Ethereum is rising due to increased institutional interest, while Cardano continues to fall amid dwindling investor confidence, prompting experts to recommend investing in newer altcoins like Raboo.
Currently in Stage 4 with almost $2 million raised, Raboo ($RABT) presale token continues to dominate headlines, prompting crypto experts to tip it as one of the best cryptos to buy in 2024.
Ethereum surges amind whale activity
Ethereum’s recent surge above $3,500 has inspired investors to embrace long-term positions. On-chain data shows increased open interest and significant liquidations, indicating strong market activity. Large transactions have also seen a sharp recovery, signaling heightened interest from institutional investors and affirming Ethereum’s status as one of the best cryptos to buy in 2024.
Moreover, a prominent Ethereum whale recently accumulated a substantial amount of ETH, further boosting sentiment and suggesting confidence in Ethereum’s potential for continued growth. Technically, Ethereum’s price action has shown resilience above $3,500, supported by strong buying activity that has tested higher Fib levels.
Although it keeps facing resistance at key moving averages, including the EMA100, a bullish scenario could see a rebound towards $3,740 if current levels hold or the price bounces off the 50-day SMA. This positive momentum indicates potential for Ethereum to maintain its upward trajectory, with crucial support levels at $3,172 and significant bullish interest expected around $2,850.
Cardano investors grow weary as bearish slide continues
Cardano is facing a bearish trend today, influenced by several key factors contributing to its downtrend. Firstly, weak on-chain metrics have played a significant role, with a decrease in its market cap and a notable decline in the number of active core developers. These metrics indicate reduced network activity and investor participation, contributing to Cardano’s current price decline of 8.79% over the last seven days.
Technically, Cardano’s price charts reveal a weak market structure characterized by a corrective cycle that began in mid-March after reaching a two-year high. The Relative Strength Index (RSI) suggests Cardano was overbought when it surpassed 70, prompting profit-taking and subsequent downward pressure. Currently, Cardano remains in a prolonged downtrend within a descending parallel channel, with the RSI at 48 indicating ongoing bearish sentiment.
Moreover, attempts at recovery have been thwarted as Cardano faces strong resistance at key levels, particularly around $0.61. Consequently, crypto experts have predicted further declines for Cardano if critical support levels are breached. Overall, crypto analysts are unsure of Cardano’s recovery timeline with its bearish outlook highlighting significant challenges in its path to recovery amidst its prevailing market conditions.
Raboo memecoin projected to become one of the top 20 cryptocurrency by market capitalisation
Raboo ($RABT) presale token is poised to leverage its cutting edge technology and innovative features to emerge as one of the best altcoins to invest in 2024. Analysts predict a staggering 233% growth during its presale phase, followed by a remarkable 100x surge on its launch day. With over 8,000 registered users, Raboo is on track to secure a spot among the top 20 cryptocurrencies by market capitalisation. Raboo aims to unite meme enthusiasts globally, fostering a vibrant community through innovative social-fi features.
Raboo introduces a pioneering Post-to-Earn model, allowing users to monetize their social media content seamlessly. With a smart contract audited by SOLIDProof, Raboo operates on the Ethereum ERC-20 network, ensuring robust security and reliability for token holders. Currently in Stage 4 with an entry price of $0.0048, Raboo has witnessed a remarkable 60% increase since Stage 1, with over 2,500 token holders already in its ecosystem.
With a focus on continuous engagement, Raboo aims to offer compelling opportunities for users to earn $RABT through weekly, monthly, and quarterly challenges, along with special giveaways and rewards. This strategic approach not only enhances token utility but also strengthens community participation, positioning Raboo as one of the best altcoins to invest in 2024.
Conclusion
While Ethereum’s price is on track for a substantial rally, notable declines in Cardano have caused investors to switch to new tokens. Raboo, a new presale token in the memecoin ecosystem, continues to surge amidst increasing adoption and potentials for lucrative returns.
