging crypto star to invest in this cycle for 25x gains.
Cardano (ADA) has fallen off the investors’ list after a wave of criticism followed its tokenomics, ecosystem, and developmental efforts lately. Investors continue to choose DTX Exchange over hype-based tokenomics of memecoins and the sluggish price momentum of Cardano (ADA) as the next moonshot crypto.
DTX Exchange Surges Past $1.5M With Game-Changing Features
DTX Exchange (DTX) advances in the trading sector by introducing game-changing trading techniques and innovative features to revolutionize the existing trading schemas and optimize finances. The powerful platform of DTX includes a 1000x leverage feature with AI-supported analytics and automation to seamlessly make profits with machine expertise.
Traders of all levels can access 120,000+ financial assets across diverse markets, including stocks, cryptos, commodities, and forex. In addition, the flexibility through quant and algo trading strategies and copy trading provided by DTX is unmatched with a high execution speed of only 0.04 seconds, revenue-sharing model, and gas-free trading.
DTX Exchange has raised the bars after collecting an impressive $1.52 million in round 2 of the public presale. DTX Exchange offers a safe and secure trading ecosystem through blockchain layer-1 technology and no-KYC onboarding. Priced at $0.04, the DTX token is expected to rocket past $1 post-launch, promising 100x gains for early buyers.
Dogecoin (DOGE) Faces Downside Risks After Meme Hype Cools
After peaking to the upper support range amid Binance’s announcement to list the DOGE/JPY pair with spot Algo orders, Dogecoin (DOGE) price has tumbled back to the $0.104 support level. The initial community hype was triggered by Elon Musk’s recent humoristic affirmation of Trump’s offer to play an active role in the administration in case of a US Election victory.
[Embedded tweet]I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
The volume of Dogecoin (DOGE) spiked to 72% following the major announcements but the rally proved to be a sudden shift of the community sentiment without any long-term scope. The Dogecoin (DOGE) price has declined by 1.4% on the intraday chart with a 20% drop in transactional volume.
As further downside risks approach as bearish pressures spike, Dogecoin (DOGE) traders continue to shift capital to other promising avenues of investments with increasing demand and global scope to host extensive use cases for large communities.
Top Analyst Raoul Pal Warns Against Investing in Cardano (ADA)
Cardano (ADA) is facing high backlash from the DeFi community after its slow developmental activities and underperformance for months. The ADA token has slid below the top 10 rankings after Tron (TRX) surpassed it recently in market cap. Given TRX’s strong performance, it’s unlikely that Cardano (ADA) will reclaim its previous ranking anytime soon.
Moreover, the date for Chang Hard Fork remains uncertain, with expectations now set for around August 27th, following multiple delays. The minor 2% price rise for Cardano (ADA) after achieving major milestones with wallet launches has pushed the value in the Crypto Fear & Greed Index down toward 26, indicating extreme fear among investors.
A prominent crypto analyst, Raoul Pal has recently issued cautions to avoid investing in Cardano (ADA) as the innovative edge is no more a major factor for it. He argues that the situation will get worse as competition intensifies with new cutting-edge projects. A similar project is DTX Exchange which is favored over Cardano (ADA) due to its massive potential to outpace legacy projects.
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