XRP (XRP) and Cardano (ADA) Price Analysis: Market Sentiments, and Short-Term Price Targets
- WBOYOriginal
- 2024-08-11 00:12:101001browse
With the price of Bitcoin hovering close to its $60000 mark, top altcoins have recorded a neutral price action in their respective portfolios over the past two days.
As the price of Bitcoin remains relatively stable around the $60,000 mark, major altcoins have experienced a neutral price action over the past two days.
However, following the recent hearing in the Ripple vs SEC case, XRP price has seen a surge of over 20%, pushing it back above the $0.60 level. In contrast, ADA price continues to struggle below the $0.40 zone.
In this analysis, we will delve into the market sentiment, price analysis, and short-term price targets for Ripple (XRP) and Cardano (ADA) tokens.
XRP Price Faces Resistance at Trendline:
Despite a correction of around 3% in the past day, Ripple price has gained 3.38% over the past week and 31.66% over the past 30 days. Trading at $0.5875, Ripple has a market capitalization of $32.962 Billion.
On the 1D time frame, the Ripple token has formed a triangle pattern and is still trading within it. Moreover, it has failed to break above the resistance trendline, which has caused the price to correct.
The MACD indicator shows a continuous decrease in the red histogram, with its averages indicating a strong possibility of a bullish convergence. Additionally, the Relative Strength Index (RSI) has experienced a bullish recovery above the midpoint, indicating a positive outlook.
If the market gains momentum, XRP price will retest the resistance level once again. Sustaining the price at that level will set the stage for the Ripple token to attempt testing the upper resistance level of $0.690. However, if the bears dominate, the price may drop toward a new yearly low of $0.4880.
ADA Coin Price Shows Positive Price Action:
Amid increasing price volatility in the crypto space, ADA price has seen a surge of over 2% in the past day, with a trading volume of $219.867 Million, which marks a change of -34.08%. Ranked 10th with a market capitalization of $12.48 Billion,
Moreover, ADA price has formed a falling wedge pattern on the 1D time. Notably, the altcoin successfully retested the support trendline this week, which caused a bullish recovery.
Technical indicators MACD and RSI both show an increase in bullish price action. This suggests that ADA crypto will continue trading with a bullish sentiment in the short term.
If the bulls sustain the price at that level, the Cardano token will prepare to test the upper resistance level of $0.50 this month. However, if the bears take over the crypto space, the ADA price will drop toward a new yearly low.
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