Dogecoin and Cardano [ADA] are bearish, but only one will see a bull run

Cardano's Non-Zero Addresses Decline, Dogecoin's Rise Over 13%

Recent data suggests a divergence in the number of non-zero wallet addresses for Dogecoin [DOGE] and Cardano [ADA].

Dogecoin and Cardano Exhibit Varying Flat Trends

Dogecoin's total number of holders has remained relatively steady, with a slight increase over 13% in the past three months. At present, there are approximately 6.62 million DOGE holders.

In contrast, Cardano's total number of holders has declined slightly, but also displays a flat trend. Unlike Dogecoin, no significant increase has been observed. While there has been a modest uptick from the beginning of the month, the number of non-zero addresses for Cardano has decreased by 0.1% over the past three months. As of this writing, there are approximately 4.7 million Cardano holders.

Dogecoin and Cardano in Bearish Trends, but with Nuances

Both Dogecoin and Cardano have experienced price declines in recent months. However, Dogecoin has exhibited more positive price movements than Cardano in the past three months.

DOGE's daily chart shows a rise from the $0.08 range to the $0.1 range over the past three months. It reached a peak in late March, briefly touching the $0.2 range, before retracting to $0.1. At present, it trades around $0.14, with a marginal increase of less than 1%. Despite this, DOGE remains in a bearish trend, with its Relative Strength Index (RSI) below 40.

ADA's analysis reveals a decline in value compared to three months ago, when it traded around $0.5. It briefly surged to the $0.7 range but was unable to sustain this level, dropping back to the $0.6 range by the end of March. As of this writing, ADA trades around $0.47, with a marginal increase of less than 1%. Similar to DOGE, ADA is also in a bearish trend, with its RSI below 40.

Cardano Turns Negative, Dogecoin Remains Positive

Cardano's Funding Rate on Coinglass has recently shifted below zero after attempting to maintain levels above it. At present, the funding rate is at -0.0010%, indicating that sellers dominate the ADA trade, suggesting an anticipated price decline. Additionally, trader activities remain low despite previous positive sentiment.

In contrast, Dogecoin maintains a positive sentiment, as evidenced by its Funding Rate. As of this writing, the DOGE funding rate is 0.011%, signifying that buyers are prevailing in the market, suggesting an expected rise in Dogecoin's price.