The bitcoin price rise has induced significant bullish momentum within the crypto space, flashing the possibility to mark new highs in the coming days
Altcoins like Cardano, Near Protocol, Polkadot, Ethereum, Dogecoin, etc are believed to rise significantly if the Bitcoin price maintains a healthy upswing throughout the week ahead
Bitcoin price exploded after undergoing immense bearish pressure and acute compression within a narrow range. The breakout beyond $23,500 has induced significant bullish momentum not only within Bitcoin but for the entire crypto space. In the meantime, some of the altcoins are displaying immense potential to outpower the BTC price rally and lead the top gainer’s list soon.
Cardano’s price was largely believed to be dead as the asset maintained a very narrow trend from the beginning. The price trend remained largely unaffected by the prevailing market sentiments that could have uplifted the price above $0.5. However, these levels may be achieved very soon, as the ADA price appears to have inculcated a significant bullish momentum.
The ADA price is testing the crucial 200-day MA levels during the previous trading day but failed to surpass the levels. Woefully, the bears appear to have gained some control but if the bulls regain their dominance, then the price may revamp with the upswing and surge beyond $0.4 initially. This could further rise the levels beyond $0.435 by the end of the week.
Ethereum price is displaying immense bullish momentum as the levels have surged beyond the 200-day MA levels in the daily timeframe. After rejecting $1680, the RSI has developed a bearish divergence due to which the price is consolidating within narrow levels. Therefore, after a brief accumulation, the ETH price is believed to rise beyond $1700 at the earliest.
However, it all depends on the Bitcoin bulls who currently appear to be slightly exhausted. If they resume with a notable upswing, the ETH price may rise above the consolidation and secure levels above $1780 during the next bullish action.
Polkadot price rally after laying down a notable upswing during the first fortnight of 2023, appears to have lost its strength to a large extent. The price is hovering above the crucial 200-day MA level which is acting as a strong support zone. Woefully, the RSI is plunging due to which fear of rejection prevails that may be further accompanied by a bearish MACD crossover.
The trading volume has dropped notably, while the bears are trying to regain their dominance. However, after a brief consolidation, the prices are believed to undergo a trend reversal and quickly rise high in the coming days to reach a double-digit figure soon.
Alongside, the other altcoins like Near Protocol, BinanceCoin, etc, and meme-coins like Dogecoin and Shiba INU may also leap pong beyond their crucial resistance very soon.
Written by: Sahana Vibhute
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