Cardano (ADA), one of the latest DeFi coins in the market, could soar to $6 soon according to a top analyst. The analyst noted that ADA is mirroring the price trajectory from the 2020/2021 period. In other news, a new DeFi project called DTX Exchange (DTX) is making waves across the market.
The project has welcomed over 300k wallet addresses while giving early investors 500% returns on their investments. Those who missed out at the beginning still have a chance to join now and get up to 10x returns after launch. Meanwhile, an analyst forecast the value of Ethereum (ETH) could soar to $10k next year.
Cardano (ADA) Mirrors Previous Cycle
Ali Charts has pointed out that there seems to be a growing similarity between Cardano’s (ADA) current trajectory and past cycles. He notes that the first major pullback after the 2020 bull run happened at the exact same time as the current pullback. Due to this observation, Ali forecasts that the Cardano price could possibly reach $6 in the near future.
Another analyst called Coinvo posted a chart that showed the Cardano crypto falling inside a descending channel. Coinvo noted that a breakout could occur soon. They expect the value of the Cardano coin to rise to $1.4 if this happens. At the moment, the altcoin price has witnessed a sharp correction, falling below the $1 mark.
It has been consolidating between $0.7694 and $1.11 in the past week. During this period, the value of ADA has dropped by 15.0%. Nevertheless, some of its technical indicators are still bullish. The Hull Moving Average (9) for instance, displays a buy signal which could mean bulls are gaining momentum.
Ethereum (ETH) Expected To Hit $10k By May
Ethereum (ETH), the largest altcoin by market cap, has succumbed to the ongoing correction in the crypto market. Data from CoinMarketCap shows that the Ethereum price dropped from $4k on December 17. Since then, it has been consolidating between $3k and $3.8k.
The altcoin’s technical analysis also shows that bears are in charge of the market. For instance, the 14-day relative strength index has dropped below the midline. Additionally, the Hull Moving Average (9) and VWMA (10) show sell signals which means selling pressure is high. Nevertheless, analysts believe a trend reversal could occur soon.
Wolf noted that the Ethereum crypto could be forming the right shoulder of a head and shoulder pattern. According to them, this formation might provide the momentum needed to break the $4k barrier. Wolf predicted that this breakout could occur in January although there might be little price retracements. If this happens, the analyst expects the Ethereum price to hit $10k by May.
DTX Exchange (DTX) Merges the Best of CEX and DEX
DTX Exchange is attracting investors with a unique hybrid approach that combines the best of both CEX and DEX. This innovative approach offers what might be considered the best trading experience ever. DTX Exchange provides traders with levels of freedom that have never been seen before, allowing them to trade over 120,000 asset classes on one single platform. The assets include forex, stocks, cryptocurrencies, and more.
With its powerful feature, together with the easy-to-use interface and strong security measures, more and more traders are drawn to the platform to improve their trading results and realize their financial objectives. Meanwhile, DTX Exchange does not collect personal information from its users. This is a commitment to user discretion that gives traders the confidence to trade without the usual woes of identification verification procedures.
Apart from the trading services, DTX Exchange has an exciting staking solution giving the token holders high APYs of up to 15%. It also encourages the users to remain within the community and take an active part in the development of the whole DTX system. Currently trading at $0.12, analysts forecast the value of the DTX coin might pump by 10x soon, making it the best cryptocurrency investment now.
Can DTX Exchange Compete With Top Altcoins Like Ethereum (ETH) and Cardano (ADA)?
Although DTX Exchange is a new entrant in the crypto space, its hybrid approach and successful presale have attracted over 300k wallets. Given this wide interest, analysts forecast the value of DTX could rise by 10x in the coming months, making it a good cryptocurrency to buy.
Find out more information about DTX Exchange (DTX) by visiting the links below:
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