Dogecoin currently boasts a bearish outlook, having dropped below the $0.30 psychological level and is now at risk of losing the $0.20 level. This bearish outlook is further strengthened by a drop in DOGE’s social sentiment, mirroring Ethereum, which has also suffered significant price crashes. 

Dogecoin Mirrors Ethereum As Social Sentiment Tanks

In an X post, on-chain analytics platform Santiment revealed that Dogecoin is mirroring Ethereum as social sentiment on these coins is “nearly non-existent.” This means that there has been a lack of significant social media interest in Dogecoin and Ethereum, with investors choosing to discuss other coins over them. 

In this regard, Santiment revealed that Bitcoin is leading the way in cryptocurrency discussions on these social media platforms. Meanwhile, Cardano has also witnessed a massive rise compared to usual. On the other hand, Dogecoin and Ethereum are both basically non-existent in these crypto discussions. 

This development provides a bearish outlook for Dogecoin and hints that a further price decline may be on the horizon. It is worth mentioning that the foremost meme coin has been one of the coins that has taken the most hit during the market downtrend, losing the $0.3 psychological level. This indicates that the negative social sentiment has also translated to a lack of buyers in the DOGE ecosystem to help defend certain support levels. 

Besides the crash in social sentiment, on-chain metrics also paint a bearish picture for Dogecoin and hint at a price crash that could be brewing. IntoTheBlock data shows that there has been a dropping in ‘Hodlers Balance.’ These are investors who have held the meme coin for a year more. As such, long-term holders look to be losing their confidence in Dogecoin, which could spark a wave of sell-offs and lead to a massive crash for the foremost meme coin. 

DOGE Is Still In An ‘Overall’ Bull Market

Despite the recent downtrend for Dogecoin, crypto analyst KrissPax has assured market participants that the foremost meme coin is still in an overall bull market. He noted that every falling wedge over the past year and a half has led to an upward trend breakout for DOGE. As such, despite the recent pullback due to inflation, fewer rate cuts, and Trump’s tariffs, the crypto analyst is confident that Dogecoin will eventually turn around and go higher. 

Crypto analyst Trader Tardigrade also provided a bullish outlook for DOGE, stating that a price surge is imminent. He remarked that DOGE’s bullish falling wedge was nearing a breakout. The crypto analyst added that the meme coin often forms large falling wedge before it pumps. His accompanying chart showed that DOGE could finally pump to the much-anticipated $1 level when it breaks out to the upside. 

At the time of writing, the Dogecoin price is trading at around $0.25, down almost 5% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com

Following the recent market crash, the crypto industry is showing signs of recovery, with the global market cap reaching $3.2 trillion, marking a 1.21% increase. In line with the overall crypto market, the Cardano price is exhibiting a rebound, signaling a potential rally to a new all-time high.

Driven by speculations of an imminent ADA ETF launch, analysts foresee Cardano’s bullish ascendance. However, with market participants also bracing for possible declines in ADA’s value, they are closely monitoring the token’s price fluctuations.

Cardano Price Eyes $3: A New ATH on the Horizon?

Notably, the Cardano price has been hovering below the $2 level for more than three years. Currently, the altcoin is trading below the significant range of $1. However, analysts remain bullish about ADA’s potential rebound, especially driven by Grayscale’s ADA ETF filing.

Nala, a prominent crypto voice on X, shared an X post today, drawing the community’s attention to the Cardano price’s possible uptrend. According to Nala, Cardano is about to make history. After nearly touching $3 in 2021, the analyst expects Cardano’s ADA to make a comeback to this price point and potentially break through it soon.

Echoing Nala’s view, Max Brown also predicted Cardano’s possible bull run, potentially reaching a new all-time high of around $3.

April Target: Is $1.5 Within Reach?

Significantly, the recent recovery and potential rally in Cardano’s price are triggered by Grayscale’s ADA ETF initiative. In a recent development, Grayscale Investments filed a registration statement with the NYSE to launch its Cardano ETF.

Reflecting on Cardano’s recent trends, trader Niels posited that the Cardano price has already experienced a notable dip, marking a bottom. While ADA’s capitulation candle has already occurred, similar to 90% of other utility altcoins, the worst might be over for Cardano. Reiterating the bullish outlook, the trader suggested that ADA will reach $1.5 by April 2025.

Cardano’s Potential Bull Run: Key Levels to Watch

Interestingly, Cardano’s ADA price is driven in part by founder Charles Hoskinson’s hint at a potential partnership with Microsoft. Triggered by Hoskinson’s announcement and Grayscale’s ETF filing, ADA is set for an upward momentum.

As highlighted by analyst Trader Courage, Cardano has surged past a significant resistance zone of $0.7012. ADA has further pierced the critical level of $0.7577, continuing its upward trajectory. The next target for the token is $0.8082, which will push the Cardano price to $0.8715 and higher.

Cardano Price Gains 7.5%: What To Expect?

As of press time, the Cardano price is at $0.7845, with a daily gain of 3.5%. Despite a monthly dip of 13%, the altcoin has marked a notable growth of 7.5% over the last seven days.

Boasting a market cap of $27.61 billion, Cardano is ranked 9^th on CoinMarketCap. The 24-hour trading volume, marked at $1.3 billion, has declined by 16.8%, showing investors’ changing sentiment.

Analysts’ predictions, coupled with Cardano’s current performance, signal the altcoin’s further growth to new highs. However, as with any cryptocurrency, traders and investors should exercise caution and conduct thorough research before making investment decisions.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.