Cardano, Solana, Avalanche and Fantom were the prominent names in the altcoin market in the last 24 hours. Analysts are sounding the alarm for a buying opportunity as they approach multi-month support lines.
Cardano (ADA) shows the biggest growth in the altcoin market today
Cardano stands out as one of the best performers in the altcoin market with a 5% price increase in a short time. Experts interpret this momentum as a potentially impending breakout sign. A clear and pervasive chart pattern has developed on Cardano’s weekly chart, appearing before major breaks and price fluctuations. The ascending triangle on Cardano’s weekly chart was formed only a few weeks ago when it failed to break the local resistance in the Bitcoin pair.
The ascending triangle acts as a trampoline for Cardano. If it breaks, the ADA price will enter a prolonged downtrend that we haven’t seen in almost a year as it entered a downtrend in early September. For now, ADA has reached the top of the formation. This means that it is far from a negative scenario.
In addition to the aforementioned pattern, the moving averages (MA) are closing the distance between each other, which is a direct signal of an impending volatility increase. Traditionally, the wide gap between MAs reflects increased chances of consolidation in the market. A small gap indicates the opposite.
Just like ADA, Solana’s weekly chart offers interesting deals.
Solana’s weekly chart shows an opportunity like ADA that could possibly yield good results. SOL is now trading in the corridor it formed in May 2021, when its decline was halted at $24.5. This price then formed the lower boundary of the price corridor, while the upper boundary was $47. Solana closed the last week of August above this price. It then managed to entertain the crypto world when its quotes increased almost 500% by November 2021.
Two types of events await the Solana price. Gamza Khanzadaev, the analyst you follow on Kriptokoin.com, summarizes the possible scenarios:
If Solana’s price is approaching the lower end of the range, i.e. $24.5, a position may be considered to open there. By the way, notice how well the SOL has rebounded when its price was below this level a year ago. If the SOL jumps from the current levels directly to the ceiling of the corridor, at $47, then we will see how the weekly candle closes. If it closes above this level, a buy targeting at least $78 may also be considered.
AVAX and FTM price map to Van de Poppe
The popular crypto analyst recently reported on Twitter that he, along with Avalanche, has seen many altcoins fall below their 50-day moving averages as a result of last week’s bear market correction. However, if these altcoins manage to seize this moving average, there could be a massive price rally and Avalanche (AVAX) is no exception.
#Fantom is currently consolidating, as the entire market is in anticipation of the $USD to reverse (or continue) for decisions.
Daily order block around $0.25 is heavy support.
If reversal takes place, a quick run to $0.365-0.37 is possible. pic.twitter.com/c82qwjzCbA
— Michaël van de Poppe (@CryptoMichNL) August 23, 2022
The next altcoin that the analyst mentions is Phantom (FTM), another Ethereum competitor. Phantom is now trading in a strong support zone. The analyst expects the price of FTM to form an upside move. According to Van de Poppe, $0.25 will be strong zone as FTM support level. Also, if there is any change in price action, a drop is likely between $0.365 and $0.37.
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