While Cardano’s native token has declined by 3% over the past week, certain indicators hint that a double-digit revival might be on the way.
Ripple’s whales have purchased a substantial amount of tokens lately, while many analysts believe that Bitcoin (BTC) could drop below $50,000 during the current cycle.
ADA’s Potential Targets
As of this writing, the asset trades at around $0.26, with Ali Martinez noting that the TD Sequential indicator has flashed a “buy” signal. The analyst believes that this setup could be a precursor to a short-term rally, pointing out to $0.23 as a major support level.
According to him, a weekly close above that mark can result in a pump to $0.32 or even $0.37, whereas a break below would invalidate the formation.
Earlier this week, Martinez outlined $0.304 as the upper boundary of a prolonged sideways channel. Surging past that zone may open the door to a jump to as high as $0.376, he argued.
ADA’s Relative Strength Index (RSI) can be viewed as another bullish signal for traders and investors. The technical analysis tool measures the speed and magnitude of recent price changes and indicates whether the asset is overbought or oversold. It varies from 0 to 100, and anything below 30 is considered a buying opportunity. Data shows that ADA’s RSI has plunged close to that mark on a weekly scale.
- ADA RSI; Source: Crypto Waves
XRP Whales Woke up
Ripple’s cross-border token has registered a negligible 1% increase over the last seven days and, as of this writing, trades at approximately $1.44 (per CoinGecko’s data).
The spot XRP ETFs have been bleeding lately, but on March 17, they once again turned positive, signaling renewed interest from institutional investors. Additionally, large investors (known as whales) have snapped up 200 million tokens in the past two weeks. The acquired stash is valued at almost $300 million at current rates, and the development is clearly bullish for the price.
Accumulation from these market participants leaves fewer tokens available on the open market, which, combined with non-declining demand, should lead to a surging valuation. Moreover, the whales’ actions could spark enthusiasm across the ecosystem, prompting smaller players to follow suit and distribute fresh capital.
Many analysts are quite optimistic about XRP’s future performance. Earlier this week, the price briefly jumped to as high as $1.60, and Ali Martinez forecasted a further increase to $1.85.
Where is BTC’s Bottom?
A few days ago, the primary cryptocurrency rebounded significantly, reaching a six-week high of $76,000. However, the Fed’s decision to keep interest rates unchanged, as well as Jerome Powell’s hawkish speech, led to another bearish move under $70K.
According to some analysts, the current downward cycle is far from over, with severe dumps predicted in the short term. X user Leshka.eth envisioned a drop to $53,000 sometime this summer, while bee thinks the price could nosedive to as low as $46,760.
Meanwhile, spot BTC ETFs, which have attracted significant capital lately, have flipped negative in recent days. This reflects fading appetite from institutions and could have a negative impact on the price.
- Spot BTC ETFs, Source: SoSoValue
The post ADA’s Next Price Targets, XRP Whales on the Move, and More: Bits Recap March 20 appeared first on CryptoPotato.
