Cardano, Ripple and ETH are trading at critical technical levels that could trigger upward moves alongside strong fundamental factors.
Cardano price poised for a rally
There has been a recent increase in on-chain activity on the Cardano network with the arrival of leading stablecoins USD Tether and USD Coin through the partnership of WingRiders Disk and Milkomeda. Meanwhile, in response to Elon Musk’s attempt to take over Twitter, Cardano founder Charles Hoskinson advised the Tesla CEO to develop a decentralized social media platform. Hoskinson suggested that the decentralized media platform should be a cross chain between Bitcoin, Doge and Cardano.
On the tech side, FXStreet analysts are seeing a significant rally on the ADA chart. Based on data from IntoTheBlock, the most important support level for Cardano is around $0.92. Analysts state that the decline could deepen to $0.80. Analysts predicting an 80% rally in price expect the reverse head and shoulders pattern to accelerate Cardano’s price rally.
Ethereum price is on the way to breakout
After Cardano, let’s take a look at Ethereum, which has lost a lot in the last two weeks. FXStreet analysts believe that Ethereum, which is currently trading below the 21-day SMA line, is poised for a breakout. The appropriate profit buying level is $3,700. The demand center has risen to $2,900 and Ethereum price could hit the $3,700 target in the short term.
On the on-chain side, Ethereum witnessed the largest 30-day drop in gas fees, and investors believe this could boost on-chain activity and lead to a further increase in volume.
Ripple price rally may eclipse other altcoins
As we have reported on Cryptokoin.com, the Ripple-SEC case is expected to conclude this year. In recent developments, it was considered a turning point for Ripple when presiding judge Sarah Netburn declared former SEC director William Hinman’s speech as a document accessible to all parties (no longer exclusive).
On the technical side, FXStreet analysts think that Ripple price may make another attempt to reach $0.91. The $0.79 level is important to watch for a pullback as Ripple climbs to the target, but it could face resistance at $0.80 and $0.91 on the way to $1. Finally, crypto analyst Bob Mason argues that narrowing the 50-day EMA at the 100-day EMA will set the $0.80 target back in motion.
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