3 Crypto Poised to Outshine Cardano in Q4

Cardano coin has been an underperforming asset so far in 2024, registering a 38.8% year-to-end (YTD) loss. While the ADA price shows no signs of bottoming, Sei (SEI), TRON (TRX), and Dogecoin (DOGE) are crypto that could show a notable potential for a major reversal  

3 Cryptos to Outperform as Cardano May Plunge in September 

According to the Cryptorank data, the Cardano price has shown a negative trend in September since the year 2018. The chart below shows an average return of -12.5%, while the median return of 14.8%, highlighting a high possibility for prolonged correction in September.

Cardano Monthly Returns | Cryptorank

Sei (SEI)

Bucking the market uncertainty, the SUI price bounced from $0.26 to $0.309, registering a 19% decline in three weeks. Consecutively, the market cap jumped to $2.1 Billion.

Among the Cardano alternatives, the SEI open interest in the futures market showed a notable surge from $23.91M to $56.97M, registering a 138% growth

SEI open interest | Intotheblock

TRON (TRX)

TRON, a decentralized blockchain platform, has increasingly captured investor interest following the launch of SunPump, a new platform for minting new meme coins. This development has fueled a recovery in TRX price, pushing it to a high of $0.17 on Friday before slightly receding to $0.158.

This bullish trend also boosted its market capitalization to $14.1 billion, positioning TRON as the tenth-largest cryptocurrency while Cardano plunged to the twelfth position.

According to Intotheblock data, the Total Address holding TRX has projected continuous growth since August 2020, recently hitting a high of $100.8 Million Addresses. This growth implies that more individuals and entities are investing in or using TRX, which could enhance the liquidity and stability of the cryptocurrency.

Addresses with Balance | Intotheblock

This trend is a positive indicator of investor confidence and could drive the potential target of TRON price prediction beyond $0.3.

Dogecoin (DOGE)

Dogecoin, the largest meme coin by market cap, has notably shrunk from $0.1231 to $0.099 in August, registering an 18.68% drop. The downtrend pushed the asset’s market cap uplift to $14.4 billion, its price to test the 26-month support at $0.06.

Despite the downward trend, the addresses holding 10 million to 100 million coins are accumulating through the correction trend. The Onchain metric is stabilizing at 18.75 billion DOGE coins, according to Santiment data. This holding pattern accentuates the large investors’ interest in this asset, solidifying Dogecoin’s long-term prospect. 

DOGE Supply Distribution | Santiment

With sustained buying, Dogecoin price prediction could drive a rally to $0.22, followed by $0.3.

Conclusion

Based on the historical performance, the Cardano coin correction trend will likely be prolonged in September. The bearish momentum should drive investors’ attention to emerging crypto like  Sei (SEI), TRON (TRX), and Dogecoin (DOGE) to capture a directional uptrend.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.