A review of the latest news and developments surrounding crypto assets Cardano (ADA) and Stellar (XLM) along with a price overview. Here are the details.
Cardano (ADA) is an open-source project that focuses on building a public blockchain platform for smart contracts.
Stellar (XLM), on the other hand, is a decentralized, peer-to-peer network, which is often seen as its main competitor. While it provides the same use case, it has different versions of it. XRP is one of them.
Cardano Boosts DOGE’s Price: The Details
The founder of Cardano’s crypto network, Charles Hoskinson, generated a buzz on Twitter when he appeared to support DOGE. As a result, the asset went up more than 1% in less than 24 hours.
Currently, the circulating supply of the memecoin is more than 2 billion, with a market capitalization of 132 billion. The sudden rise of DOGE surprised many members of the Cardano community as Hoskinson’s post was unexpected.
The Head of Input Output Global had previously expressed his disapproval of DOGE, claiming that it was disrespectful. He argued that the dog-themed coin was mocking his life’s work, as it was originally designed to poke fun at Bitcoin. (BTC) and its followers.
However, it is more likely that Hoskinson was referring to the Venetian voting process, during the Renaissance, which was a deterrent to corruption and other immoral political activities. Venetians used this intricate system to select the leader of their republic, the Doge.
The “Age of Voltaire,” the final stage of Cardano Network’s plan, is in line with Hoskinson’s comments about the “Doge vote.” The creator of Cardano predicts that it will usher in a new era of interconnectedness. Decentralized governance is expected to be the standard for the crypto industry.
By integrating a voting mechanism and a treasury system, Voltaire’s network would be self-sustaining. ADA holders would be able to voice their opinion on possible upgrades and improvements to the network, and the Treasury would fund these changes, if the voters approve. Project Catalyst is the first step towards this goal.
The new experimental, decentralized governance process is meant to discourage unreasonable behavior and offers a way to reduce it. This is based on the concept of “liquid democracy,” which blends the best elements of direct and representative democracy. Voters can cast their ballots themselves, or delegate their authority to experts on the matter.
Does The crypto Stellar (XLM), and its rival XRP, go hand-in-hand?
EGRAG CRYPTOXRP bull XRP hawk XRP stated that XLM has a significant price relation to XRP. An analyst posted this last week and pointed out that the difference in prices between the two assets is usually quite large. Between 30% and 40%.
Therefore, he believes that if XRP increases, XLM’s price will also go up. It is not uncommon for various cryptos and Bitcoin to go up together, as changes in the price of one can often trigger broader market rallies.
But it is worth mentioning that the average price difference between similar assets with links is taken into account. EGRAG uses an average price difference of 35% to suggest that if XRP goes up to $3, XLM’s price would be $1.05 and if XRP increases to $27, XLM would be $9.45.
Analysing the performance of two popular digital assets, #XLM and #XRP:
I have been following the movements of #XLM for a couple of years and have noticed that its price usually averages around 30-40% of the #XRP price.
Take this example. Here is a prediction of the #XLM price.
The more #XRP moons, the more #XLM moons. pic.twitter.com/JFzWKeBXJq
— EGRAG CRYPTO (@egragcrypto) February 23, 2023
It is worth noting that the creator of the Stellar Network, home to the XLM token, is Jed McCaleb. Notably, McCaleb is also the founder of Ripple and was previously the firm’s Chief Technology Officer. He is now involved with Stellar.
Just like XRP, Stellar also promotes the capabilities of XLM as a bridge currency. Recall EGRAG’s prediction that XRP will start rising on July 1. The analyst arrived at this conclusion by pointing out that XRP’s previous bear market lasted for 27 months from 2014 to 2017.
EGRAG also noted that the target price for this possible price surge is between $0 and $80. However, it all depends on whether history will repeat itself.
The analyst also mentioned that in the short-term, the asset will encounter resistance at the 300 moving mean. EGRAG is referring to the 50 moving average which traders use to spot short-term trends. A crossover with the 300 moving average heading upwards would be a strong buy signal.
Analyzing Price Performance of Cardano (ADA) and Stellar (XLM) Crypto Assets
Cardano’s price has dropped 12.43% over the last 7 days and declined further over the past 24 hours by 3.37%. Nonetheless, it has increased by 0.01% in the last hour.
The current value of ADA is €0.32. Cardano’s price is 89.06% lower than the all-time high of €2.92. The circulating supply is 34.670,942,593.105 ADA.
The price of ADA is going below the moving-average lines, falling to a low of $0.34.
As the cryptocurrency is in an upward trend, investors who are bullish on the asset are taking advantage and buying the dips. The resistance to the upward correction is $0.36.
If the altcoin is nearing the $0.34 oversold zone, it should drop. Nonetheless, the oversold area has been holding steady since January 24.
The downtrend will inevitably resume and the current support will be lost. The value of the crypto will continue to fall until it reaches a low of either $0.26 or $0.32. Right now, it is trading at $0.3612.
On the other hand, the price of Stellar has dropped 7.55% over the last seven days. It has kept decreasing over the past 24 hours by 2.69%, though it has gone up 0.14% in the past hour.
The current value of XLM is €0.0797. Stellar’s price is 91.00% lower than the all-time high of €0.89. The current outstanding bid for XLM is 26,429/703,531.32 XLM.
Stellar is one of the leading digital assets in the sector and is ranked 30th in terms of market capitalization. Analysts and investors are optimistic about Stellar (XLM) for 2023 as they believe that the project has huge potential. In 2023, Stellar (XLM) is up by over 24%.
