The most popular altcoins, Cardano & Ripple, are trading with a huge bullish momentum since the pre-trading session and are aiming to close the day’s trade on a bullish note. Both the altcoins have been stagnant for a prolonged period and due to this, the investors also lost their focus on the assets.
However, now that the most anticipated event, The Cardano Vasil Hard Fork, is just around the corner, the broader crypto markets are expected to roll out of consolidation for a while.
The Cardano (ADA) price is swinging within a symmetrical triangle and making every attempt to remain elevated. The bears often challenge the upswing but have not yet implied extensive pressure that may drag the price below the crucial support.
Nevertheless, the pattern on the whole still remains bearish as the buying volume may certainly not mark the levels of the bearish pressure at the moment.
The ADA price has been trading within a symmetrical triangle but considering a wider perspective, the asset has formed a bear flag. Previously, the price attempted to reverse the impact of the bearish flag but ended up plunging by more than 16% to hit the immediate support levels.
In the next couple of days, the ADA price try to reach the apex at the earliest, which may end up in a drop of 5% to 6% testing the $0.42 support zone.
Ripple, on the other hand, is also consolidating within a symmetrical triangle, but the outcome may be contrasting. The asset has been rising for the past couple of days which also includes harsh bearish actions. Despite this, the asset is flashing significant bullish signals that may make it to $0.5 first before ADA.
The XRP price has formed a bullish flag and appears to have been trading along the resistance of the triangle. As the peak of the consolidation is close by, positive price action may be fast approaching.
With a breakout, the XRP price may soon regain above the immediate resistance at $0.42. After securing above these levels, the price may further elevate towards $0.45 which may, in turn, pave the way for the price to reach $0.5 very soon.
However, the XRP price has faced extended bearish action for very long and hence, seems to be due for a significant breakout.