The altcoin market has started to revive in the last days of the year. In this process, two altcoins in particular are attracting attention and giving strong bullish signals. Technical analysis points to the possibility of these cryptocurrencies potentially reaching new highs. So, how long can this rise last and what should investors expect?
Cardano (ADA) Heads Towards New Highs$ADA
Cardano has recently entered a strong recovery process, despite its volatile performance. ADA fell to $ 0.7659 last week, reaching its lowest level in the last four weeks. However, this decline was replaced by an upward movement with a bull flag formation after a short consolidation. Currently, the price has risen by 6.66% to $ 0.9412.
Market analyst Av_Sebastian noted that the $0.93 level in the ADA/USD pair constitutes a significant resistance. Breaking this level, ADA will target $1 with a bullish candle at the daily close. If the bull flag formation is successfully completed, the price could rise to between $2.60 and $2.80 according to Elliott Wave theory. However, if there is a decrease in demand, the price could pull back to $0.80 levels.
XRP: A Harbinger of Strong Rise$XRP
XRP has been experiencing a remarkable recovery process recently. Having increased by 7% on Christmas Eve, XRP is currently heading towards its yearly peak of $2.91. Crypto analyst Javon Marks stated that the XRP/USD pair is showing a hidden bullish divergence, which could push the price up by another 30%. In addition, the recent accumulation of 40 million XRP by large whales stands out as another factor supporting this rise.
The Crypto analyst at CrediBULL stated that a parabolic rally is imminent in the XRP/BTC pair. The analyst, who observed that XRP created a double bottom at Fibonacci levels and showed a recovery from these levels, stated that price movements will become more promising with the increase in the RSI indicator. The CasiTrades analyst said that XRP created a strong bull wave towards the $ 2.60 target. However, the price is still in the correction zone below $ 2.38. The analyst stated that he thinks XRP has the potential to reach this target by December 26. In the long term, it seems possible for XRP to rise to $ 10.