ADA
Turn $1,000 Into $10,000 with 6 XRP Rivals
Published
3 months agoon
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adminAfter the SEC vs. Ripple Lawsuit, XRP price has been moving sideways. Without volatility, investors will likely look for XRP rivals with higher growth potential, allowing them to turn their portfolios from $1,000 to $10,000. This article outlines six such cryptocurrencies.
6 XRP Rivals With Potential To Turn $1,000 to $10,000
Here are the 6 XRP Rivals with huge potential in the upcoming bull rally that could help investors grow their holdings.
- Solana (SOL)
- Polygon (MATIC)
- TRON (TRX)
- Stellar (XLM)
- Cardano (ADA)
- Toncoin (TOM)
Solana
Built using the Proof of History (PoH) technology, Solana can transfer 65,000 transactions per second (TPS). Although this altcoin saw a massive selloff after the FTX collapse, the comeback of SOL since 2023 is nothing short of a miracle.
The connection between Solana and FTX founder Sam Bankman Fried, which was the reason for Solana’s downfall, eventually became the reason for its success. As a result, SOL surged by 2,527% between late December 2022 and mid-March 2024. This historic rally could be the start, considering the recent near-six-month consolidation that SOL price has slipped into.
The bull flag continuation pattern forecasts a breakout from the sideways movement could propel SOL by 1127% to $1,348, making Solana a prime XRP rival.
Polygon
From its All-Time High (ATH) of $2.923, the Layer 2 token has plummeted 88%. Since March 2024, MATIC price has shed nearly 70% of its value. Due to this massive collapse in Polygon’s market value, investors can buy this top altcoin at a discount.
Additionally, data from Santiment shows Polygon’s on-chain activity has shown an incredible uptick in the past few weeks. The spike in network growth coupled with daily active addresses reveals an inflow of new investors, aka capital, and a resurgence in existing investors. This development suggests Polygon price is ready for a takeoff by ending its near-three-year old consolidation range.
TRON
TRON is another key cryptocurrency that has stolen the spotlight in recent days. This development can be attributed to the founder Justin Sun, who has triggered a meme coin migration frenzy from Solana to the TRON ecosystem via the SunPump platform.
This development has caused a massive uptick in TRON fundamentals, a key XRP rival. If such value accrual updates are consistent, TRX price could propel higher, allowing investors to turn their investment in TRX from $1,000 to $10,000.
TRON forms an Adam and Even pattern that forecasts a 62% rally in the near term to $0.1971. As mentioned above, TRX could rally much higher if this outlook continues.
Due to their strong fundamentals, these cryptocurrencies could turn $1,000 to $10,000.
Stellar
The key reason for this cryptocurrency being an XRP Rival is the involvement of an ex-Ripple employee developing the Steller blockchain, a competitor of Ripple. This altcoin has remained unfazed despite multiple bear markets and will likely explode on the news that XRP is not a security.
XLM price trades at $0.009, a much higher discount than its rival XRP, making it a good investment. The upcoming bull rally could propel XLM price to retest the ATH at $0.798.
Cardano
Cardano whales have been actively accumulating over the past mid-2022. Wallets holding between 100K to 1M and 1M to 10M ADA have increased their balance from 5.67B and 5.57B to 6.02B and 5.7B, respectively.
This massive scale of accumulation shows that whales are anticipating a surge in Cardano price in the near future. ADA being an XRP rival, therefore, makes a good investment that could help turn $1,000 to $10,000.
Toncoin
Toncoin is the recently launched meme coin on the Telegram-linked TON blockchain. This coin has witnessed massive volatility due to the connection with Telegram founder Pavel Durov’s arrest. Since this is a newly launched cryptocurrency and an XRP rival, it has a higher chance of soaring.
TON price hit an ATH of $8.28 on June 14 and shows that it could rally even higher, especially if Durov is released with a clean bill, allowing this XRP rival to shoot into the stratosphere.
All in all, SOL, MATIC, TRX, ADA, XLM, and TON are the 6 XRP rivals that show huge promise of helping investors turn their investment of $1,000 into $10,000.
Frequently Asked Questions (FAQs)
The 6 XRP rivals are Solana (SOL), Polygon (MATIC), TRON (TRX), Stellar (XLM), Cardano (ADA), and Toncoin (TON).
These cryptocurrencies have strong fundamentals, technical analysis, and on-chain data indicating a bright future, making them potential alternatives to XRP.
Solana (SOL) is expected to surge by 1127% and reach $1,348 based on the bull flag continuation pattern.
Toncoin’s connection to Telegram founder Pavel Durov and its recent volatility make it a potential candidate for a massive rally, especially if Durov is released with a clean bill.
Akash Girimath
Akash Girimath is an engineer at core, but is interested in the chaos of the financial markets. Akash is senior report and analyst who also trades cryptos on a regular basis and maintains a small crypto fund for friends and family.
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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Here’s Why Cardano Price Is Far From Overbought After 96% Weekly Surge
Published
2 weeks agoon
November 10, 2024By
adminMost major altcoins witnessed a renewed recovery trend in November amid the U.S. election buzz and Donald Trump’s victory. The pioneer cryptocurrency, Bitcoin, entering price discovery further cemented the bullish narrative in the broader market. Among the top performers, the Cardano price recorded an 83% weekly surge, and still enough room for future growth.
By press time, the ADA price had traded at $0.58, with an intraday gain of 28.5%. According to Coingecko, the asset’s market cap was boosted to $20.58 billion, while 24-hour trading volume was at $2.53 billion.
Why Cardano Price Rally Isn’t Overbought Despite Massive Gains
In the last six days, the layer-1 cryptocurrency Cardano recorded an upright recovery from $0.326 to $0.58— an 83% price increase. An analysis of the daily chart showed this recovery with the increasing size of green candles and trading volume, indicating a sustained uptrend.
The strong momentum may be attributed to several factors, with the first being the potential impact of the 2024 U.S. election and Donald Trump becoming the 47th president. Additionally, Cardano’s recent partnership with BitcoinOS has enabled it to access $1.3 trillion in Bitcoin liquidity, significantly enhancing its decentralized finance (DeFi) ecosystem.
As per tradingview chart, the ADA price also breaches a key downsloping resistance of a triangle pattern. This breakout signals the buyers’ escape from a six-month consolidation, offering suitable support to drive a higher rally.
However, today’s surge in Cardano price is likely triggered by founder Charles Hoskinson’s plans to work with the U.S. government under Donald Trump on cryptocurrency legislation.
The aforementioned reasons provide a major boost for Cardano’s adoption and demand for its native cryptocurrency, positioning for further gains.
Large Holders Bet Big on ADA as Market Bottom Signals Emerge
According to Santiment data, the ADA whale holding 100 Million 1 Billion coins has significantly increased their accumulation from 2.06 to 2.93 since mid-April. Despite the prevailing downtrend, the large holders’ buying indicates their confidence in Cardano’s further growth.
Generally, this signal coincides with major market bottoms and reverses trends.
On the contrary, the recent surge in Cardano price is fueled by the aforementioned factors one after another. Thus, a rally of the same momentum is less likely to continue without more external factors.
Moreover, a sharp price increase is often followed by a short corrective phase for buyers to regain strength. If this happens, the ADA price could revert lower to seek support at key daily EMAs (20, 50, 100, and 200).
Frequently Asked Questions (FAQs)
Cardano’s price shows room for growth due to factors like a bullish pattern breakout, whale accumulation, key partnerships, and plans to collaborate with the U.S. government on crypto legislation
Following the breakout from a six-month downsloping triangle, Cardano’s price targets $0.8 as the next level
Larger holders accumulation reflects their confidence in Cardano’s long-term potential and often aligns with market bottom signals.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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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The Cardano price plunged 4.8% during the Sunday trading session to $0.33. The bearish downturn likely followed the Bitcoin price drop below $68,000 as the crypto market witnessed a surge in selling pressure ahead of the U.S. presidential election. Will the correction extend the ADA buyer coil counterattack for the surge to $0.5 in November?
Will Cardano Price Reach $1.05 This November?
The cryptocurrency market is experiencing a renewed bullish momentum ahead of the U.S. presidential election in 2024. The Cardano price managed to leverage this broader market sentiment to shift its prevailing downtrend to sideways.
Since mid-June, the Cardano price has been resonating strictly between two converging trendlines, indicating the formation of a symmetrical triangle pattern. Theoretically, this pattern guides a temporary consolidation between a dimension, dynamic support, and resistance to republish the prevailing trend.
If the market corrections prolong, the ADA price could plunge another 2.8% to seek support at an ascending trendline intact since June 2023. Historical data shows the Cardano price reversal from this support has led to a recovery ranging from 35% to 250%. Thus, the ADA price could strengthen its grip over the asset at the bottom support and attempt a bullish breakout from the key resistance of current correctional at $0.37.
Crypto buyers need to achieve this breakout by mid-November if they aim to reach the $0.5 target by month’s end.
Whale Accumulation and MVRV Data Hint at Cardano Price Recovery
According to santiment data, the 30-day market cap to realized cap ratio (MVRV) has recently plunged to a -6.37% mark. The MVRV ratio compares an asset’s market capitalization to its realized capitalization and helps determine whether the asset is overvalued or undervalued.
Historically, the MVRV breakdown below -6% has formed local market bottoms. Generally, the negative value indicates a loss-making short-term trader could capitulate if the correction trend extends. Exit from these speculative traders often attracts long-term business and drives sustained recovery.
Moreover, ADA buyers with wallets holding 100 million to 1 billion coins have drastically increased their accumulation from 2.06 billion to 2.95 billion over the last four months. This significant accumulation trend implies growing confidence among major investors in Cardano’s long-term potential.
Historically, such accumulation by large holders, or “whales,” is often a precursor to a price uptrend, as it indicates strategic buying and reduced sell pressure. However, if the selling pressure at the overhead trendline persists, the Cardano price may extend the sideways action.
Frequently Asked Questions (FAQs)
This trend signals growing confidence among major investors and typically precedes a price uptrend due to strategic buying and reduced sell pressure
Cardano’s price could hit $0.5 if it successfully breaks out of the symmetrical triangle pattern by mid-November
A retest of the multi-month ascending support trendline intact since June 2023 could trigger a bullish breakout
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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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ADA
Cardano Price Mirrors 2020 Rally, Will ADA Hit $6?
Published
3 weeks agoon
November 2, 2024By
adminThe crypto market is gradually gaining momentum for a Q4 rally as Bitcoin entered the $70,000 region. Amid the renewed bullish sentiment, the Cardano price shows the potential for a massive surge as it mirrors the formation of a 2020 rally.
By press time, the ADA price had traded at $0.35, with an intraday loss of 1.87%. According to Coingecko data, Cardano’s market cap holds at $12.38 Billion with a 24-hour trading volume of $336.4 Million.
Cardano Price Action Reflects 2020 Rally, Can ADA Hit $6?
The layer-1 cryptocurrency Cardano has shifted its prevailing correction trend sideways above the $0.034 price level. This consolidation in the weekly chart shows a local bottom formation around 30% higher than the previous low of $0.024.
A closer look at ADA’s current trajectory reveals intriguing similarities to 2020-style price formation, which triggered a rally to $3.1 All-time-high. The historical data shows that the Cardano price prediction drives a major accumulation phase for buyers to onboard and for a stable bottom.
The historical data shows that the Cardano price drives a major accumulation phase for buyers to onboard, recuperating the bullish momentum. The crypto market today shows the ADA price is forming to second before kick-starting its actual rally.
The upcoming U.S. election is likely to influence the momentum of the potential rally if a crypto-friendly candidate is elected. If history repeats, the Cardano price could surge by over 1600% to hit the psychological level of $6.
Whale Accumulation Signals Potential ADA Price Reversal
The supply distribution data from Santiment shows the largeholders’ preparation for ADA coin reversal with major accumulation trends. From mid-April 2022, whale wallets containing between 100 million and 1 billion ADA have collectively boosted their accumulation from 2 billion to 2.94 billion ADA.
This substantial accumulation by major investors suggests a strong belief in ADA’s potential for price appreciation. Such behavior often indicates that these large holders anticipate a market reversal or a bullish trend in the near future.
On a contrary note, if ADA sellers continue to defend the $0.42 barrier, the price reaction could extend its sideways action and delay a bullish breakout.
Frequently Asked Questions (FAQs)
Cardano’s current price action is showing strong similarities to its 2020 trajectory, which led to a significant rally and an all-time high of $3.1.
The upcoming U.S. election could influence the momentum of a potential rally, particularly if a crypto-friendly candidate is elected.
This substantial accumulation suggests strong confidence in ADA’s potential for a price reversal or upward trend.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.
Source link
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