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Avalanche, Cardano, & Polkadot Prices Go Against Market Trends: Will It Impact Bitcoin & Ethereum?

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Altcoin Market Outlook

The post Avalanche, Cardano, & Polkadot Prices Go Against Market Trends: Will It Impact Bitcoin & Ethereum? appeared first on Coinpedia Fintech News

Avalanche (AVAX) Price Analysis

  • The Avalanche price accumulated along the crucial resistance zone around $20 for a while and further triggered a massive upswing to mark the yearly highs above $40
  • The price surged beyond 0.5 FIB levels and soared above the interim resistance at $38.56 but is facing upward pressure in testing FIB levels at 1
  • The AVAX price could consolidate around the same levels for some time and further trigger a breakout to the next target of around $58 at FIB 1.2 levels
  • As the RSI is in the bullish zone, the possibility of a minor pullback emerges, which may hinder the progress of the rally for a while

Cardano (ADA) Price Analysis

  • The ADA price has been within the consolidating zone for more than 20 months and the latest price action enabled a breakout 
  • With more than a 50% jump in the past week, the token recorded the highest weekly close since March 2022, indicating a rise above the bearish claws
  • Besides, the DMI is raising some concerns as the ADX is displaying a bearish divergence while the +Di & -Di levels remain under bullish influence
  • Now that the ADA price is testing one of the crucial resistances at $0.594, a rise above $0.67 could raise the token towards the upper targets.

Polkadot (DOT) Price Analysis

  • The Polkadot price is testing the crucial resistance zone between $6.85 and $7.64 for the first time after facing a rejection in February 2023
  • The trade pattern appears quite similar, with a large bullish candle testing the resistance and the very next candle being bearish, indicating a rejection 
  • However, the volume appears to be in the bullish direction; hence, a bullish breakout can be expected, which may lift the price beyond a double-digit figure
  • Besides, if the bulls fail to hold the price within the resistance zone, the previous trade may repeat and the price may begin within a prolonged descending consolidation 

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