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July 23, 2024
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This Move May Push Cardano to the Ninth Spot as AVAX Prices Rise- Will This Happen?

The post This Move May Push Cardano to the Ninth Spot as AVAX Prices Rise- Will This Happen? appeared first on Coinpedia Fintech News

With the markets gaining significant strength, the Cardano price is again facing extreme upward pressure, which has compelled the token to remain stuck at a crucial support. While the Avalanche price recorded more than 35% weekly gains, the ADA price registered a similar loss at the same time. This may eventually enable the AVAX price to flip Cardano to become the 8th largest crypto according to the market cap. 

Cardano (ADA) Price Analysis

The Cardano price appears to be following the trend set by Ethereum to some extent, which follows slow and steady growth. Although the token is feared to drop from its position, from a larger perspective, the ADA price remains under huge bullish influence. Now that the price has reached crucial support levels, the bulls are required to act, or else it may drop to $0.55 soon. 

The ADA price has been trading in a huge rising wedge that it has been following since it rebounded in the last few weeks of 2023. Since then, the token has experienced a significant rise in volume. Besides, the stochastic RSI has marked the lowest levels, which suggests a strong rebound could be fast approaching. With this, the ADA price may rise and test the upper resistance of the channel above $0.8, which may pave the way for the token to hit $1 very soon. 

Avalanche (AVAX) Price Analysis

The Avalanche price underwent a parabolic recovery after facing rejection from the ‘key-resistance’ and surpassed the levels, aiming for higher targets. Moreover, the AVAX price consolidated for a while, and after accumulating strength, the token triggered a massive surge to reach levels above $60. Besides, the volume continues to flow in favour of the bulls, which indicates the price may eventually barge into the upper resistance at $73 shortly. 

The daily RSI has again entered the upper threshold after attempting it a couple of times, which resembles a previous action. During the previous rise, the AVAX price managed to reach the highs, then close to $50 and hence it can be speculated that a similar action may propel the price beyond $75. However, the bulls may get exhausted then which could invite a minor bearish action below $70 that may be flipped in a short while. 

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