Investors preparing for the bull season are also showing keen interest in altcoins that performed strongly in 2021. Among the largest cryptocurrencies, DOGE, AVAX, and ADA Coin have achieved significant gains this year. Despite the current BTC correction, investors who took advantage of the bear market lows are in a profitable position. So, what dollar value is now being targeted?
Cardano (ADA) Analysis
ADA Coin bulls successfully defended the $0.57 support level during the drop triggered by the meltdown in Bitcoin‘s price. However, the price failed to sustain above the 50-day SMA of $0.63 and could see deeper corrections over the weekend. As volumes weaken and volatility becomes more likely to increase, investors should be more cautious on weekends.
The RSI is in the negative zone, and the ADA Coin price is at $0.6, while BTC is throwing needles below $63,000. This suggests that the price could experience rapid fluctuations in the coming hours, potentially dropping below $0.57 and $0.53 to as low as $0.46.
Conversely, if investors’ appetite for risk suddenly increases, reclaiming $0.63 could target $0.7.
Dogecoin (DOGE) Analysis
DOGE is maintaining $0.15 despite the general market sentiment, possibly due to the chance of being officially recognized as a commodity on April 1st. If the CFTC does not object to Coinbase’s application, LTC, BCH, and DOGE could attract investors looking to create an altcoin basket free from regulatory pressure.
Closures above $0.15 could open the door to larger gains for DOGE. The initial targets are the resistance levels at $0.16 and $0.19. Without a stronger wave of demand, the price could continue to fluctuate between $0.12 and $0.19 for some time.
In an optimistic scenario, $0.23 could be seen by April 1st.
Avalanche (AVAX) Analysis
AVAX Coin is holding above the $50 breakout zone, which could lead to targeting strong peaks again with a rapid turnaround in BTC price. The RSI confirms that the bulls are still in a favorable position, with upward targets at $62 and $65. Subsequently, the rally could extend to $75 and even reach triple-digit prices.
However, closures below $50 could reverse the trend and trigger sales due to concerns of a gradual decline to $31.5.
