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Cardano Ecosystem

The Market Periodical

06/20/2024

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Could Cardano and XRP Price Turn Bullish? Here's An Outlook

The Cardano (ADA) price trades in a downward trajectory and continues to slide gains.The XRP price remained in a closed range and witnessed low investor interest.ADA and XRP sail in the bearish course, and...

Could Cardano and XRP Price Turn Bullish? Here's An Outlook
  • The Cardano (ADA) price trades in a downward trajectory and continues to slide gains.
  • The XRP price remained in a closed range and witnessed low investor interest.
  • ADA and XRP sail in the bearish course, and sellers look dominant.

The Cardano and XRP cryptocurrencies have traded in the oversold region and guided selloff in the past trading sessions. Moreover, these crypto assets have witnessed relatively low investor interest and reflected short additions.

The ongoing sentiment looks negative, and the technicals of ADA and XRP have not yet highlighted any signs of pullbacks. However, the price action signified that these crypto assets have regressed to their crucial demand zone, and more downsides might not be possible.

Cardano (ADA) is in Trouble: Will It Regain Strength Amidst Selloff?

Over the past few trading sessions, the Cardano (ADA) price has made lower low swings and dragged below its key moving averages. However, the ADA price has reached the make-or-break zone and might see a pullback soon.

Analysts still guide their bullish view and suggest that a major bull run is still on the cards and might be seen ahead.

Source: Santiment

The price action signifies a short-term downtrend, and a bearish wave has floated. Amidst the sectoral rotation, the ADA crypto is still waiting for a bubble to initiate a reversal.

At press time, the ADA price traded at $0.3934 with an intraday surge of 1.36%, reflecting neutrality on the charts. It has a monthly return ratio of -12.20% and 44.40% yearly, reflecting short-term weakness.

A tweet by @Cryptosightuk mentioned that Cardano ADA looks extremely interesting.

“I have recently seen FUD around Cardano and it looks to be slowly slipping out of the top 10 cryptos by market cap.

However, the chart looks great. 

Iit has taken liquidity and then reclaimed key support whilst creating a Bullish Divergence.

Could be a good place to have a stab here.”

Cardano $ADA looks extremely interesting.

I have recently seen FUD around Cardano as it looks to be slowly slipping out of the top 10 cryptos by marketcap.

However, the chart looks great.

It has taken liquidity and then reclaimed key support whilst creating a Bullish… https://t.co/0ijJgt4RN2 pic.twitter.com/ukB0kUXg3B

— Cryptoinsightuk (@Cryptoinsightuk) June 20, 2024

Source: X

Furthermore, a tweet by @Santiment indicated that “ADA and XRP are seeing heavy trader shorting following relief bounces. 

📈 Cardano and XRP are a couple of the most notable altcoins that are seeing heavy trader shorting following relief bounces. This is a good sign for patient bulls, as liquidates shorts can effectively act as 'rocket fuel' for continued price rises. pic.twitter.com/lHdMCLbngR

— Santiment (@santimentfeed) June 19, 2024

Source: X

Also, this favours the bullish signal and the short squeeze wave may lead to a pullback in these coins.

XRP Hovers Near Demand Zone, Waiting For a Rebound

The eighth largest cryptocurrency by market cap, XRP, faces profit booking and is dragged to the demand zone near $0.5000. 

It was traded in a closed range and failed to escape the 50-day EMA for the past few trading sessions. The current price projection is weak and favors the bear cartel, which led XRP into trouble.

Source: Santiment

The price action guides weakness and consistent selling pressure from the top, which led XRP price to slip toward its make or break region.

At press time, the XRP price traded at $0.4981 with an intraday surge of 0.36%, reflecting neutrality on the charts. It has a monthly return ratio of -7.20% and 2.30% yearly, reflecting short-term consolidation.

A tweet by @JavonMarks highlighted that XRP (Ripple) continues to hold and showcase a highly similar Hidden Bullish Divergence that previously (2017-2018) led to an approximately +62,100% climb!

With the noticing of prices nearing alternative major converging/breakout points and this divergence occurring, a bullish breakout to the upside is looking extremely likely, and it may lead to yet another significant upside climb.

XRP into the $10s, $20s, and even higher may be coming sooner and at a greater pace than many think.

$XRP (Ripple) continues to hold and showcase a highly similar Hidden Bullish Divergence that previously (2017-2018) led into an approximately +62,100% climb!

With the noticing of prices nearing alternative major converging/breakout points and this divergence occurring, a bullish… https://t.co/HvFsDB195i pic.twitter.com/g1YFqgSIL5

— JAVON⚡️MARKS (@JavonTM1) June 19, 2024

Source: X

The Momentum Oscillators guide a neutral outlook, and the RSI curve reclaims the midline trajectory and shows a positive crossover. Similarly, the MACD indicator plotted green bars on the histogram.

Social Metrics Guides a Positive Outlook 

The Social dominance curve showcased a surge of over 22% to 1.673% and replicates an incremental move in users’ engagement on social media platforms.

Source: Santiment

Similarly, the development activity data highlights a notable surge of over 76% to 1.43, demonstrating a positive outlook.

Is The Right Time To Accumulate Cardano (ADA) and Ripple (XRP)?

Amidst the market volatility, the Cardano (ADA) and Ripple (XRP) have showcased a notable distribution from the top and were available at a discounted price. 

Moreover, further downside possibilities in these crypto assets were limited, whereas the probability of rebounding from the bottom was higher, and investors were now eyeing to accumulate.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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