Cardano’s On-Chain Metrics Jump in August – Is a Breakout Around the Corner?

The price of Cardano has risen by 0.5% in the past 24 hours, climbing to $0.3429 after the cryptocurrency market enjoyed a 2.5% lift today.

ADA has now gained by 3% in a week, and while it remains down by 3% in a month, yesterday also brought the news that Cardano ecosystem grew in August in terms of almost all of its important metrics.

Such growth highlights how ADA remains something of a sleeping giant as an investment, with the coin potentially on course for substantial growth once the wider market’s mood turns a corner.

Cardano’s On-Chain Metrics Jump in August – Is a Breakout Around the Corner?

Today’s move comes amid a more positive period for Cardano, with the coin’s indicators suggesting that it will continue to rise (on the whole) over the next few days.

Most notably, its 30-period moving average (orange) rose above its 200-period average (blue) late last night, a sign which usually indicates an imminent – on in-progress – breakout.

At the same time, ADA’s RSI (purple) has climbed above 50 this morning, another sign of growing momentum and buying pressure.

Also interesting is the coin’s rising support level (green), which is ascending so vigorously that it will probably hit ADA’s resistance level (red) soon.

Again, this would imply an incoming breakout, and with Cardano’s trading volume at a relatively low $300 million today, all it would take is one fairly big buy to lift it.

It’s hard to predict when such a buy will arrive, but with ADA down by 89% in relation to its ATH of $3.09 (set in September 2021), it’s clear that the market continues to undervalue heavily.

Indeed, Cardano’s fundamentals are arguably some of the strongest in the cryptocurrency market, with the latest update revealing that its blockchain saw an increase in transactions, wallets, Plutus scripts (i.e. smart contracts) and native tokens in August.

Cardano's August 2024 On-Chain Stats 📊

We saw steady growth across the @Cardano ecosystem last month—more transactions, more wallets, more native tokens. Onward and upward! pic.twitter.com/fFWes0d0jo

— Cardano Foundation (@Cardano_CF) September 9, 2024

This points to how much steady growth Cardano has witnessed in recent months and years, with the network’s total value locked in now standing at $192.5 million.

And when combined with future updates (such as work on scaling), Cardano has the potential to become very big in the not-too distant future.

As such, the Cardano price could easily reach $0.4 by November and $0.5 by the end of the year, before returning to $1 by Q2 2025.

New Altcoins May See Expontenial Growth

Because ADA tends to wait for real fundamental news before rallying, many traders may look to diversify into newer tokens, which can often rally big during their early periods.

Presale coins are a very good example of this, since the most successful presales often lead into surges when their corresponding tokens list.

And one presale coin looking good right now is DICE, the Solana-based native token of online casino Mega Dice, which has now raised $1.8 million.

Another Milestone Achieved at Mega Dice Casino! 🎉

We’re thrilled to announce that our $DICE Telegram community has just reached 16,000 members! 📈

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BUY $DICE NOW 👇… pic.twitter.com/LdIME98bYb

— Mega Dice Casino (@megadice) September 9, 2024

Having launched in 2023, Mega Dice is now one of the biggest cryptocurrency casinos in the industry, with its website offering over 4,500 games and a hefty sportsbook.

It’s clear that Mega Dice’s existing brand has boosted the presale for DICE, which as a token will offer holders copious benefits.

It will function as a payment token with Mega Dice’s platform, while also offering access to exclusive games and bonuses.

DICE has a max supply of 420 million tokens, which if Mega Dice continues to grow as a casino could make it deflationary in the long run.

One bonus is that holders can stake the token for a passive income, with the token also set to have a post-presale airdrop worth $2.25 million.

WARNING: Time's Almost Up to Grab $DICE at the Lowest Price! 🚨

The $DICE presale is about to close its doors, with the last price increase happening this Tuesday! This is your absolute final chance to get in on the best #GameFi token on #Solana before the price skyrockets! ⏳… pic.twitter.com/vzF1t77DsA

— Mega Dice Casino (@megadice) August 30, 2024

Investors can get involved in its sale by going to the Mega Dice website, where DICE currently sells at $0.116056 per token.

Given Mega Dice’s existing popularity, DICE will likely eclipse this price once it lists in the next few weeks.

Buy DICE Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.