Analyst Predicts Ethereum Rivals to Explode Over 90%, Outlook Updates on XRP, Cardano and Solana
A top crypto analyst charts the way forward for four cryptoassets that have witnessed bullish price action over the past seven days.
In a new strategy session, pseudonymous analyst Cred tells his 49,200 YouTube subscribers that XRP could witness a bullish continuation as long as it is above the previous resistance at $0.414.
“If this breakout sticks and XRP does its kind of trend-wiping candle where it just moons and kind of recovers weeks and weeks and weeks of selling in a much smaller number of weeks, if that’s the case, I think the bigger magnet if you want, or the clearer price level is about $0.50 to $0.60.”
XRP, which has gained nearly 10% in the past week, is trading at $0.425 at the time of writing.
Next up is smart contract protocol Cardano (ADA). Cred says the seventh-largest crypto-asset by market capitalization is “respecting technicals” and could resume its 2023 high of $0.42, which it reached in February.
“I think as long as you don’t get daily acceptance below some sort of $0.35 and this newer flip level [of around $0.35]… I think if this regains pins, the next high time frame problem area is this major support resistance flip range high thing at around $0.41. That makes sense to me.
And if it breaks, we can just make a range of this thing with $0.40, $0.60-ish and $0.50 is the middle. But I think in the short term we have pretty clear trading levels between $0.35 and $0.42-ish.”
Cardano is trading at $0.361 at the time of writing.
As for Solana (SOL), the pseudonymous analyst says the 12th largest crypto by market capitalization is forming a double bottom pattern after managing to hold support at $20. According to Cred, Solana remains range with support at $20, area midpoint at $23 and resistance at $26.
“We essentially have a double bottom forming just above a high timeframe level for support [at $20]…
Kind of a range low requirement as long as you don’t get daily bars back below $20 – $21. It looks like it’s trading back in range.
When markets do that, we like to look at the middle and the other side of the range, which I think for this [Solana daily timeframe] chart will be something similar to $22 is the range midpoint, $24-ish is the range high.
You can be a little more charitable and use something closer to the extremities, the same range locally at around $20 and then $26 high, which gives you $23, $24 in the middle.”
Solana is worth $20.89 at the time of writing.
The latest coin on traders’ radar is Ethereum (ETH) rival Fantom (FTM). According to Cred, FTM looks bullish provided it holds above its previous resistance at $0.43.
“As long as that is the case, you expect hay [around $0.65] to be traded, and then the next big problem area, if we get a really meaty rotation, is the previous $0.70 to $0.90 range.”
Fantom is trading at $0.46 at the time of writing. A move towards the upper bounds of the analyst’s target suggests a rally above 90% for the Ethereum competitor.
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