Bullish signs such as the Relative Strength Index (RSI) and moving averages are indicating increased buying pressure for XRP, potentially leading to an upward momentum if the XRP price can hold above $0.480.
Cardano’s ADA has displayed indications of breaking away from a bearish trend that has persisted since mid-March. Recent gains have approached resistance levels within a triangular pattern, supported by escalating trading volumes and positive technical signals.
Following a month of bearish price movements, the cryptocurrency market kicked off July with a robust bullish surge. Major tokens have successfully breached crucial levels, signaling a promising outlook in the near term.
Both XRP and ADA tokens have recorded an approximate 3% uptick in the past 24 hours. Despite this, investors harbor concerns regarding the future prospects of these alternative coins and their potential to reclaim the $1 mark within this year.
While many market analysts emphasize the importance of the $1 benchmark for XRP and ADA, these altcoins are yet to reach even halfway towards their desired targets. An examination of their technical chart patterns may provide insights into what lies ahead.
Ripple’s XRP Displays Growing Bullish Sentiments
The price of XRP has exhibited feeble performance, persistently trading within a narrow range. Additionally, the Ripple token has formed a descending channel pattern on its price chart, signifying uncertainty in the upcoming price movements for this altcoin. For weeks now, Ripple’s XRP has been stagnant below $0.50 as the looming SEC vs. Ripple verdict weighs in, as reported by Crypto News Flash.
The Relative Strength Index (RSI) showcases a bullish trend on the price chart, indicating heightened buying pressure for XRP in the crypto market. Furthermore, the moving average has displayed a bullish crossover, suggesting a potential price increase in the upcoming week.
Additionally, the Simple Moving Average (SMA) is on the brink of a positive crossover on the daily timeframe, implying a strong probability of bullish price action in the near future. The ongoing legal battle between Ripple and the US SEC is intensifying, potentially propelling XRP to new highs, as per the CNF update.
If the market manages to sustain the XRP price above the support level of $0.480, the bulls could prepare for a breakout from the resistance trendline of the parallel channel pattern, targeting a high of $0.5340. Nonetheless, in the event of a bearish reversal, the Ripple price could retract to a low of $0.420.
Cardano’s ADA Anticipates a Significant Breakout
Since mid-March, Cardano has exhibited bearish behavior, but it recently witnessed a notable upswing. With a 3.86% surge in the past 24 hours and a 6.75% increase over the week, the ADA price is nearing the resistance trendline of the triangular pattern, leaving the outcome uncertain. According to the CNF update, the recent surge in trading volumes could bolster bullish momentum.
The Relative Strength Index (RSI) reflects a sharp rise towards the midpoint, indicating growing bullish sentiment for ADA in the market. Additionally, the average has shown a bullish curve above the oversold range, signaling a positive outlook for Cardano in the current month.
Moreover, the Simple Moving Average (SMA) has indicated a bullish convergence on the daily timeframe, hinting at increased bullish price action for the Cardano token in the cryptocurrency market. Some market analysts even predict substantial bullish movement, with ADA potentially reaching $24, as per the CNF update.
Should the ADA price break out of the triangular pattern, the bulls might target the upper resistance level of $0.6140. Conversely, if the bulls fail to surpass this level, the Cardano price could slide towards its crucial support trendline.
With Ripple (XRP) currently trading at $0.4796, it needs to surge by 108.26% to reach the $1 milestone. Meanwhile, Cardano (ADA), trading at $0.3993 currently, requires a surge of 150.43% to reclaim the $1 level.
Recommended for you:
– Cardano Buying Guide
– Tutorial: Cardano Wallet
– Check the 24-hour Cardano Price
– Latest Cardano News
– What is Cardano?
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