Altcoin
Cardano Price at Critical Level as It Tests Strong Support
Cardano price is currently testing a crucial support zone between $0.67 and $0.81, a level that has previously played a vital role in determining price movements. This range has historically acted as both support and resistance, making it an important area for traders to monitor. The latest market movements suggest that ADA’s reaction to this level could influence its short-term price trajectory.
Cardano Price Tests Key Support Zone Between $0.67 and $0.81
In a recent post on X, analyst Ali Martinez highlighted the importance of the $0.67–$0.81 range for Cardano price. This level has been a significant point of reversal in previous market cycles. ADA has frequently bounced from this support zone, making it a critical point for traders.
The chart shared by Martinez shows multiple instances where this price range acted as both resistance and support. Historically, ADA has reversed from this level, suggesting that its current price action could determine the next trend. Traders are watching closely for confirmation of either a rebound or a breakdown.
Most recently, analyst Ali Martinez highlighted that Cardano price action mirrors its 2020 accumulation phase, which preceded a parabolic surge. According to Martinez, ADA has reclaimed key support levels, forming a structure similar to past breakout patterns. If this trend continues, Cardano could be poised for a rally to $15.
Potential for a Bullish Rebound if Support Holds
In addition, holding above this support range could indicate strength in the altcoin rally. If buying pressure increases at this level, ADA may establish a foundation for upward movement. Previous price reactions suggest that a bounce from this zone could lead to a rally.
Technical indicators such as the TD Sequential have flashed buy signals, hinting at a possible reversal. If ADA gains momentum above this range, the next altcoin rally to watch would be around $0.90 and $1.10 ADA level.
However, failure to hold the $0.67–$0.81 range could lead to a downward move in Cardano price. If ADA drops below this level, it may retest lower supports. The next potential support areas are around $0.55 and $0.48, which previously acted as consolidation zones.
Cardano Price Action
Adding to the altcoin rally, a top expert recently explained why ADA price may surge to $2.5 in the near term. The analyst highlighted ADA historical pattern of consolidation followed by parabolic rallies, suggesting that the current phase could precede a 250% breakout.
In other news, Cardano founder Charles Hoskinson continues to push back against narratives he views as misleading about Bitcoin and blockchain technology. He criticized USAID alleged funding of anti-Bitcoin content, emphasizing that decentralized finance is not tied to any political ideology.
Concurrently, these developments have intensified discussions around Cardano role in tracking government spending through blockchain. With its advanced decentralized technology and the recent Plomin hard fork enabling community governance, ADA is positioned as a strong contender for Elon Musk’s D.O.G.E. initiative.
At press time, Cardano price was $0.701, reflecting a 6% increase in the past 24 hours. The surge in trading volume, which has risen by 55% to $820.2 million, indicates growing market interest. Cardano market capitalization stands at $24.67 billion, up 2.92%, suggesting strong investor confidence.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The altcoins market is bustling with activity today as top market analysts highlight the greater odds of approval for a spot Litecoin ETF and spot Cardano ETF. While Ethereum (ETH) and XRP are up by 2-3% each, Cardano (ADA) and Litecoin (LTC) have gained anywhere between 10-15% each amid higher odds of these crypto ETF approvals. Analysts are hopeful of an altcoin season moving ahead, however, it will be interesting to see if this could be the turning point.
Greater Odds of Crypto ETFs for Litecoin, Cardano Approval Push Altcoins Higher
The altcoins market is once again seeing a ray of hope with Litecoin (LTC) and Cardano (ADA) leading the rally as the odds of a Litecoin ETF approval surge to a massive 90%. On the other hand, crypto asset manager Grayscale has filed for a spot Cardano ETF amid the growing interest in different digital assets.
Amid the chatter around altcoin crypto ETFs picking up, Bloomberg ETF strategists Eric Balchunas and James Seyyfart have disclosed the approval odds for each. While everyone is betting on a spot XRP ETF following the settlement of Ripple vs SEC lawsuit, the XRP ETF has a 65% chance of approval, said the analysts. However, they believe that Litecoin ETF approval odds are at 90%, and even the Dogecoin ETF approval chances are at 75%, higher than XRP.
Litecoin Price Leads with Nearly 15% Gains
The approval odds of the crypto ETFs appears to be the primary reason why LTC and ADA are outperforming other altcoins today. As of press time, Litecoin price is trading 14.85% up at $130.04 with daily trading volumes surging by 86.3% to more than $1.7 billion. As per the Coinglass data, the LTC open interest has surged by a massive 26% to more than $700 million, with the 24-hour liquidations shooting to $4.21 million of which $3.46 million is in short liquidations.
Over the past few months, the LTC price has been oscillating in the range of $100 on the lower end and $140 on the upper price band. A breakout above $140 could set the stage for a mega rally moving ahead. Besides, a recent Litecoin price prediction shares further details on the crypto’s potential performance ahead.
Cardano (ADA) price has also surged by a strong 11% moving to $0.76 with its daily trading volumes surging 13.67% to $867 million. Similarly, the ADA futures open interest has shot up by 13% to $700 million as the crypto ETF speculations soared.
Altseason to Begin Soon?
Amid the crypto ETF buzz, popular crypto analyst Crypto Rover reported that we will soon witness a bullish cross-over of the 100-week moving average above the 200-week moving average. This is when the mega altcoin rally would begin. The last time such a cross-over took place in 2021, it triggered a 500% surge in the overall altcoin market. Several other analysts have also been hopeful for the start of an altcoin season despite the recent greater market turbulence.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana Smart Whales took the broader crypto market by storm on Tuesday by embarking on a massive buying spree. The latest on-chain data indicated that roughly $18.5 million tokens were accumulated amid the crypto’s turbulent intraday movement. As a result, traders and investors reflect a bullish sentiment orbiting SOL price’s future, with a top market expert further highlighting the coin’s potential to hit $296 ahead.
Solana Smart Whales On Accumulation Spree Spark Market Optimism
According to data offered by Spotonchain on X as of February 11, Solana smart whales have bought massive amounts of the token. According to the data, two ‘smart money addresses’ collectively accumulated roughly $18.5 million worth of tokens from crypto exchange behemoths over the past day.
The address “GJwCU” was revived after nearly a year of dormancy to accumulate 30,901 tokens worth $6.24 million from Binance. This accumulation has promptly gained significant traction as the trader boasts a profit of $8.15 million with his previous SOL trade.
Also, the address “5qDx”, after 2 months of dormancy, bagged 61,319 tokens, worth $12.4 million, from Binance and OKX at an average price of $202.53. Overall, these accumulations by traders with remarkable profit-booking portfolios (aka smart whales) signaled that the coin could pump significantly ahead.
Recent ETF Developments Weigh Additional Optimism
Simultaneously, the rising SOL ETF approval odds have fueled additional optimism about the asset’s future performance. CoinGape recently reported that Bloomberg analysts forecasted a 70% chance of an ETF approval in 2025.
This development, if happens, could boost the appeal of the token to institutions, which in turn is likely to push the prices higher. Notably, the massive accumulation by Solana smart whales amid this broader development has solidified investors’ optimism about future SOL price action.
SOL Price Rally To $296 Ahead?
At the time of reporting, SOL price witnessed a 1% uptick in value, reaching $204 after showcasing a roller coaster ride intraday. The coin’s 24-hour bottom and peak were $199.59 and $208.83, respectively.
Market participants continue to eye the coin extensively, awaiting bullish shifts amid rising Solana whale accumulations and recent ETF-related developments. However, the broader crypto market volatility currently presents the asset with severe price volatility.
Nevertheless, crypto market analyst ‘VipRoseTr’ recently posted on X, projecting optimism over future price movements. The analyst states that SOL is “maintaining strong support and bouncing from key levels, signaling the potential for further upside action.” This bullish movement paves the way for a $296.38 price target ahead. A sustained pump above this level could see the coin breakout and push above $300, per the analyst.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market (Feb 11): Traders and investors are once again optimistic as Bitcoin and altcoin prices gained a notable upward movement on Tuesday. BTC price jumped nearly 2% in the past 24 hours, whereas altcoins mainly mimicked an uptrend. Notably, the soaring movement has kept investors optimistic right ahead of the U.S. CPI and PPI data, set to be released on Wednesday and Thursday. Here’s a brief report on some of the most trending coins for the day and the latest market updates around them.
Crypto Market On Feb 11: BTC, ETH, XRP Gain, But SOL Slips
Notably, BTC price showcased a rising trajectory over the past day, briefly touching a $98K level high. Simultaneously, ETH and XRP prices traded dominantly in the green. However, SOL price illustrated a waning intraday action.
Nevertheless, the global cryptocurrency market cap jumped 2.30% in the past 24 hours to $3.2 trillion. Further, even the total market volume witnessed a 3.49% uptick in value, reaching $99.24 billion. So, let’s take a closer look at the crypto prices today.
BTC Price Jumps In Sync With Broader Crypto Market Trend
BTC’s price gained nearly 1% as of press time and is now trading at $97,534. Its intraday low and high were $96,666.51 and $98,333.22, respectively. Notably, the flagship coin soars despite global markets taking a hit after Donald Trump’s new 25% tariff on aluminum and steel.
Meanwhile, CoinGape reported that Bitcoin’s social sentiment has increased substantially recently. In another latest development, North Carolina forged ahead with its strategic Bitcoin reserve plan.
ETH Price Gains 2%
ETH price witnessed a nearly 2% uptick in the past 24 hours and is currently sitting at $2,676. The coin’s intraday bottom and peak were $2,620.10 and $2,723.52, respectively.
Santiment data shows that Ethereum saw its biggest exchange outflow in nearly 2 years, from Feb 8-9, with 224,410 ETH withdrawn by traders and investors. In turn, market participants eagerly await a bullish price movement ahead.
XRP Price Follows Uptrend
XRP price witnessed an uptick of over 2% in the past 24 hours and is now trading at $2.44. The coin’s 24-hour low and high were $2.38 and $2.47, respectively. Notably, the Ripple-backed asset witnessed a pump alongside soaring optimism for an XRP ETF. Bloomberg analysts predict that an XRP ETF could be seen shortly ahead amid rising odds in the market.
Solana Price Turbulent
However, SOL price has taken a rollercoaster ride in the past 24 hours, down marginally by 0.5% to $201.18. The crypto’s intraday low and peak were $199.59 and $208.83, respectively. Despite the odds of an SOL ETF also gaining weight, the coin is yet to witness a pump alongside other altcoins.
Meme Crypto Market Glimmers
Simultaneously, Dogecoin (DOGE) price gained by 4% in the past 24 hours, reaching $0.2582. Even Shiba Inu (SHIB) price jumped by 1%, reaching $0.00001596. Also, PEPE and TRUMP meme coins pumped by 2%-5% and are sitting at $0.000009793 and $16.08, respectively.
Top Crypto Market Gainers Today
Raydium (RAY)
Price: $5.41
24-Hour Gains: +19%
Helium (HNT)
Price: $3.93
24-Hour Gains: +14%
Virtuals Protocol (VIRTUAL)
Price: $1.25
24-Hour Gains: +13%
Top Crypto Market Losers Today
MANTRA (OM)
Price: $5.97
24-Hour Loss: -2%
Onyxcoin (XCN)
Price: $0.02354
24-Hour Loss: -2%
DeXe (DEXE)
Price: $18.99
24-Hour Loss: -1%
Notably, market participants await further bullish momentum as the latest statistics indicate signs of renewed interest across the sector. Renowned market analyst Ali Martinez revealed on X that capital inflows into the crypto market are starting to pick up, indicating a bullish future awaits.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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