- Bullish indicators like the Relative Strength Index (RSI) and moving averages point to increased buying pressure and potential 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 neared resistance levels within a triangle pattern, backed by rising trading volumes and optimistic technical signals.
After a month of bearish price action, the cryptocurrency market started in 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 each recorded an approximate 3% increase within the past day. However, investors remain concerned about the future prospects of these altcoins and their potential to reclaim the $1 mark this year.
Although several market analysts have been saying that $1 serves as an important milestone for XRP and ADA, both these altcoins are not even halfway through the desired targets. Let’s examine their technical chart patterns to see what’s in store for them.
Ripple’s XRP Sees Rising Bullish Sentiments
The XRP coin price has shown weak performance, consistently trading within a consolidated range. Additionally, the Ripple token has formed a descending channel pattern on its price chart, indicating uncertainty in future price movements for this altcoin. For weeks now, Ripple’s XRP token has stagnated under $0.50 as the SEC vs Ripple verdict looms, reported Crypto Key News.
The Relative Strength Index (RSI) displays a bullish curve on the price chart, suggesting increased buying pressure for XRP in the crypto market. Moreover, the moving average has shown a bullish crossover, indicating the price may continue to rise this week.
Additionally, the Simple Moving Average (SMA) is on the verge of a positive crossover on the daily time frame, suggesting a high likelihood of bullish price action in the near future. Ripple’s battle with the US SEC is heating up, which could propel XRP to new highs, per the CNF update.
If the market maintains the XRP price above the support level of $0.480, the bulls may prepare to break out 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 Eyes A Major Breakout
The Cardano token has exhibited bearish behavior since mid-March but has recently seen 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 nearing its resistance trendline of the triangle pattern, leaving the outcome uncertain. As per the CNF update, the recent surge in trading volumes could support the bullish action.
The Relative Strength Index (RSI) shows a sharp rise toward 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 recorded a bullish convergence on the daily time frame, indicating increased bullish price action for the Cardano token in the cryptocurrency market. Some market analysts also suggest massive bullish action, with ADA price touching $24, per the CNF update.
If the ADA coin price breaks out of the triangle pattern, the bulls may aim to test the upper resistance level of $0.6140. Conversely, if the bulls fail to surpass this level, the Cardano price could plunge toward its crucial support trendline.
With a current trading price of $0.4796, Ripple (XRP) needs to increase by 108.26% to reach the $1 mark. Meanwhile, Cardano (ADA), trading at $0.3993 at the time of writing, requires a surge of 150.43% to reclaim the $1 level.
