Bullish signals such as the Relative Strength Index (RSI) and moving averages suggest that buying pressure is increasing and there is potential for upward momentum if the XRP price can maintain support above $0.480.
Cardano’s ADA has shown signs of breaking out from a bearish trend since mid-March. Recent gains have brought it close to resistance levels within a triangle pattern, supported by rising trading volumes and optimistic technical indicators.
After a month of bearish price movements, the cryptocurrency market started July with a strong bullish surge. Top tokens have successfully surpassed key levels, indicating a positive outlook for the near future.
XRP and ADA tokens have both seen approximately 3% increases in the past day. However, investors are still concerned about the future prospects of these altcoins and their ability to reach the $1 mark this year.
Despite some market analysts considering $1 as an important milestone for XRP and ADA, both altcoins are still far from reaching their desired targets. Let’s analyze their technical chart patterns to see what lies ahead.
Ripple’s XRP has been trading within a consolidated range and has shown weak performance. The token has formed a descending channel pattern on its price chart, suggesting uncertainty in its future price movements. Ripple’s XRP has remained below $0.50 for weeks as the SEC vs Ripple verdict looms.
The Relative Strength Index (RSI) shows a bullish curve on the price chart, indicating increased buying pressure for XRP in the crypto market. Additionally, the moving average has experienced a bullish crossover, suggesting that the price may continue to rise this week.
Furthermore, the Simple Moving Average (SMA) is on the verge of a positive crossover on the daily timeframe, indicating a high probability of bullish price action in the near future. Ripple’s battle with the US SEC is intensifying, which could push XRP to new highs.
If the market can maintain the XRP price above the support level of $0.480, the bulls may prepare for a breakout of the resistance trendline of the parallel channel pattern and aim for a high of $0.5340. However, if a bearish reversal occurs, the Ripple price could drop to a low of $0.420.
Cardano’s ADA has been exhibiting bearish behavior since mid-March but has recently experienced a significant upturn. With a 3.86% increase in the past 24 hours and a 6.75% rise over the past week, the ADA price is approaching its resistance trendline of the triangle pattern, leaving the outcome uncertain. The recent surge in trading volumes could support bullish action for ADA.
The Relative Strength Index (RSI) shows a sharp rise towards the midpoint, indicating increased bullish sentiment for ADA in the market. Additionally, the average has recorded a bullish curve above the oversold range, suggesting a positive outlook for Cardano this month.
Furthermore, the Simple Moving Average (SMA) has shown a bullish convergence on the daily timeframe, indicating increased bullish price action for the Cardano token in the cryptocurrency market. Some market analysts even suggest significant bullish action, with ADA price potentially reaching $24.
If the ADA price breaks out of the triangle pattern, the bulls may aim to test the upper resistance level of $0.6140. However, if they fail to surpass this level, the Cardano price could decline towards its crucial support trendline.
With XRP currently trading at $0.4796, it would need to increase by 108.26% to reach the $1 mark. Meanwhile, Cardano is trading at $0.3993 and would require a surge of 150.43% to reclaim the $1 level.
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