CoinGecko Set to Overtake CoinMarketCap as Top Cryptocurrency Market Aggregator
In the world of cryptocurrency market aggregators, CoinGecko is quickly gaining momentum and is on the verge of surpassing CoinMarketCap as the largest market capitalization aggregator online. CoinGecko’s rise has been significant, and it is now within striking distance of dethroning its rival CoinMarketCap, which has long been the go-to platform for crypto enthusiasts and investors to track market data.
CoinGecko has gained traction due to its comprehensive data, user-friendly interface, and robust set of tools for cryptocurrency investors. It provides detailed information on price, volume, market cap, and other key metrics for thousands of digital assets. As CoinGecko continues to enhance its offerings, it’s becoming a significant player in the cryptocurrency information space, giving CoinMarketCap a run for its money.
Cardano’s Struggles and Potential Recovery
While CoinGecko is on the rise, Cardano (ADA), one of the most prominent cryptocurrencies, has faced challenges in recent months. After reaching new yearly highs in July 2021, Cardano entered a steep corrective period, with its price plummeting more than 50% within two months. The price dropped from a high of $0.155 to a low of $0.0755 on September 22, 2021.
The sharp decline in Cardano’s price was a significant blow to the token, which is often referred to as an “Ethereum killer” due to its potential to rival Ethereum’s dominance in the smart contract space. Despite the setback, the 200-day moving average has helped Cardano stabilize its price, serving as a rebound zone. After hitting this support level, Cardano saw a 51.5% upswing, pushing the price back up toward the 100-day moving average in mid-October, which also managed to hold firm.
Since then, Cardano’s price action has been contained within the range between the 200-day moving average and the 100-day moving average. Currently, Cardano (ADA) is attempting to break through the overhead resistance and recover some of the ground it lost during its corrective phase. However, doing so will not be easy.
Resistance Ahead for Cardano: On-Chain Metrics
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model sheds light on the significant resistance Cardano faces as it attempts to recover. According to this on-chain metric, the 100-day moving average represents a major supply barrier for Cardano. More than 20,000 addresses have previously purchased nearly 3.6 billion ADA between the price range of $0.107 and $0.112. These holders are likely to exit their positions if the price climbs into their breakeven range, potentially putting downward pressure on any uptrend.
The IOMAP model highlights the importance of the price zone between $0.107 and $0.112, with large amounts of ADA held by these addresses. If the price of Cardano continues to rise, some of these investors may choose to sell, which could prevent the token from pushing higher in the short term.
A Path to Recovery for Cardano
Despite the challenges, Cardano’s recovery is still very much in play. If demand for ADA increases significantly, the cryptocurrency could potentially slice through this resistance and target the $0.125-$0.13 hurdle. Achieving this goal would mark a key milestone in Cardano’s recovery, as it could solidify the token’s position as a viable competitor in the smart contract space.
The recovery of Cardano (ADA) is likely to be a gradual process, with ongoing resistance from the 100-day moving average and supply barriers from the IOMAP model. However, if demand picks up and buying momentum increases, Cardano could successfully break through these obstacles and see its price rise in the coming months.
Conclusion: CoinGecko’s Rising Dominance and Cardano’s Fight for Recovery
While CoinGecko is poised to overtake CoinMarketCap as the leading cryptocurrency market aggregator, Cardano (ADA) faces significant challenges in its attempt to recover from a major price correction. Despite the 50% drop in price and the resistance from the 100-day moving average, Cardano still has the potential to rebound if demand continues to rise.
CoinGecko’s success as a market data provider reflects the growing interest in cryptocurrencies, while Cardano’s path to recovery is a reminder of the volatility and resilience of the crypto market. Both platforms are likely to play significant roles in the evolving cryptocurrency landscape as they continue to shape the industry’s future.
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