Altcoins
Which Altcoin Will Reach $1 First?
After posting a price decline over the past month, the cryptocurrency market has started July with a strong rally. Moreover, major tokens have successfully surpassed their important levels, indicating a positive outlook for the times ahead.
Additionally, XRP and ADA tokens have each seen a gain of around 3% over the past day. However, investors are concerned about the future prospects of these altcoins and their ability to regain the $1 mark this year.
Dive into this article, we have covered in-depth the market sentiment and price analysis of Ripple (XRP) and Cardano (ADA) tokens and their potential roadmap to reach the $1 mark.
Ripple token sees increase in bullish sentiments:
THE XRP Coin Price continued to show weak price action as it consistently traded within a consolidated range. Additionally, the Ripple token formed a descending channel pattern in its price chart, indicating uncertainty about the future price action of this altcoin.
TradingView: XRP/USDT
The technical indicator, RSI, is showing a bullish curve in its price chart, suggesting an increase in buying pressure for the XRP token in the cryptocurrency market. Moreover, the average has shown a bullish crossover, suggesting that the price will continue to gain value this week.
On the other hand, the Simple Moving Average (SMA) is about to make a positive crossover in the 1D time frame, suggesting a strong possibility of bullish price action in the coming times.
If the market sustains XRP price above the $0.480 support level, the bulls will prepare to break out from its resistance trendline of the parallel channel pattern and head towards its $0.5340 high. However, in case of a bearish reversal, the Ripple Price is expected to fall towards its low of $0.420.
Cardano Price Is About To See A Major Breakout:
The Cardano token has been showing bearish action since mid-March. However, with a jump of 3.86% in the last 24 hours and 6.75% in the last week. ADA Awards is about to test its triangle pattern resistance trendline, the outcome of which is unpredictable.
TradingView: ADA/USDT
The Relative Strength Index (RSI) is showing a strong rise towards the midpoint, highlighting an increased bullish sentiment for the ADA crypto in the market. Moreover, the average has registered a bullish curve above the oversold range, indicating a positive outlook for the Cardano Price this month.
Additionally, the technical indicator, SMA, has registered a bullish convergence against the price chart in the 1D time frame, suggesting increased bullish price action for the CardanoADA token in the cryptocurrency space.
If the ADA coin price breaks out of the triangle pattern, the bulls will prepare to test its upper resistance level of $0.6140. Negatively, if the bulls fail to break above it, the Cardano price will plunge towards its crucial support trendline.
XRP or ADA, which altcoin will reach $1 first?
With a trading price of $0.4796, the Ripple (XRP) token needs a 108.26% increase to reach the $1 mark. On the other hand, the Cardano (ADA) price at the time of writing was trading with a price of $0.3993 and needs a 150.43% increase to reclaim the $1 mark.
Given the current market situation and historical price sentiment, it is highly unlikely that these altcoins will see more than a 100% increase in their respective portfolios over the next six months.