Latest news regarding the crypto assets Cardano (ADA) and Stellar (XLM). All the important recent 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 XRP, although it offers different versions of the same use case.
Summary
Cardano raises the price of DOGE: the details
The founder of the Cardano crypto network, Charles Hoskinson, stirred up Twitter by apparently backing DOGE. As a result, the asset has risen more than 1% in 24 hours.
In fact, the memecoin, currently with a circulating supply of over 132 billion, has seen a 1% increase in its market capitalization. Many in the Cardano community were surprised by Hoskinson’s post.
The head of Input Output Global has previously expressed disgust with the dog-themed meme currency, claiming that Dogecoin insulted his life’s work. He recalls that DOGE’s original intent was to poke fun at Bitcoin (BTC) and its devoted fan base.
However, it is more likely that Hoskinson is alluding to the Venetian voting procedure of the Renaissance era that was intended to discourage corruption and other forms of political immorality. Venetians chose the head of their republic, the DOGE, through this elaborate process.
The “Age of Voltaire,” the final phase of the Cardano network plan, coincides with Hoskinson’s statements about the “Doge vote.” The creator of Cardano predicts that this will launch the web into a new era of decentralized governance that will set an example for the cryptocurrency industry at large.
By integrating a voting and treasury 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 could suggest improvements and upgrades to the network.
If voters approve, the treasury would fund these changes. With Project Catalyst, the network is taking the first steps toward this goal.
To curb illogical behavior, the experimental, decentralized governance process suggests 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 to be an expert on the subject.
Does the crypto Stellar (XLM) go hand in hand with its rival XRP?
EGRAG CRYPTO, a major XRP bull, asserted 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%.
Consequently, he predicts that a higher XRP price will likely lead to a higher XLM price. It is not unusual 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, using 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 comparison to #XRP:
I've been following #XLM for couple of years & I observed that the price of #XLM is on average 30% to 40% (+ or -) from the Price of #XRP.
If this is the case the below is my #XLM Price prediction.
The more #XRP Moons the more #XLM moons. pic.twitter.com/JFzWKeBXJq
— EGRAG CRYPTO (@egragcrypto) February 23, 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 period as the company’s Chief Technology Officer, just as he is currently at Stellar.
Like XRP, Stellar also promotes XLM’s capabilities as a bridge currency. Recall that EGRAG predicted that XRP would kick off an upward run on 1 July. 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 target for this potential price run is the $80 price point, which according to its analysis should come around May 2024. However, this all depends on history repeating itself.
In the short term, the analyst points out that the asset meets resistance at the 300 moving average. According to EGRAG, the 50 moving average, which traders usually use to identify short-term trends, crossing the 300 moving average upward would present a strong buy signal.
Focus on the prices of Cardano (ADA) and Stellar (XLM) crypto assets
Cardano’s price has declined 12.43% in the last 7 days and then dropped further in the last 24 hours, by 3.37% to be exact. However, in the last hour it has risen by 0.01%.
The current price is €0.32 per ADA. Cardano’s price is 89.06% lower than the all-time high of €2.92. The current circulating supply is 34,670,942,593.105 ADA.
The price of ADA is falling below the moving average lines, dropping to a low of $0.34.
As the cryptocurrency is currently making an upward correction, bullish people are buying the dips. The high of $0.36 represents resistance for the upward correction.
If the altcoin approaches the oversold area of $0.34, it should fall. However, the oversold area has held since 24 January.
In any case, the slump will start again if Cardano loses the 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 trading at $0.3612.
On the other hand, the price of Stellar has also fallen 7.55% in the past 7 days. And it has continued to fall by 2.69% in the past 24 hours. However, in the last hour, the price has risen 0.14%.
The current price is €0.0797 for XLM. Stellar’s price is 91.00% lower than the all-time high of €0.89. The current outstanding bid is 26,429,703,531.32 XLM. In any case, Stellar seems to be one of the crypto assets that are leading the charge in the industry.
In fact, Stellar (XLM) is currently ranked 30th in market capitalization. Both experts and investors are positive on Stellar (XLM) for 2023, as they believe the project has enormous potential. In 2023, Stellar (XLM) is up more than 24%.
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