Altcoin Market Momentum: Ethereum Classic and Cardano Price Analysis
Altcoin prices have seen a resurgence over the past week as cryptocurrency investors prepare for possible interest rate adjustments by the Federal Reserve. With Bitcoin maintaining a strong position above $113,000, attention shifts to altcoins. This analysis focuses on Ethereum Classic (ETC) and Cardano (ADA).
Ethereum Classic (ETC) Price Prediction
Ethereum Classic's price has exhibited a positive trend, gaining momentum since Sunday. Analyzing the daily chart, ETC has surpassed the upper boundary of a symmetrical triangle pattern.
The ETC price has also established a double-bottom pattern around $25.00, climbing above the 50-day Weighted Moving Average (WMA). This suggests continued upward movement, with buyers targeting the resistance level at $28.50, which marked its peak in May.
This bullish outlook will be invalidated if the price falls below the support level at $23.50.
Cardano (ADA) Shows Bullish Signals Post-Upgrade
Cardano is showing signs of recovery following its recent network upgrade. The price has increased for three consecutive days, reaching levels not seen since mid-August.
ADA's price is now above the 50-day moving average and the ascending trendline that has been forming since August of the previous year. It is approaching a significant resistance level at $0.65, its high from May 11.
The Cardano price may continue to climb in the short term, driven by optimism surrounding the upgrade. However, a potential pullback could occur as the initial excitement subsides, particularly if adoption rates do not meet expectations.
Cardano (ADA) Technical Analysis
Conversely, the price of Cardano has fluctuated recently, with demand showing signs of stabilization. Currently trading around $0.45, ADA is holding just above the support level at $0.43. Notably, a double-bottom pattern has emerged, with a neckline at $0.50.
The prevailing expectation for Cardano is bullish, targeting $0.50, reflecting a potential increase of approximately 11% from current levels.
Disclaimer: Cryptocurrency investments are speculative and carry risk. Conduct thorough research before investing. This is not financial advice.