Despite being labeled an unregistered security by the SEC, traders are increasingly bullish on Cardano as the token forms an ascending triangle pattern.
In addition, the Cardano DeFi ecosystem is starting to bloom as its network starts to see an uptick in activity following its scalability upgrade earlier in May 2023.
Meanwhile, traders are also starting to turn their heads to other tokens in the market, with meme coins, utility tokens, and environmentally friendly projects leading the way.
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ADA Price Analysis: Triangle Pattern Hinting at Significant Growth Above $0.3?
After suffering a brutal 45% price drop during early June, ADA, the native token behind Cardano, is starting to show subtle hints of an imminent break higher.
Last month, the cryptocurrency suffered a capitulation due to the SEC labeling it as an unregistered securities offering during its tirade against the crypto industry.
Nevertheless, ADA managed to find solid footing at $0.252 and has since started to form a technical trading pattern known as an ascending triangle – which is often considered highly bullish;
The chart above shows the triangle, highlighted with the dashed border.
The upper roof of the triangle is set at $0.30, with an ascending trend line providing support beneath the market.
A breakout above the roof would allow ADA to run higher to the Jan 2021 resistance at $0.385, and traders are quickly anticipating this over the coming weeks as the triangle approaches the apex.
If ADA breaks to the upside, resistance above $0.3 is expected at $0.318 (bearish .5 Fib), $0.33 (bearish .618 Fib), $0.357, $0.37, and $0.385.
Cardano Continues Enormous Ecosystem Expansion
Traders are further excited about the growth of Cardano as the on-chain metrics start to show it’s flourishing following the launch of its DeFi ecosystem.
The project released Hydra, a scalability upgrade for the network, in May 2023, and according to data from Messari, the total fees paid on Cardano recently surged to a one-year high as a result;
In addition, the total amount of ADA deposited into its DeFi applications is also starting to surge as the Total Value Locked (TVL) metric reaches fresh all-time highs;
Overall, Cardano looks incredibly bullish as traders await a breakout above $0.3 to signal the bullish sentiment displayed in the on-chain metrics.
Which Other Tokens Could Experience a Price Pump With ADA?
As the anticipation of the Cardano breakout continues to grow, traders are also looking for other potential candidates that can pump alongside ADA.
In particular, three notable tokens are gathering momentum – spanning a wide range of booming sectors within the crypto industry.
The projects gaining attention alongside ADA are Wall Street Memes ($WSM), dubbed the next meme coin sensation, yPredict ($YPRED), a utility-fueled AI-based token, and Ecoterra ($ECOTERRA), a revolutionary recycle-to-earn ecosystem.
Wall Street Memes – Elon’s New Favorite Memecoin?
The first token that’s quickly becoming the most sought-after token in the meme coin sector is Wall Street Memes.
Wall Street Memes is capturing the eyes in the crypto sector as it crosses the $14 million fundraising milestone in under fifty days, making it the fastest-growing presale project in 2023.
The entire idea behind this project is to make a mockery out of the traditional financial system through a hilarious series of memes.
The comedic and truthful aspect of the memes has turned the Wall Street Memes Twitter handle into the go-to destination for trading and finance-related memes – even attracting the attention of Elon Musk.
The Tesla and Twitter CEO has commented on the truthful meaning behind the financial system-related memes on several occasions;
The comments have investors speculating if the tech mogul and self-proclaimed “Dogefather” has found a new meme coin to cheerlead alongside his beloved Dogecoin.
Furthermore, with the memes generating over 40 million monthly impressions on Twitter, it’s unsurprising that Wall Street Memes now has a cult-like community of over 1.1 million followers.
The community continues to push the presale through its milestones as they’re curious about the long-term prospects for Wall Street Memes.
Investors are also confident in the team’s capabilities after demonstrating its long-term commitment to the project by refusing to allocate any tokens for themselves in the presale.
As a result, 50% of the 2 billion $WSM supply is sold in the presale, with the other half reserved for adding liquidity to exchanges and providing community airdrops – making it an entirely community-driven project.
Lastly, the huge community has experts believing that $WSM will be instantly listed on major tier-1 exchanges following its launch.
They reason that exchanges will benefit from the huge trading volumes, with major exchanges like OKX and Binance expected to be the first to list the token.
Overall, Wall Street Memes has created a brilliant project through a fusion of internet culture, hilarious memes, and decentralized finance – setting the foundations for becoming the next memecoin sensation in the crypto sector.
yPredict – Using AI to Help Traders Become Consistently Profitable
Another project expected to experience an epic pump is yPredict, a next-generation AI-based trading research and analysis platform to provide traders with insights to make better trading decisions.
With the AI sector expected to continue its growth, $YPRED intends to position itself at the forefront of the industry by creating a token fuelled by utility – providing it with exceptional long-term growth.
The expert team behind yPredict has created a range of products that provide traders with state-of-art financial prediction methods and metrics to help them make trading decisions.
The flagship product for the platform is the yPredict Marketplace, which creates a results-as-a-service economy for the ecosystem.
This product allows financial developers to list their price prediction models for traders to subscribe to on a monthly basis.
Traders can browse for the highest-performing models that align with their trading strategies and pay the subscription in $YPRED tokens – providing the token with consistent value.
Of the revenue generated, 70% is given to the developer listing the model, with the remaining 30% being re-injected back into the ecosystem.
Furthermore, yPredict also contains an analytics suite that provides traders an edge in the financial markets through a new breed of trading tools entirely powered by AI.
The AI can alert traders based on pattern recognition and sentiment analysis while providing confidence scores about the signal.
The best part is that users must hold $YPRED tokens to access this feature.
The platform also has financial prediction model products that are free to use, designed to attract new users into the yPredict ecosystem.
Overall, yPredict is expected to change the trading landscape once launched, and the utility-driven ecosystem will provide investors with long-term growth potential.
Ecoterra – Incentivizing Users to Help Future Sustainability Through Recycling
The final project causing a buzz in the market is Ecoterra, a project focused on rewarding people for taking action on climate change.
Ecoterra is quickly gaining significant traction after crossing the $6 million milestone in its presale. The presale is now in its last stage, meaning you only have hours to decide if you want to invest.
The project has created a revolutionary Recycle2Earn application that rewards people for recycling.
Through the application, users can scan the recyclable materials’ barcode to get a reward quote. Then, they will be directed to the nearest Reverse Vending Machine (RVM) to deposit the items.
Once recycled, users simply upload an image of the receipt to the application to earn rewards.
The overall mission behind the project is to educate the public on the need for recycling by providing them with a solid incentive to do it.
Users can make other ecological actions on the platform to earn rewards, such as buying recycled materials from businesses and purchasing carbon offsets to reduce their carbon footprint.
Overall, Ecoterra is using the power of Web3 and GameFi to push the world into a greener future.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com