- Cardano and Ripple have risen by more than 10% over the past week.
- Their technical patterns point to further gains on the horizon.
- If buy orders increase, ADA and XRP could both hit $ 1.
Share this article:
Cardano and Ripple appear to be gaining significant bullish momentum.
Cardano and Ripple Look Bound for Gains:
Sidelined investors appear to be re-entering the market to buy Cardano and Ripple.
Both ADA and XRP have been traction in tandem with the rest of the market lately, each surging by more than 10% in market value over the past week. The top 10 crypto assets breached critical resistance areas and now look bound for further gains. If buy orders continue to increase, both tokens could soon hit $ 1.
From a technical perspective, Cardano has broken through the middle trendline of a descending parallel channel that developed on its three-day chart. Price history shows that ADA has risen towards the channel’s upper boundary every time it has hit the crucial hurdle since September 2021.
Similar price action could result in an upswing to the pattern’s upper trendline at $ 1.
It is worth noting that Cardano must hold the channel’s middle trendline as support for the bullish outlook to be validated. Failing to hold above it could result in a pullback to the pattern’s lower edge at $ 0.75.
Ripple also looks ready to break out as it has moved outside of the symmetrical triangle its price has been contained in on the daily chart since late December 2021. This consolidation pattern estimates that Ripple’s XRP has sliced through the $ 0.80 resistance level with the potential to rise by 39.5%.
A spike in buying pressure around the current price levels could help validate the optimistic outlook, resulting in an upswing to $ 1.14.
Given the high volatility that XRP has experienced in the past, a daily candlestick close below $ 0.74 could invalidate the bullish thesis. Such market conditions could encourage investors to sell their holdings to avoid further losses. Increased selling pressure could then push prices toward the next critical support level at $ 0.60.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
NFT Express: Your on-ramp to the world of NFTs:
At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy …
New Cardano DEX Hopes to Overcome Chain’s Scaling Woes:
AdaSwap, a new ecosystem builder on Cardano, announced Tuesday that it had raised $ 2.6 million to build “the best, decentralized exchange on Cardano.” AdaSwap Raises $ 2.6M to Build First Working …
Cardano Grows Block Size by 11% to Meet Scaling Challenges:
Cardano’s core development team, Input Output, will increase the network block size by 11%. The team has also planned a memory boost for its smart contract platform, Plutus. Cardano Aims …
Linqto Sells Out of Ripple Shares as Legal Case Develops:
Linqto, an investment firm that provides liquidity for private securities markets, briefly sold out of Ripple shares this week. Ripple Shares Sell Out on Linqto Nick Burrafato, Director of Digital …