The long-awaited crypto bull run appears to be underway, and altcoins are finally joining the party. XRP and Cardano (ADA), two prominent altcoins, have seen significant price surges in recent weeks, raising the possibility of a climb above the coveted $1 mark. Let’s dive deeper into their technical analysis to gauge their potential.
XRP Stages Breakout Rally, Eyes $1
XRP has been a standout performer, rallying an impressive 56.8% over the past two weeks. This surge propelled its price from $0.382 to surpass the critical $0.60 level, with a market capitalization exceeding $33.6 billion. Notably, XRP successfully reclaimed its daily Exponential Moving Averages (EMAs) across various timeframes (20, 50, 100, and 200), indicating a potential return of bullish sentiment.
However, a closer look at the daily chart reveals the formation of a symmetrical triangle, a consolidation pattern that often precedes a continuation of the prevailing trend. In XRP’s case, a bullish breakout from this pattern could trigger a significant price increase, potentially aiming for a target of $1.94.
ADA Struggles Below Resistance, Needs Breakout
While Cardano (ADA) has participated in the recent market recovery, its price movement hasn’t been as explosive as XRP’s. ADA found support at $0.33 during the correction and has since climbed 33.7% to trade around $0.44. Its market capitalization has also shown positive signs, reaching $15.8 billion.
The recent price rise saw ADA reclaim the 50D EMA and break above the downtrend line that defined the earlier correction. Maintaining this upward momentum could signal a shift in investor sentiment, from selling during rallies to actively buying during dips.
Also Read: XRP Soars 57% As SEC Reschedules Closed-Door Meeting: Settlement On The Cards?
For a sustained bullish run, ADA needs to decisively overcome two key hurdles: the 200D EMA and the 50% Fibonacci retracement level, both hovering around $0.558. Conquering these resistance points would be a strong indicator of a trend reversal for ADA.
The Bottom Line
The current market conditions suggest that both XRP and ADA have the potential for significant price increases. XRP, with its bullish breakout pattern, appears to be the frontrunner, while ADA needs to overcome some resistance levels before mirroring XRP’s trajectory. As the altcoin season unfolds, keeping a close eye on these technical indicators will be crucial for investors looking to capitalize on the potential surge.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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