Cardano Price Forecast – Can ADA Overtake Dogecoin This Week?

cryptonews.com:

The ADA bears are in control on Wednesday, with the cryptocurrency trading about 2.5% lower on the day near the $0.31 per token level, taking losses since Monday’s peak near $0.33 to around 6.0%. Price predictions have become less bullish this week. ADA, which is the token that powers the Cardano blockchain, is now only just over 5.0% above the annual lows it printed in November just under $0.30.

Some technicians think that ADA might find support from a short-term bullish trend channel that it has been trading within for the last few weeks. If the cryptocurrency can turn higher, perhaps catalyzed by macro optimism if upcoming US inflation data surprises to the downside once again, then it could be looking at a recovery back to monthly highs in the $0.33 area.

However, a breakout below this short-term uptrend would confirm that, in the long term, the ADA bulls remain very much in control. Indeed, ADA/USD remains locked well within a downtrend that has been in play since mid-August.

ADA/USD also remains capped by a longer-term downtrend that has been in play since the cryptocurrency hit its record highs above $3.0 back in mid-2021.

At current prices, the market capitalization of Cardano’s ADA token is around $10.7 billion versus Dogecoin’s market cap of around $12.7 billion. That means Dogecoin’s market capitalization is around 19% larger than Cardano’s. While cryptocurrencies are highly volatile, meaning traders shouldn’t rule out the possibility that Cardano can close the near 20% gap to Dogecoin this week, the current bearish state of Cardano means that such a move is highly unlikely in the near future.

In a recent interview at the Messari Mainnet Conference, a top executive at Input Output Hong Kong (IOHK), the company that