According to IntoTheBlock, ADA is showing positive growth despite the bear market. Analyst Eli Danbel assesses Polygon’s uptrend. CRV is poised to rise, according to crypto analyst David. Popular analyst Michael van de Poppe expects bullishness for the leading altcoin. Macro guru Raoul Pal says Solana is preparing for her next upward move.
ADA shows positive growth in bear market conditions
In a recently published analysis, data analytics firm IntoTheBlock praises Cardano for its positive on-chain analytics. The report sheds light on the network’s performance and the exciting developments that are shaping its growth. In this direction, it examines the basic metrics. One of IntoTheBlock’s first observations is the stability of Cardano’s transaction count, even in bear market conditions. The network has shown resilience with a notable 33.45% increase in the number of transactions since the lowest levels of the year. This stability is a testament to the strong foundation and community support behind Cardano.
https://twitter.com/intotheblock/status/16606254551088330753
The analysis also reveals that Cardano’s price movements exhibit a strong positive correlation with Bitcoin (BTC) and Ethereum (ETH). BTC and ETH, the two largest cryptocurrencies by market cap, generally influence broader market sentiment. Therefore, Cardano is likely to follow similar price trends as these leading assets. Furthermore, the report underlines the interconnectedness of the crypto market.
In summary, Cardano’s on-chain analysis paints an optimistic picture of the performance and direction of the network. With stable transaction count, increasing transaction volume, accumulation of whales and active wallet interaction, Cardano continues to solidify its position as one of the best Tier-1 networks in the industry.
Analysis of MATIC bullish momentum
Polygon is the scaling solution for Ethereum. As you follow on Kriptokoin.com, the adoption of the network continues to increase. These have the potential to boost the altcoin price if demand also continues to increase over the long term. As of today, the altcoin price is at $0.8861, up 1.64% in the last 24 hours.
This price action indicates positive market sentiment and increased demand for the asset. It also indicates that the bulls are in control of the market. Also, MATIC Dominance and Social Awareness is over 50%. This indicates neutral pressure. As both market dominance and social sentiment have risen above 50%, it means that MATIC has a positive sentiment among investors in the crypto market.
MATIC is in an uptrend / Source: TradingviewMATIC has formed a bullish flag pattern. This indicates a potential trend reversal and trend break move. A breakout in a bullish flag pattern can be considered a confirmation of trend reversal for traders and investors. The altcoin is trading between the $0.8399 and $0.9086 support and resistance levels. Therefore, traders are watching these levels closely for possible breakouts.
If MATIC breaks above the key resistance level, it will trigger an uptrend. The next level of support and resistance will be $0.5142 and $1.5799. However, if the MATIC dips below the $0.7536 support level, it could signal a bearish divergence. In this case, traders are likely to look for sales opportunities. The MATIC bears are currently trying to build momentum. However, the bulls are strongly holding their positions. This indicates a phase of consolidation and a potential long-term uptrend if the bulls maintain this strong momentum.
This altcoin price is ready to rise
Curve DAO (CRV) price is declining with a descending resistance trendline since hitting a yearly high at $1.3. Finally, this trendline rejected the price on April 18 (red arrow), leading to a low of $0.77. It looks like this low caused the $0.8 horizontal support area to break. However, the altcoin managed to recover soon after. This support zone is a horizontal support zone. It also consists of the 0.618 Fibonacci retracement level, which often serves as the end of a correction. So, this is an ascension development.
Indeed, the price recovered from this area on May 18 (green arrow). If the upward momentum continues, it could retest the $0.98 resistance formed by the horizontal resistance zone and descending resistance trendline. A break above this level will confirm the end of the correction. It will also likely push the CRV price to a year high of $1.3.
CRV daily chart / Source: TradingViewThe most likely outlook shows that the CRV price will continue to rise in the coming days. The closest target is $0.98, while other targets are at $1.1 and $1.3. This perspective is invalidated if the price drops below the $0.8 support zone.
Leading altcoin sets the stage for $2,000
Popular crypto analyst Michael van de Poppe predicts that the Ethereum (ETH) price will soon climb to $2,000. However, the analyst expects the price of ETH to continue to consolidate over the next few days before it breaks to the upside. Also, van de Poppe highlights the importance of keeping the altcoin price above $1,825. If the altcoin stays above this level, it is possible for ETH to continue upwards. The analyst notes that ETH will likely target $1,880 later.
Van de Poppe believes that if ETH rises above $1,880, the altcoin price will see $2,000 “relatively quickly”. At the moment, ETH was trading near its daily low of $1,815.90. Despite the price drop, the altcoin managed to strengthen by around 0.27% against its biggest rival, Bitcoin (BTC).
4-hour chart for ETH / Source: TradingViewThe RSI line on the 4-hour chart of ETH showed that the price of the leading altcoin will continue to decline in the next 24 hours as the line is negatively sloping towards the oversold zone. In addition, the 9 EMA line on the 4-hour chart was bearish below the 20 EMA line.
This altcoin is preparing for its next bullish move
Former Goldman Sachs executive and macro guru Raoul Pal is bullish on Solana (SOL) based on technical analysis commentary. Pal says SOL is “preparing” for an up move. The macro guru notes that Solana is undergoing consolidation after completing a pattern that shows a reversal from a downtrend to an uptrend. In this context, Pal makes the following statement:
Solana looks set to make her next move after a period of consolidation following the reverse head and shoulder breakout in April. Solana has been a big bet at GMI this year and is up nearly 150% to date…
Source: Raoul Pal /Global Macro Investor
59153
