Cardano Investors Move to Stealth Crypto Following 51 Million Security Achievement

Cardano Investors Pivot to Stealth Crypto Post $5.1 Million Funding


Author: Sam Cooling
Latest Update:
June 28, 2024, 13:33 EDT
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Reading Time: 2 mins


In the current bullish market, Cardano (ADA) has yielded unsatisfactory returns, prompting many ADA investors to transition their funds to a less visible stealth token.
This piece delves into the ongoing price trends of Cardano (ADA) and explores whether a novel token holds more promising investment prospects at this juncture.
As we near the end of H1, market sentiment towards Cardano remains pessimistic, with prominent traders expressing bearish price forecasts and continuing to criticize the ecosystem’s price performance.


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IntoTheBlock
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In contrast to several popular Ethereum alternatives such as Solana, Base Chain, and the Open Network, Cardano has struggled to leverage the meme coins boom in 2024. The network is predominantly controlled by long-term holders, leading to perceptions of a transient ‘boomer’ coin.
However, before the Cardano community reacts strongly, it’s pertinent to note that Cardano manages to maintain its position within the top 10 largest cryptocurrencies by market capitalization.
ADA Price Assessment: What Does the Cardano Price Structure Indicate for July 2024?
With ADA price action facing challenges to surpass the descending 20DMA, Cardano is currently priced at $0.38, reflecting a 24-hour decline of -1.02%.
Amidst a prolonged downturn in ADA prices, the 20DMA has exerted downward pressure on Cardano’s price since May 22, with the current level at $0.40.
Nonetheless, a sturdy support level at $0.35 has effectively acted as a floor, preventing a complete market collapse.


An analysis of the RSI indicator indicates a considerable cooling off of Cardano prices in recent weeks. While there has been a slight uptick in the RSI as ADA prices approach re-testing the 20DMA resistance in the last 48 hours, the indicator remains positive at 38.7. This implies that there is upward pressure and potential for the latest push to exceed the moving average levels.


On the whole, the ADA price analysis suggests an upside target of $0.41 (+6.27%) for Cardano holders. Conversely, a further rejection could lead to a decline to $0.35 (-9.28%). Hence, the risk-to-reward ratio for July stands at 0.68, indicating a suboptimal entry marked by significant downside risk and limited potential for substantial gains in the near term.
Despite the somewhat gloomy ADA price analysis, retail investors on the lookout for hidden gems have not been discouraged. Let’s dive into the market’s latest innovation.
What Is PlayDoge? Why Are Retail Investors Focused on the PLAY Presale?
In a surge fueled by nostalgia, the PlayDoge presale has experienced significant growth in the past couple of weeks, amassing $5.22 million in this viral GameFi funding round.
But what sets PlayDoge apart?
Crafted as the Web3 revival of the beloved 90s classic Tamagotchi pets, PlayDoge introduces charming Doge-themed pets into your digital wallet within an engaging play-to-earn ecosystem.
Featuring dual revenue streams stemming from the exciting earning model combined with high-APY staking (currently at 122%), early investors can anticipate more than just a price hike.
Concerns arise about potential selling pressure if everyone can earn PLAY.
Fortunately, PlayDoge is spearheaded by a seasoned team of GameFi developers who are well-versed in the pitfalls of other popular play-to-earn projects. They have robust strategies in place to cultivate a thriving digital economy anchored by a dynamic and customizable NFT marketplace.
Don’t miss out on the potential highlight of the GameFi launch season in Summer 2024.
Stay updated on PlayDoge through
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Purchase PLAY During the Presale Here
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Disclaimer: Cryptocurrency is a high-risk asset class. This article serves for informational purposes only and does not constitute investment advice. Capital loss is a possibility.