The cryptocurrency market had a calm month of trading because the total value changed by less than $10 billion. This suggests that there was less buying and selling activity in the crypto space.
Additionally, Ethereum, the top altcoin, increased by less than $50 in value this month. Meanwhile, other altcoins had varied feelings at the end of the month, with main tokens experiencing notable losses.
Cardano (ADA) Price Analysis:
After the market went down in 2022, the price of the ADA coin stayed between $0.2266 and $0.4523 until December 2023, showing a long period of falling prices for more than 17 months. But, in the December rally, the altcoin went above a key resistance level.
The people who held onto the coin felt very relieved because of this. After that, Cardano’s ADA token kept moving in a stable way, staying between $0.4523 and $0.6874 for more than two months.
In the last month, the ADA token lost more than 10%, and now it’s trading near a key support level. Also, the coin has a symmetric triangle pattern, and it’s about to break out of it this month, which is very important.
The signs suggest that the market might go down soon based on indicators like Cross EMA 50/200-day and MACD. On a positive note, the 200-day EMA supports the price, showing a mixed outlook for the coin’s future.
If big investors start buying a lot and make the market go up, the ADA cryptocurrency might get strong enough to reach $0.6874 in the next few weeks. But if the big investors can’t keep it going up, then the sellers might take over, and the price will likely drop to $0.4523, which is an important support level.
Ripple (XRP) Price Analysis:
After Ripple Labs won against the Securities and Exchange Commission (SEC) in a case that lasted more than two years, the price of the XRP token went up a lot on the chart. In the first few hours, the token jumped more than 70%, and since then, it has been following a triangle pattern.
The price of XRP is having a hard time staying above $0.5, and it keeps getting rejected at a crucial resistance level. Also, the ongoing drop in price is making people worried about the future of this cryptocurrency in the upcoming days.
Ripple’s XRP token lost the most value among the top 10 tokens, dropping by about 20%. The XRP price chart shows a triangle pattern and is likely to break soon. Market sentiment suggests the price will break the pattern because the coin is currently influenced by strong bearish trends.
The MACD indicator shows a red bar going up and suggests that there is more selling than buying in the market. Also, the 50-day EMA crossing acts as a barrier for the price chart, showing a bearish trend in the crypto market.
If the price of XRP goes up, it will try to break out of a triangle shape. Also, if Ripple’s XRP token breaks out of this shape, it will get ready to test the next big price level at $0.64. On the other hand, if the token’s price goes down, then the market is getting ready for a possible new low.
In simple terms, it’s unlikely that both XRP and ADA will reach $1 this month because they need to double in value, which is a total increase of over $40 billion.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
