Recent weeks have seen Dogecoin struggle due to increasing selling pressure and technical issues that could endanger its place on the cryptocurrency market. In the meantime, Cardano (ADA) is getting closer to overtaking DOGE in terms of market capitalization, suggesting that the rankings may change.
Dogecoin’s price has been stuck in a downward trend, circling around $0.1733. The market has been dominated by a bearish formation, which has prevented the meme coin from breaking through crucial resistance levels. A death cross, a bearish technical indicator that occurs when the 50-day moving average crosses below the 200-day moving average, has been a major contributing factor to DOGE’s decline.
The asset’s capacity to stage a long-term recovery is hampered by this pattern, which frequently indicates sustained weakness. Moreover, bulls find it challenging to regain control as DOGE is still wedged between significant support and resistance zones. The coin could lose more ground, and there is a greater chance that it will drop below the $0.16 mark if it does not gain significant momentum quickly.
Cardano, which is currently trading at about $0.72, has been steadily increasing in value, while Dogecoin struggles. ADA’s price action has encountered resistance as well, but it has demonstrated resilience by maintaining important support levels. The larger pattern indicates that Cardano’s long-term bullish potential is still intact and that it has a stronger structural basis. In terms of market capitalization, ADA is getting closer to DOGE, with the difference in total valuation being negligible.
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The market capitalization of Dogecoin is currently around $25.72 billion, while Cardano is just a hair away from overtaking its competitor at $25.41 billion. If ADA keeps beating DOGE, it might soon take back its position as the eighth-biggest cryptocurrency. Dogecoin needs to get past important technical resistance levels and draw in new investors if it wants to hold onto its position.
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However, it will not be long before Cardano surpasses DOGE in the rankings if its upward trend continues. The competition between DOGE and ADA is becoming more intense, and given current patterns, the rankings could change soon.
