analysis of crypto Cardano e Stellar (XLM)
Latest news regarding crypto assets Cardano (ADA) and Stellar (XLM). All important latest developments and a price overview. Here are the details.
Cardano (ADA) is an open source cryptocurrency-related project that aims to build a public blockchain platform for smart contract management.
Stellar (XLM), on the other hand, is a decentralized peer-to-peer network that is often considered the main competitor to XRPeven if it offers different versions of the same use case.
Cardano increases the price of DOGE: the details
The founder of Cardano crypto network, Charles Hoskinsonstirred up Twitter by apparently supporting DOGE. As a result, the asset has risen more than 1% in 24 hours.
Actually memecoin, currently with a circulating supply of over NOK 132 billion, has seen a 1% increase in market value. Many in the Cardano community were surprised by Hoskinson’s post.
The leader of Input Output Global has previously expressed distaste for the dog-themed meme currency, claiming that Dogecoin insulted his life’s work. He remembers that DOGE’s original intent was to make fun of Bitcoin (BTC) and its devoted fan base.
However, it is more likely that Hoskinson is alluding to the Renaissance Venetian voting procedure that was intended to discourage corruption and other forms of political immorality. The Venetians elected the head of their republic, the DOGE, through this elaborate process.
“Age of Voltaire”, the latest phase of the Cardano network plan, coincides with Hoskinson’s remarks about the “Doge vote”. The creator of Cardano predicts that this will launch the web into a new era of decentralized management which will set an example for the cryptocurrency industry at large.
By integrating a voting and financial mechanism, Voltaire would make the network self-sufficient and give ADA holders a voice in determining the future of the network. For example, ADA holders can suggest improvements and upgrades to the network.
If voters approve, the Treasury will fund these changes. With Project Catalystthe network is taking the first steps towards this goal.
To curb illogical behavior, the experimental decentralized governance process proposes a “liquid democracy” paradigm that combines the best features of direct and representative democracy.
Voters can vote themselves or give that authority to someone they believe is an expert on the subject.
Does the crypto Stellar (XLM) go hand in hand with its rival XRP?
EGRAG CRYPTO, a major XRP bull, claimed that XLM has a significant price correlation with XRP. The analyst revealed this in a tweet last week, pointing out that the price difference between the two assets is usually between 30% and 40%.
Accordingly, he predicts that a higher XRP price will likely lead to a higher XLM price. It is not uncommon for cryptocurrencies to move in tandem, as higher Bitcoin prices often lead to a broader market rally.
However, it is interesting to note the average percentage price difference between the two assets with significant links and similarities. EGRAG, with an average price difference of 35%, places XLM at $1.05 if XRP rises to $3 and $9.45 if XRP rises to $27.
#XLM Price in relation to #XRP:
I have followed along #XLM for a couple of years and I observed that the price of #XLM is on average 30% to 40% (+ or -) from the price of #XRP.
If this is the case below is my #XLM Price prediction.
The more #XRP Moons the more #XLM moons. pic.twitter.com/JFzWKeBXJq
— EGRAG CRYPTO (@egagcrypto) 23 February 2023
It is worth mentioning that the developer of the Stellar network, which hosts the XLM token, is Jed McCaleb. Notably, McCaleb was also one of the founders of Ripple, with a stint as the company’s Chief Technology Officer, just as he currently is at Stellar.
Like XRP, Stellar also promotes XLM’s capabilities as a bridge currency. Remember that EGRAG predicted that XRP would start a run up on July 1st. The analyst arrived at this prediction by pointing out that XRP’s previous bear market lasted 27 months from 2014 to 2017.
In addition, EGRAG noted that the objective of this potential price race is $80 price point, which according to its analysis should come around May 2024. However, this is dependent on history repeating itself.
In the short term, the analyst points out that the asset faces resistance at the 300 moving average. According to EGRAG, the 50 moving average, which traders typically use to identify short-term trends, crossing the 300 moving average upwards will give a strong buy signal.
Focus on the prices of Cardano (ADA) and Stellar (XLM) cryptoassets
Cardano’s price has dropped 12.43% in the last 7 days and then dropped further in the last 24 hours, by 3.37% to be exact. In the last hour, however, it has risen along with it 0.01%.
Current price is €0.32 per ADA. Cardano’s price is 89.06% lower than its all-time high of €2.92. The current circulating supply is 34,670,942,593,105 ADA.
The price of ADA falls below the moving average lines, falling to a low of $0.34.
As the cryptocurrency is currently making an upward correction, bullish people are buying the dips. The tall of $0.36 represents resistance for upward correction.
If the altcoin approaches the oversold $0.34 area, it should fall. However, the oversold area has held since January 24.
In any case, the decline will start again if Cardano loses its current support. The cryptocurrency’s value will continue to fall until it reaches a low of $0.26 or $0.32. The cryptocurrency is currently traded at $0.3612.
On the other hand, the price of Stellar has also fallen 7.55% in the last 7 days. And it has continued to fall by 2.69% in the last 24 hours. But in the last hour the price has risen 0.14%.
Current price is €0.0797 for XLM. Stellar’s price is 91.00% lower than its all-time high of €0.89. The current outstanding bid is 26,429,703,531.32 XLM. Regardless, Stellar appears to be one of the cryptoassets leading the way in the industry.
In fact, Stellar (XLM) is currently ranked 30th in market capitalization. Both experts and investors are positive about Stellar (XLM) for 2023, as they believe the project has enormous potential. In 2023, Stellar (XLM) is up more than 24%.
