3 Altcoins To Watch This Weekend
The crypto market is experiencing increased optimism, driven by Bitcoin’s recent performance and the U.S. House of Representatives' approval of the CLARITY and GENIUS Acts. This positive trend is expected to extend into the weekend, potentially benefiting various altcoins.
Here’s an analysis of three altcoins showing promise for potential gains this weekend:
Lido DAO (LDO)
LDO price has increased by 22% in the last 24 hours, reaching $1.13, after BitGo announced native ETH staking support via the Lido protocol. BitGo is the first U.S. custodian to support ETH staking through Lido, boosting confidence in LDO.
This development could push LDO beyond the $1.18 resistance level this weekend. With Parabolic SAR indicating strong support, LDO might reach $1.34, a 4-month high, signaling continued bullish momentum.
However, failure to break the $1.18 resistance could lead to selling pressure, potentially dropping LDO to $1.07. Losing this support might send LDO to $0.99, negating the bullish outlook.
Ethereum Classic (ETC)
ETC price surged 15% in the past 24 hours, reaching $23.01. Currently, the altcoin faces resistance at $24.52. Investor support is crucial for ETC to break through this barrier and sustain its upward momentum.
With Ethereum reaching a 6-month high, Ethereum Classic (ETC) could benefit from this rally. ETH's growth might propel ETC past the $24.52 resistance, targeting a rise to $27.21.
However, the Relative Strength Index (RSI) indicates that ETC is overbought, above the 70.0 threshold. Historically, this signals a potential reversal. If the market cools down, ETC could fall to $20.81, erasing recent gains.
Cardano (ADA)
Cardano’s price has increased by 13.79% over the last 24 hours, reaching $0.87. The altcoin has benefited from broader market bullishness and Bitcoin’s rally, supporting ADA’s rise.
In the past week, Cardano (ADA) has risen by 39%, approaching the $1.00 level. To reach this, ADA must first breach the $0.93 resistance. The 50-day EMA shows an upward trend, indicating a potential Golden Cross that could further fuel ADA’s rise.
However, ADA could face a correction if the market turns bearish. Falling below the $0.85 support level could lead to a dip to $0.80 or $0.74. This would invalidate the current bullish outlook.