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Cardano price climbed to $0.76 on March 2nd as the altcoin market continued its upward trend. This rise led to a 21.89% increase in ADA‘s value over the last seven days. Similarly, Ripple price recorded a similar performance by reclaiming the $0.62 level. According to the four-hour ADA/USD chart, ADA experienced a 1.98% decrease in the last 24 hours. Price analysis revealed that ADA is facing resistance at the $0.69 level.
ADA Chart Analysis
At the time of writing, the EMA 9 level has crossed above the EMA 20 (yellow line), indicating an upward trend. However, investors should watch if the ADA price falls below the EMA 9 level. If the price drops below $0.70, where the EMA 20 is located, the bullish scenario could be invalidated. In that case, the ADA price could drop to $0.63, but a close above $0.72 could strengthen the initial upward trend mentioned.
Blockchain data analysis by Ali Martinez suggests that ADA price could continue to rise. According to Martinez, the increase in transactions, active addresses, and volume on the ecosystem indicates that the Cardano network is gaining healthy momentum. Consequently, along with demand, a healthy network could encourage higher prices. If this is the case, ADA could see a rise towards $0.90.
Ripple Chart Analysis
XRP/USD pair’s four-hour chart showed a sharp decline candlestick as the token retreated to $0.60. Such a trend indicates that bulls may no longer control the price movement. This was reflected in the Relative Strength Index (RSI). Previously, the RSI level had reached 72.00, signaling a tendency towards overbuying for XRP. However, a drop to 53.41 proved that selling pressure was mounting on the ADA front. If XRP falls to $0.58, the next target price could continue to drop towards $0.54.
However, the MACD level indicated that XRP has the potential for an upward move. At the time of writing, the MACD reading was positive, but investors should keep an eye on the 12-day EMA level (blue line) and the 26-day EMA level (orange line).
If the decline at the EMA level continues, it would mean that sellers are dominating, and this development could lead to XRP’s price dropping to $0.54. On the other hand, if the EMA 12 level crosses above the EMA 26 level, XRP could retest the $0.62 level.
