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As market strength rises, Cardano's price grapples with intense upward pressure, causing the token to remain at a critical support level.
However, while the Avalanche price saw a remarkable increase of over 35% in weekly gains, ADA faced a corresponding loss during the same period. This disparity may position the AVAX price to overtake Cardano, claiming the 8th spot in the crypto market based on market capitalization.
Cardano (ADA) Price Analysis
Cardano's price trajectory mirrors Ethereum's, characterized by gradual and steady growth. Although concerns loom regarding a potential drop in its position, the ADA price is influenced mainly by bullish sentiments. Presently hovering around crucial support levels, a proactive response from the bulls is essential to prevent a potential drop to $0.55 in the near future.
Since its rebound in late 2023, ADA has been trading within a substantial rising wedge pattern, coinciding with a notable surge in trading volume. Additionally, the stochastic RSI indicates a likelihood of a strong rebound, potentially propelling the ADA price to test upper resistance levels above $0.8, paving the way for a potential surge toward $1.
Avalanche (AVAX) Price Analysis
Following a parabolic recovery, the Avalanche price surged past key resistance levels and aimed for higher targets. After consolidation, AVAX gathered strength, leading to a significant surge beyond $60.
According to Coinpedia, favorable volume trends suggest a possible breakthrough of the upper resistance at $73 in the near term.
According to a Coingape report, Binance users gaining access to AVAX trading with heightened leverage could increase demand for AVAX, which could subsequently propel its price upward.
The daily RSI indicator has again reached the upper threshold, reminiscent of previous price actions. AVAX surpassed highs near $50 during prior surges, indicating the potential for a similar move beyond $75. However, exhaustion among bulls could lead to minor bearish activity below $70, which might swiftly reverse.
Photo: Arthur Mazi/Unsplash
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