A top crypto analyst is mapping the path forward for four crypto assets that have witnessed bullish price action in the last seven days.
“If this breakout sticks and XRP does its sort of trend wiping candles where it just moons and sort of retraces weeks and weeks and weeks of selling in a much smaller number of weeks, if that is the case, I think the bigger magnet if you will, or the clearer level for price is about $0.50 to $0.60.”
XRP, which is up by nearly 10% in the past week, is trading at $0.425 at time of writing.
Next up is smart contract protocol Cardano (ADA). Cred says the seventh largest crypto asset by market cap is “respecting technicals” and could revisit its 2023 high of $0.42, which it hit in February.
“I think as long as you’re not getting daily acceptance below sort of $0.35 and this more recent flip level [of around $0.35]… I think if this reclaims sticks, the next high timeframe trouble area is this big support resistance flip range high thing at around $0.41.That makes sense to me.
And then if that breaks, we can just carve out a range of this thing with $0.40, $0.60-ish and $0.50 is the mid. 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 time of writing.
Turning to Solana (SOL), the pseudonymous analyst says that the 12th-largest crypto by market cap is forming a double bottom pattern after managing to hold support at $20 According to Cred, Solana is still range bound with support at $20, range midpoint at $23 and resistance at $26.
“We essentially have a double bottom forming just above a high timeframe level of support [at $20]…
Sort of range low reclaim as long as you don’t get daily closes back below $20 – $21. That looks like it’s trading back within the range.
When markets do that, we like to look at the mid and the other side of the range, which I think for this [Solana daily timeframe] chart would be something akin to $22 is the range midpoint, $24-ish is the range high.
You could be a bit more charitable and use something closer to the extremities, the sort of same range local at around $20 and then the $26 range high, giving you a $23, $24 mid.”
Solana is worth $20.89 at time of writing.
“As long as that’s the case, then you’d expect the high [around $0.65] to be traded and then the next big trouble area, if we get a really meaty rotation, is the former range high at like $0.70 to $0.90.”
Fantom is trading at $0.46 at time of writing. A move toward the upper bounds of the analyst’s target suggests a rally of over 90% for the Ethereum competitor.
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