Mysterious on-chain analyst Pentoshi said that in the weeks ahead, Cardano (ADA) may see a supply and demand spike that will ignite a rally. The analyst also analyzes specific risks for DOGE, targeting $0.45 in a buy streak. We start with ADA and continue with the statements made by on-chain analytics firm Chainlysis for DOGE…
Analyst Pentoshi expects these levels from Cardano (ADA)
Pentoshi’s initial prediction is that ADA will drop below $2 before recording a new high after the Alonzo hard fork. The analyst’s explanations and the graph he followed for ADA are as follows:
Charles Hoskinson, Ethereum Co-Founder and Cardano CEO, I would like to see ADA drop to the 1.90s before launching smart contracts 4 years later and then get to that level before their new ATH. Wait for September.
Meanwhile, according to Pentoshi, bullish fundamentals are in place and technically Cardano is one of the most solid looking altcoins on the market. Besides Charles Hoskinson deeming all technical analysis “unnecessary”, Pentoshi’s technical comments and graph on Cardano are as follows:
Technical analysis, this has been one of the strongest projects all year. The trend suggests the next new ATHs and price discovery.
Finally, Pentoshi states that over 70% of all ADA is kept off the staked market, saying that this could put bullish pressure on Cardano (ADA) supply in the coming weeks:
Something like 72% of ADA’s total supply is also at risk, and it’s easy to see a demand > supply spike in the coming weeks.
Analyst Pentoshi: Dogecoin ready for another upward move
Cryptocoin. com, Pentoshi recently said that DOGE would “surprise” everyone. And now, he says, DOGE seems poised for an impulsive rally, gaining about 50% to $0.45 on the strength it receives from the base.
Chainalysis explained how much adoption Dogecoin has:
Chainalysis, which provides on-chain data to cryptocurrency businesses and financial institutions, says Dogecoin (DOGE) is growing in popularity among new investors, reaching levels not seen in nearly four years. In a new report, the firm explained that new investors are embracing memecoin in a way reminiscent of the crypto bull market in late 2017:
Of course, the demand and price for DOGE is largely driven by social media. But we can judge the strength of the response from the actual activity on its blockchain. The response we’re seeing is that DOGE is currently being adopted by new investors at a level not seen since the bull market of late 2017.
Additionally, Chainlysis reveals that new investors who have purchased Dogecoins in the past six months hold a quarter of the memecoin supply, down from just 9% in July 2020. The company’s statements on Reddit, Elon Musk and TikTok trends were as follows:
New investors returned again in July 2020 after the TikTok train, increasing their investment from 9% to 17% by October 2020. Elon Musk and his Reddit profile, and DOGE’s price. Investors who bought DOGE in the last six months now own 25% of the supply, while investors who have held it for more than two years have reduced their supply from 30% in July 2020 to 20% today.
Finally, the blockchain data platform says that while it has seen an increase in Dogecoin adoption among new investors, a significant percentage of DOGE’s supply remains in the hands of a few large investors:
However, while new investors are numerous, possibly 1 to 2 million on-chain, DOGE ownership is highly concentrated in a very small number of entities that are exchanges or early investors.