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🚂 Cardano Looses Its Steam 

Word On The Street: Cardano has recently fallen out of the top 10 cryptocurrencies by market cap, dropping 3% over the past seven days.

The details:

• Once a prominent player in the crypto rankings, peaking at third place during the 2021 bull cycle, ADA now finds itself in the 11th position.

• This is not the first time Cardano has slipped out of the top 10. In May, Toncoin surpassed ADA when it surged by 30% over two weeks.

• This shift occurs amid a broader market correction, which has seen many cryptocurrencies fall below key support levels.

Why it matters: Cardano's blockchain has been criticized as a “ghost network,” with only 23,807 active addresses compared to Ethereum’s 350,000 and Tron's 1.9 million.

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Other News

Bitwise enters European market with acquisition of ETC Group. The acquisition adds nine European-listed crypto ETPs to Bitwise’s portfolio and raises its assets under management to over $4.5 billion.

Harris Leads Trump on Polymarket as DNC Begins. Plus, bettors see RFK Jr. dropping out by November without a Trump endorsement, and China's 'bitcoin ban' is more complicated than what Justin Sun thinks.

Tokenized RWAs are ’a $30-trillion opportunity’. High-net-worth individuals and private equity funds will drive adoption, said Colin Butler.

Crypto's Bet on Election Betting Expands to Solana. Perpetuals trading hub Drift protocol is adding a Polymarket-style prediction market – with some DeFi twists.

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Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Dogecoin Technical Analysis (Free)

• XRP Technical Analysis (Paid)

• Pepe Technical Analysis (Paid)

TRADERS CORNER
🐶 Dogecoin Technical Analysis

Dogecoin (DOGE) is approximately $0.10522, hovering near the VWAP (Volume Weighted Average Price) line. The price action is tightly oscillating within the first standard deviation band of the VWAP, suggesting a period of consolidation. This indicates a neutral momentum with neither buyers nor sellers showing significant dominance.

Trend Analysis:

Dogecoin shows a symmetrical triangle pattern forming, with the price action narrowing as it approaches the apex. This pattern typically indicates a period of consolidation before a breakout in either direction. The recent price action shows higher lows and lower highs, which further supports the triangle formation. Both buyers and sellers appear to be waiting for a clear direction before making their moves, leading to a balance in control.

Support and Resistance Levels:

- Immediate Support: $0.10431 (VWAP's lower deviation band)

- Critical Support: $0.10348 (lower standard deviation band from the VWAP)

- Immediate Resistance: $0.10597 (upper deviation band)

- Critical Resistance: $0.10680 (upper standard deviation band)

These levels are crucial as the price approaches the apex of the triangle, where a breakout could test these support or resistance levels.

Potential Scenarios:

1. Bullish Reversal: If the price breaks above the upper trendline of the triangle and surpasses the $0.10597 resistance, it could indicate a bullish reversal with a potential target around $0.10680 or higher, depending on the breakout volume.

2. Continuation of the Downtrend: A breakdown below the lower trendline and through the $0.10431 support could suggest a continuation of the downtrend, potentially pushing the price toward $0.10348 or lower, depending on market sentiment.

3. Consolidation: If the price remains within the triangle and continues to trade sideways near the VWAP, we could see further consolidation before a decisive move occurs.

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