The crypto market continues to gain momentum led by Bitcoin. During this period, many altcoin projects continue to please their investors. Particularly, the increase in blockchain projects is also leading to a rise in user numbers within ecosystems. So, what is happening on the fronts of investor favorites Solana, Ripple, and Cardano? We examine with detailed chart analyses.
Solana Chart Analysis
Solana has been on the rise for the past few days. The long tails in the candlesticks on March 11 and 12 indicate that bulls are buying during intraday dips. If the price stays above $153, the SOL/USDT pair is likely to gain momentum and rise towards $184. The rise to the 20-day EMA average of $133 and the RSI in the overbought zone show that buyers remain in control.
On the downside, the important support to watch is the $126 breakout level, followed by the 50-day SMA average of $115. A drop below this support region could indicate that bears have taken the driver’s seat again.
Ripple Chart Analysis
XRP showed a sharp increase on March 11 and reached the general resistance of $0.74 but bulls could not overcome this barrier. Bears tried to pull the price below $0.67, but bulls held their ground. This is a positive sign as it indicates buyers are trying to turn the $0.67 level into support. If they succeed, the XRP/USDT pair could rise above $0.74. The pair could then start an uptrend towards $0.85 and then $1.02.
Conversely, if the price continues to fall and drops below $0.67, it would indicate that the bulls have given up. The pair could then retreat to the 20-day EMA average of $0.62.
Cardano Chart Analysis
Cardano rebounded sharply from the $0.68 support on March 11 but bulls could not maintain momentum and failed to break the $0.80 resistance. The long tail on the March 12 candlestick indicates that bulls aggressively bought the dips down to the 20-day EMA average of $0.70. This increases the likelihood of breaking above $0.80. If this happens, the ADA/USDT pair could rise to $0.90.
This positive view will become invalid in the near term if the price drops sharply and falls below $0.68. This would indicate that the bulls have given up and are heading for the exit. The pair could then fall to the 50-day SMA average of $0.60.
