XRP Breakthrough: What's Next? Cardano (ADA) to Break $0.65 Level, Solana (SOL) Loses to Ethereum Ma

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XRP Breakthrough: What's Next? Cardano (ADA) to Break $0.65 Level, Solana (SOL) Loses to Ethereum Massively
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Arman Shirinyan
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Thu, 29/02/2024 - 0:30
XRP Breakthrough: What's Next? Cardano (ADA) to Break $0.65 Level, Solana (SOL) Loses to Ethereum Massively
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Contents
Cardano on verge of bull market
Solana's failed battle
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XRP is eyeing the next significant hurdle at $0.6. The recent trading sessions have witnessed a commendable performance by XRP, which has successfully breached several local resistances, positioning itself for a potential upward trajectory.

Analyzing the price dynamics, we observe a robust volume spike, which is indicative of strong buyer interest and may signal the start of a sustained bullish trend. This is a vital factor as volume often validates price movement, giving credence to the breakthrough and setting the stage for the next leg up.

XRPUSDT
XRP/USDT Chart by TradingView
XRP's current trend shows it maneuvering above the crucial moving averages, a bullish indicator that suggests the asset has ample support for its ascent. The intersection of these moving averages has served as a springboard for the price, pushing it toward the $0.6 mark.

Looking at the resistance and support framework, the immediate resistance is indeed at the $0.6 threshold. A decisive close above this level could pave the way for an extended rally toward higher resistance zones.

Conversely, if XRP faces rejection at this level, it might retreat to test the fortitude of its newfound support levels, potentially around the $0.55 to $0.53 range, where the confluence of moving averages may offer a buffer against a deeper pullback.

Cardano on verge of bull market
Cardano's native token, ADA, is showing signs of a strong bullish trend as it approaches a significant resistance level at $0.68. This move is particularly noteworthy as it positions ADA to potentially surpass the highest price point it has achieved in 2024. The trading community is attentively monitoring ADA's performance for a decisive break that could establish new benchmarks for the year.

A detailed price analysis reveals that ADA has been consistently forming higher lows, which is indicative of accumulating strength and buying pressure. The recent uptrend has been supported by increasing volume, suggesting that the bullish sentiment is backed by active market participation. The $0.68 level is critical; a convincing move above this price could trigger further buying as it would confirm a breakout from the recent consolidation pattern.

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From a technical standpoint, ADA has sustained itself above both the 50-day and 200-day moving averages, which traditionally act as dynamic support levels. The convergence of these averages provides a strong base for the token, making the path toward the $0.68 resistance more attainable. A successful break above this threshold could open the door to testing previous yearly highs and, potentially, the all-time high (ATH).

Looking at the current trend, the next major resistance after $0.68 is anticipated to be in the region of $0.75 to $0.80, where ADA may encounter a tougher barrier due to historical price actions. On the support side, the key levels to watch are $0.61 and $0.55, which have previously acted as both support and resistance.

Solana's failed battle
Solana has been a strong contender with its high-speed and low-cost transactions. However, recent market developments have seen Ethereum reclaiming its dominance, overshadowing the advancements of its competitors.

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A comparative price analysis shows that while Ethereum has been gaining in both market cap and price, Solana has been lagging behind. The SOL token is struggling to keep up, as evidenced by its performance on the price charts. After a period of consolidation, Solana is now grappling with resistance levels that were once strong supports, particularly around the $108 mark.

As of the latest trends, SOL is trading in a channel, with its immediate resistance near $120. The key support to watch is at $100, a psychological level that may dictate Solana's short-term price direction. Should this level fail, the next support is at the $89 zone, marked by previous price interactions.

About the author
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Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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