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Concerns are mounting regarding Cardano's trajectory after four consecutive weeks of decline caused a significant downturn in the price of the token. Due to this, Cardano is currently trading at just below $0.45. Meanwhile, investors are turning their attention to the new presale token Raboo, which is currently selling fast and has generated almost $2 million in token sales.
Raboo ($RABT), which has been tipped as one of the best altcoins to invest in 2024, has taken the meme industry by storm and is on course to rival established meme tokens like Shiba Inu.
Cardano faces a daunting challenge after four consecutive weeks of decline signal a troubling pattern, indicating a possible downturn in its price trajectory. Crypto analyst Alan Santana's examination of Cardano’s weekly chart reveals that the breach of a firm support level at $0.5800 adds weight to the bearish outlook, with Santana predicting a correction range between $0.4444 and $0.3450 based on Fibonacci retracement levels.
Technical indicators corroborate the bearish sentiment, with Cardano's price movement showing signs of weakness. The recent break below the 10-period exponential moving average (EMA10) on the weekly chart, coupled with a robust bearish candle, underscores the downward pressure.
Furthermore, the Relative Strength Index (RSI) signaling a downturn reinforces the bearish trend, prompting a cautious stance from analysts like Santana. Cardano’s struggle to maintain key resistance levels raises doubts, questioning claims from backers of the project that Cardano is still one of the best cryptos to buy in 2024 amidst ongoing bearish pressures.
Can Shiba Inu bounce back from this week's 8.81% price dip? After experiencing a rise of over 68,000% in its burn rate, Shiba Inu holders hope for a price pump. This strategic move of destroying millions of tokens, underscores the community's commitment to enhancing scarcity and potentially propelling Shiba Inu's price upward.
Despite a substantial circulating supply remaining, with over 410.7 trillion Shiba Inu tokens already destroyed, the ongoing initiative to remove tens of millions of Shiba Inu monthly suggests a sustained effort toward reducing supply pressure. This proactive approach, coupled with growing investor interest and market buzz, paints a promising picture for Shiba Inu and affirms its position as one of the best cryptos to buy in 2024.
Raboo, the AI-backed meme coin, is poised for more explosive growth as it sets its sights on global accessibility. With its dedicated community fueling enthusiasm and potential for 100x returns on launch day, Raboo ($RABT) presale token is anticipated to become a sought-after asset in the crypto market, making it one of the best altcoins to invest in 2024.
Building on its momentum, Raboo aims to forge strategic partnerships with platforms and influencers to amplify its reach and impact. The innovative social-fi model offers $RABT holders opportunities to earn additional tokens through engaging challenges and special giveaways, fostering an active and vibrant ecosystem. With a focus on real-world applications of virtual economies, Raboo is positioned as a pioneer in the meme coin landscape.
Currently in Stage 4 with a price of $0.0048, crypto analysts are bullish on Raboo with forecasts of almost 250% ROI for investors who have bought the token since Stage 1 when it was selling for just $0.003.
Amidst Cardano's ongoing decline and the surge in Shiba Inu’s burn rate, Raboo offers investors the opportunity to capitalize on its low entry price for massive profits. With a 60% increase since Stage 1 of the presale, Raboo has positioned itself as one of the best altcoins to invest in 2024.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
