In an effortpt to maintain its rally, Dogecoin price targets the $0.1756 resistance level. This would see the leading coin by market capitalization enter a rectangular channel. However, it faced selling pressure around this level. As buying momentum increases, DOGE price could reach a yearly high, around $0.2288. Conversely, Cardano price faces resistance during the $1 push.
In the meantime, Cutoshi enters the market with the new multi-chain DEX. This platform is designed to enable seamless trading and trading of crypto assets across multiple blockchains. Given this strong utility in its ecosystem, it is expected that Cutoshi could outperform popular altcoins in the coming months.
Cutoshi’s MemeFi Call Sparks Investor Interest
Although popular tokens like Cardano have seen massive growth, Cutoshi (CUTO) could overtake them in terms of market dominance in the coming months. At the intersection of memes and DeFi, CuToshi introduces a cutting-edge ecosystem with superior tools and features. Besides its DEX, Cutoshi has an educational platform that will promote participation in DeFi.
The “Cutoshi Academy” will fill knowledge gaps in DeFi and cryptocurrency, helping new investors navigate their way to financial freedom. Another notable feature is its yield farming protocol, in which users will complete quests and challenges to obtain more token rewards. Cutoshi Merch and NFTs will also add vibrancy to its community. What is more interesting is its deflationary mechanism, which promotes a continued scarcity of tokens in the ecosystem.
This will increase demand for CUTO, thereby increasing its upward buying pressure. By doing so, Cutoshi will maintain long-term value appreciation. So far, Cutoshi is available in the second stage of its presale at $0.022. It also raised more than $630,000, as evidenced by growing investor interest. With a price increase at each pre-sale stage, Cutoshi has positioned itself to deliver short-term gains to its early adopters.
Dogecoin price to reclaim the $0.2288 resistance zone
Amid the broad market rally, Dogecoin price increased by 8% over the past three days. With this upward dynamic, the meme token may attempt to break its upper critical resistance level to set a new yearly high in the coming days. The DOGE token rallied towards the $0.1756 mark, but was quickly rejected as selling pressure prevailed. After surpassing its 100-day simple moving average, DOGE price recorded a 33% gain.
As bulls target the $0.1756 level, the upside could push the meme coin to a new yearly high at $0.2288. However, its relative strength index indicatesindicates that the meme token is almost overbought. This suggests that potential consolidation is imminent. According to IntoTheBlock data further aligns with this impending price correction, indicating that over 92% of Dogecoin’s total supply is in profit.
Source: Trading View
This situation could trigger profit-taking behavior from investors and potentially cause further selling pressure. Additionally, its market value to realized value ratio (MVRV) is 77%. This means that all Dogecoin holders have, on average, grown by 81% on their initial investment. Notably, a very high MVRV generally signals a price decline.
Why Cardano Price is facing resistance at a $1 psychological barrier
As the Cardano network improves sustainability, scalability and security, its native token is struggling to surpass the $1 mark. Cardano’s value has steadily stagnated after reaching an ATH of $3 in 2021 and has struggled to breach the $1 psychological resistance zone. Several factors contributed to this resistance. Cardano’s prevailing negative sentiment in the market is one of the factors that influenced its inability to breach the dollar mark.
Since the bears invaded the market in 2022, investor interest in the ADA token has waned. Even with multiple network developments, ADA coin still faces skepticism. ADA price has historically faced heavy selling pressure when approaching the $1 mark.
Source: CoinMarketCap
During this phase, short-term traders will exit their positions, thus curbing Cardano’s bullish momentum. Additionally, it typically faces selling pressure at $1 as investors who purchased the ADA token at its peak would attempt to recoup their losses and invest in high-potential altcoins like Cutoshi.
Best crypto investment: DOGE, ADA and CUTO
Cardano and Dogecoin remain solid choices for long-term gains. Cutoshi offers an attractive opportunity for investors looking for short-term gains. With a price increase at each pre-sale stage, Cutoshi has positioned itself to deliver exponential returns to its early adopters.
For more information on the Cutoshi (CUTO) presale:
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