It does not appear to be a flash in the pan for Ripple (XRP) or Cardano (ADA), as these ‘dino-coins’ approach breakout levels that can take them to even greater highs.
$XRP price at the descending trendline
Source: TradingView
$XRP (XRP/USDT) is just underneath the descending trendline that tops a series of lower highs. If the $XRP bulls can force the price up through the trendline and there is a confirmation above, stand by for the next stage of this amazing run. Target levels at $2.51, $2.68, and the local high at $2.90 can be achieved if the breakout occurs.
If the price is rejected from the descending trendline, the 0.382 Fibonacci is support at $2.28, and then major support is at $1.96. Bulls will want to avoid the continuing formation of a descending triangle by breaking out soon.
Major horizontal support under the $XRP price
Source: TradingView
The weekly chart for $XRP shows just how important the major horizontal support is, resting on the top of a price surge as far back as April 2021. At the bottom of the chart, the Stochastic RSI is shaping to turn back up. It will need to do so if this breakout and further upside is to occur.
$ADA breaking out right now
Source: TradingView
As can be seen on the 4-hour chart for $ADA (ADA/USDT) above, the struggle to take out the big resistance level at $0.00001125 is happening right now. The descending trendline looks to have been surpassed, and the bulls and bears are in a tussle for the horizontal resistance level.
There is plenty of room for the indicator lines to rise on the Stochastic RSI at the bottom of the chart, bringing upside momentum, so it may be more likely than not that the bulls win this particular battle.
Much to do for $ADA bulls to reverse the downtrend
Source: TradingView
Zooming right out into the weekly time frame, it really does not look promising for $ADA. Even if the bulls succeed in breaking the resistance, they have another major horizontal resistance to get through at $0.00001585. In fact, this particular resistance is the key to reversing the downtrend and it must be conquered.
The weekly Stochastic RSI at the bottom of the chart shows that the indicator lines are crossing back up. This is bullish, and if confirmed, will supply upside momentum. Hopefully for the bulls, this will continue at least as far as the second major resistance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
