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Cardano Ecosystem

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02/21/2024

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Cardano (ADA) & Ripple (XRP) Sailing in a Sinking Ship: Here is When They May Reclaim $0.6

With the advent of fresh bearish action, the popular cryptos are facing extreme upward pressure, signalling the beginning of a fresh descending trend. Cardano & XRP prices have encountered a similar position where a rebound could save them from a fresh bearish trend

Cardano (ADA) & Ripple (XRP) Sailing in a Sinking Ship: Here is When They May Reclaim $0.6
Which Altcoin Will Hit $1 in Feb 2024_ Cardano (ADA) or Ripple (XRP)

The bearish clouds are hovering over the crypto space as the tokens face immense bearish heat, which increases their probability of visiting the lower support. The sudden attempts of Bitcoin and Ethereum to surpass $53,000 and $3000, respectively, have triggered a strong bearish attack on the markets. The traders are expected to become more uncertain from now on, which may compel them to extract profits at each minor jump. As a result, popular altcoins like Cardano, and XRP are facing significant bearish action after a rejection. 

Will the markets face a delay in the revival of a strong upswing or is it a trick to trap the bears so that the shorts are squashed at once?

Cardano (ADA) Price Analysis

  • The ADA price is about to undergo a similar price action after facing rejection from the key resistance zone and is expected to reciprocate a previous price movement
  • Previously, when ADA price-tested the resistance zone, the RSI had surged beyond the upper threshold, which triggered a rejection. However, the RSI displayed a bearish divergence much before, & hence, a rebound may be imminent
  • Therefore, the price is believed to experience a continued downward trend for a while and head towards the lower support of the ascending triangle
  • However, a rebound is expected to initiate as the price hits the average levels of the Bollinger bands, which may revamp a rise above $0.61, paving the way to reach $0.65. 

Ripple (XRP) Price Analysis

  • The above chart illustrates the massive bearish pressure the XRP price experienced over the past few months
  • Despite the monthly start being bullish, the price failed to breach the key resistance at 0.382 FIB at $0.58 as the bears restricted their movement at $0.578 for a couple of days
  • With the change in market dynamics, the DMI is close to flashing a bearish signal as both lines are closer to validating a bearish crossover with the ADX heading towards the south
  • This may prevent the bulls from exhibiting their strength but after a minor consolidation, a rebound back above $0.58 appears imminent, while rising above $0.6 may validate a rise above the bearish influence. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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