XRP Journey to $2 Begins, Ethereum (ETH) Golden Cross Potential Arises, Cardano (ADA) 2x: Is It Still Undervalued?
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP has been exhibiting bullish behavior, breaking significant resistance levels and indicating that it will continue to rise toward the $2 mark. Investors and traders are paying close attention to the cryptocurrency that recently jumped above $1.20 as they seek confirmation of this upward trend. A protracted period of consolidation below $0.60 preceded the most recent spike in XRP's price.
Positive sentiment and rising trading volume have combined to push the asset above important resistance levels such as $1 and $0.70. Strong buying momentum accompanied this breakout, as seen by the daily chart's RSI above 85, which shows that the asset is in overbought territory but is still being driven by demand.
With $1.50 serving as the next major psychological and technical resistance level, XRP may target $2 if the current momentum holds. It would probably draw even more buyers if it were to surpass $1.50, paving the way for a surge to $2. The overbought RSI indicates a short-term cool-down phase, so traders should keep an eye out for any corrections.
The rise in XRP's price is consistent with more general bullish patterns on the cryptocurrency market, which gives investors more confidence. Growing interest and robust accumulation by both retail and institutional investors are indicated by the notable increase in trading volume. Given that the exponential moving averages (EMAs) are strongly aligned upward, a bullish reversal has been confirmed by breaking above $1.
Does ETH have upside potential?
As its exponential moving averages start to converge, Ethereum is displaying indications of a possible golden cross. The 50-day EMA crossing above the 200-day EMA is known as a golden cross, and it has historically been regarded as a powerful bullish indicator that marks the beginning of a long-term increase.
Ethereum's recent rally above $3,000 at a crucial psychological and technical level supports this convergence. Should the crossover occur, it might indicate additional bullish momentum and position ETH to challenge the $3,500 and $4,000 levels.
Gamza KhanzadaevBecause front-running frequently leads to early purchases before a crossover, its post-event impact is reduced. The movement of Ethereum is also impacted by more general market patterns. Increased participation and rising trading volumes imply that the market may maintain its current momentum. The relative strength index (RSI) for ETH, however, is close to overbought levels, suggesting a possible short-term decline before additional growth.
Ethereum might garner more attention and see a price increase if it successfully completes the golden cross. Investors should exercise caution, though, as expectations may be tempered by the pattern's declining strength. Near $3,300 is immediate resistance. The amounts of $3,500 and $4,000 are more formidable targets. Key support on the downside is located at about $2,800.
Cardano aims high
The value of Cardano has nearly doubled in the last few weeks due to an outstanding rally. Even with this notable increase, the claim that Cardano is still undervalued is still valid. ADA now seems to be escaping its bearish hold after a protracted period of undervaluation and downward pressure throughout 2024, raising hopes for additional upside.
Cardano experienced ongoing selling pressure for a large portion of the year, which was caused by both general market pessimism and particular doubts about the network's capacity to compete with Ethereum and other up-and-coming chains. This resulted in ADA dropping to multi-year lows and becoming significantly undervalued in relation to its potential.
Because of the recent rally, ADA has surpassed a number of significant resistance levels, including $0.50, which is currently a technical and psychological support level. Strong market interest but also the possibility of a cooling-off period are indicated by the overbought RSI and increasing trading volumes supporting ADA's price action on the daily chart.
Cardano's valuation may still be considered conservative in comparison to its peers, even with recent 2x growth. With innovations like Hydra scaling solutions and expanded smart contract functionality, the network has continuously enhanced its ecosystem and boasts one of the most active development communities.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Related articles
Vladislav Sopov
Godfrey Benjamin
Dan Burgin
Alex Dovbnya