Bitcoin (BTC) price is trying to rally and rise from the $30,000 level where it has been consolidating for a long time. An early summer rally is underway in various risk asset classes such as stocks and cryptocurrencies. Cardano (ADA) price also rose as a result of risk sensitivity. With stock futures rising around the world, investors are greedily buying every risk asset. We convey the analyst views on the price targets of Bitcoin and Cardano.
Will Bitcoin’s rise continue?
The price of Bitcoin started moving early Monday this week as bulls started buying in bulk, with a more than 3 percent increase in the ASIA PAC. A few risk factors have been downgraded, opening up more room for upside potential that bulls and investors haven’t overlooked for too long this year. According to the analyst, you can expect to see this rally stretch and move further, at least throughout this week, as more dollar weakness will begin and open more upside room for BTC price to rise.
According to the analyst, BTC price will first encounter $31,231.98 just above monthly S2 at $31,231.98 and trade in its previous region, which makes the price quite It should be convenient for a quick raise to $32,649.28. Then there is relatively wide room open for buying only at the monthly S1 at $34,483.61 before hitting $35,725.02 at the 55-day Simple Moving Average (SMA), which has kept price action unresponsive since April. Therefore, some profits can be expected at this level, possibly before rising even higher. While there are several historically significant levels nearby, there could easily be a risk that a definitive rejection of one level could trigger a pullback for Bitcoin price action. This means the price will drop below $30,000 to test the downside at $28,695.13.
Note these key levels for Cardano
As we reported on cryptokoin.com, Cardano (ADA) price crossed the short-term red descending trendline this morning as risk appetite has returned globally. The bulls are feasting on stocks and cryptocurrencies, allowing both asset classes to rally higher. Now a tipping point has been reached and markets have finally taken into account all the moving parts of the geopolitical turmoil that has risk assets in a stifling state since the beginning of 2022. ADA price is therefore poised for its best-performing week of the year as it opens space above the red descending trendline towards $0.687. Both the dollar is pulling back and the bulls are entering the price action.
As these two factors continue this week, one can expect to see a clear breakout and close above $0.687. While the bullish element looks strong, we can expect to see some profit taking and a short dip to the downside this week as ADA price could rise 56 percent and the Relative Strength Index (RSI) will approach the overbought area a little too fast. Downside risk can come with a bull trap, as the US session has often been an outlier in the past few trading weeks as previous gains were wiped out and indices closed lower. In this case, there could be bears pulling the price action back below the red descending trendline, pinching the bulls in the process and paving the way for another drop towards $0.400. This means a simple technical bull trap and a 20 percent drop.
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