With AVAX price rising, this move could push Cardano up to 9th place. Will this really happen?
With significant market strength, the Cardano price is again facing extreme upward pressure, forcing the token to remain at a critical support level. Avalanche price recorded a weekly gain of over 35%, while ADA price recorded a similar loss at the same time. This could eventually upset the price of AVAX, making Cardano the 8th largest cryptocurrency by market capitalization.
Cardano (ADA) Price Analysis
Cardano price appears to somewhat follow Ethereum’s trend of slow and steady growth. There are fears that the token will fall from its position, but from a larger perspective, the ADA price is still subject to significant bullish influence. Now that the price has reached a critical support level, the bulls need to take action. Otherwise, the price could soon drop to $0.55.
ADA price is trading in a huge rising wedge after rebounding in the last few weeks of 2023. Since then, the token’s trading volume has increased significantly. Additionally, the stochastic RSI is at its lowest level, suggesting a strong rebound is approaching quickly. This could push ADA price higher to test channel resistance above $0.8, which could pave the way for the token to reach $1 soon.
Avalanche (AVAX) Price Analysis
Avalanche price underwent a parabolic recovery after facing rejection from ‘key resistance’ and broke the level to aim higher. Moreover, AVAX price consolidated for some time and after accumulating strength, the token triggered a massive surge reaching levels above $60. Moreover, volume continues to flow in the bulls’ favor, which indicates that the price may eventually enter the upper resistance level of $73.
The daily RSI entered the upper limit again after a few attempts, similar to previous actions. During the previous rally, AVAX price reached close to $50 after reaching highs, so we can speculate that a similar action could push the price above $75. However, the bulls may get tired and trigger a small downside below $70, which could lead to a reversal in a short period of time.