XRP Hits $0.60 With Cardano Stuck At $0.33. Will ADA Price Make A Comeback?
The post XRP Hits $0.60 With Cardano Stuck At $0.33. Will ADA Price Make A Comeback? appeared first on Coinpedia Fintech News
Amid the broader market recovery, the altcoins are gaining momentum with minor hiccups along the way. In the top gainers, the XRP price ranks high as it reclaims the $0.60 level overnight. However, the ADA price trend struggles for a comeback from $0.335 and bounces back from a support trendline.
Let’s have a closer look at the XRP and ADA price charts to find out the buying opportunities in the altcoins.
V-Shaped Recovery Teases $1 in XRP
Following the market crash, the XRP is one of the top altcoins to reclaim the lost peaks at a breakneck speed. With a V-shaped reversal form the 23.60% Fibonacci level and a tail formation to retest the broken trendline, the XRP price is back at $0.060.
Forming a morning star pattern with a massive bullish engulfing candle of 18% jump last night, XRP is back in action. As the bull run picks up pace, XRP is ready to challenge the 78.60% Fibonacci level at $0.65.
A bullish breakout of $0.65 will increase the bull run momentum and fuel the next stage of recovery to $0.91.
Cardano’s Wedge Pattern Holds The Future
Falling in a bearish wedge, the ADA price is at a crossroads with increasing bullish chances. As bulls sustain dominance over the $0.30 support level, the minor recovery from the support trendline teases a new bull cycle.
Currently trading at $0.335, ADA price shows an intraday recovery of 3.40% and a bullish engulfing candle in the making. Despite the short-term bullishness, the overhead resistances hoard massive supply pressure near $0.42.
For a breakout rally of the resistance trendline, declining 200D and 50D EMA, and the $0.42 resistance, a push from broader market recovery is critical. Optimistically, with the breakout run, ADA price will head to the 78.60% Fib level at $0.676.
Hence, with a V-shape recovery in XRP and a reversal in Cardano, there are buying opportunities in the altcoins segment.
