Crypto analyst Valdrin Tahiri says that Cardano (ADA) has emerged from a short-term cross-resistance. Also, according to the analyst, Avalanche (AVAX) is showing signs of a completed correction. Analyst Kelvin Munene gives bullish targets for leading altcoins Ethereum (ETH) and Algorand (ALGO). Finally, Annah Mugoir points to Liquidity (LQTY).
Cardano reaches ‘be or die’ level
The altcoin price has fallen since February 16, when it confirmed an ascending support line as resistance (red icon). The dip reached $0.298 on March 8. ADA price has since rallied and it is still trading inside the $0.33 resistance area. This area is crucial as it previously provided support and coincides with the 0.5 Fib retracement support level (red circle). Therefore, whether the price will decline or retrace instead can determine the future trend.
If rejected, a drop to $0.25 could follow. On the other hand, if ADA price retraces the zone, it could rally higher towards $0.40. The daily RSI is bearish as it is still at 50 despite the upward move. Therefore, the probability of rejection is slightly higher.
ADA daily chart / Source: TradingViewIs this altcoin ready to continue its bull rally?
As you follow on Kriptokoin.com, AVAX price has fallen since reaching an all-time high of $147 in November 2021. The decline reached as high as $10.54 in December 2022. However, the altcoin price has increased since then. In January, AVAX retraced the $15.50 horizontal area and confirmed as support this month.
Price action shows bullish signs while the weekly RSI stays below 50 (red circle). Therefore, the long-term trend has not turned bullish yet. AVAX has also followed a descending resistance line since August 2022. A breakout of the line or a drop below the $15.50 zone could set the direction of future trends. A breakout could lead to highs around $29, while a breakdown could likely lead to lows around $9.
The weekly chart presents an uncertain outlook, while shorter timeframes provide a more bullish outlook. This is particularly evident in the six-hour one. There are several reasons for this. First, the price retraced the 0.618 Fib retracement level at $15.30 after it previously diverged below. As seen on the weekly timeframes, such divergences are considered bullish developments. Second, the six-hour RSI has formed a bullish trend (green line). This is another sign associated with uptrends.
Finally, the price seems to have completed the ABC correction structure. If so, now another upward movement has begun. This number will be confirmed by a spike above wave A low (red line) at $16.84. In this case, AVAX price can be expected to break out of the previously mentioned resistance line and rally to $29.
AVAX/USDT Six Hour Chart. Source: TradingViewAs a result, the most likely Avalanche price prediction is a breakout from a long-term descending resistance line and an increase towards $29. A move above $16.84 confirms this. On the other hand, a weekly close below $15.50 will invalidate this view and it could lead to a decline towards $9.
‘Golden Cross’ signals more gains for leading altcoin
After a bearish week, Ethereum (ETH) bulls reversed the downtrend at the start of a new week. After opening the day at $1,461.61, ETH rose to a new weekly high of $1,629.37 over the past 24 hours, marking a bullish awakening. Traders hoping to profit from the uptrend joined the rally, increasing the market capitalization by 10.20% to $197,930,549,830.
This increase in ETH price and market cap is a good sign for the crypto market and indicates that investors are bullish. 24-hour trading volume rose 24.22% to $13,224,107,963, a sign of increased activity and interest in ETH trading. This could soon lead to further price increases and market growth.
ETH 7-day price chart / Source: CoinMarketCapALGO bulls take command
The Algorand (ALGO) market started the day under bear control and dropped as low as $0.1845 before the bulls stepped in. This bullish momentum removed the negative trend and pushed ALGO price to a one-day high of $0.2051. At press time, the market was still positive and ALGO price rose 5.22% from the previous day’s close to $0.1973. Market cap and 24-hour trading volume rose 5.22% and 95.04%, respectively, to $1,404,023,077 and $91,506,997. This move shows that traders’ interest in the asset has increased and they are ready to trade at higher prices. This is a sign of a positive market mood for the altcoin.
If the positive sentiment continues, ALGO price could rise to a 7-day high of $0.2308. However, it is likely to face resistance near the $0.2250 level. However, if sentiment changes and becomes pessimistic, the price could drop to its 30-day low of $0.1816.
ALGO 24-hour price chart / Source: CoinMarketCapAltcoin bulls dominate the LQTY market
Liquidity (LQTY) price has seen a strong increase over the past few hours. LQTY prices are trading at $2.50, with an increase of over 14.26% in the last 24 hours, supporting the bullish trend in the market. Buying pressure is building and the price is likely to climb above $3.00 in the coming days if the bulls remain in control.
LQTY daily price chart / Source: CoinMarket CapThe market opened today’s trade at $2.06 in bearish territory as there is more selling pressure in the market. However, the bulls managed to take control of the market and pushed prices into the bullish zone. It needs to break the $2.63 resistance level for more upsides.
Overall, the liquidity price analysis shows that the token is currently bullish and is trading in a strong uptrend. The daily technical indicators are looking positive and if prices manage to break above the resistance levels, there are chances of further upside. The buying pressure is strong and if the bulls can sustain this momentum, we could see more gains in the near term.
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