Altcoins
Which Altcoin Should You Buy?
As the cryptocurrency market is in the midst of a bull run, silent altcoins are now experiencing a massive surge. As XRP and ADA prices surge, the bullish trend of these altcoins suggests a surge above the $1 threshold.
Currently, XRP price is outperforming Cardano token (ADA) and well above the 50 cent level. As the altcoin season approaches, let’s take a closer look at XRP and ADA price analysis.
XRP Breakout Rally Hits $0.60
Over the past two weeks, XRP price has seen a remarkable recovery amid the broader market rally. From the $0.382 mark, the altcoin’s price has surged by 56.8% to trade at $0.60, while the market cap has surged to $33.6 billion.
The rising price of XRP has managed to reclaim the daily EMAs (20, 50, 100, and 200), indicating an early sign of returning bullish sentiment on this asset.
However, an analysis of the daily chart shows that the current rally is still contributing to the formation of a symmetrical triangle. This chart pattern is known to cause a consolidation trend in an asset, which leads to a recovery of the current market trend.
Thus, a bullish breakout in the altcoin would signal a bull run and encourage buyers to pursue a potential target of $1.94.
ADA Price Remains Below 200-Day Exponential Moving Average
Amid the recent market rally, Cardano’s price correction formed a suitable floor at $0.33. The new demand pressure pushed the altcoin up 33.7%, leading it to trade at $0.44, while the market cap jumped to $15.8 billion.
The rising price managed to acquire the support of the 50D EMA and break above the downtrend line, which brought the correction into force. Sustaining this breakout will signal a change in market sentiment from selling on rallies to buying on dips.
With sustained buying, ADA price breaks above the immediate resistance of the 200D EMA and the 50% Fibonacci retracement level around $0.558. Both of these levels are crucial to signal a trend reversal in the altcoin.