Crypto Market Update: Top Analyst Shares Insights on Four Bullish Coins
In a recent strategy session, renowned crypto analyst Cred shared his expertise on four cryptocurrencies that have experienced positive market movement in the past week.
One of these assets is XRP, which has seen a nearly 10% increase in value. Cred believes that XRP’s upward trend may continue if it remains above the previous resistance level of $0.414, with a potential price target of $0.50 to $0.60 if the momentum is sustained.
Cred then shifted his focus to Cardano (ADA) as he notes that the project is showing positive signals and respecting technical indicators, potentially indicating a revisit to its 2023 high of $0.42, which was achieved in February.
Cred says that as long as Cardano stays above $0.35, the next high timeframe trouble area is around $0.41. However, if it breaks this level, Cred suggests that Cardano could range between $0.40 to $0.60.
With a $252 million trading volume in the past 24 hours, ADA is currently valued at $0.36.
Cred also analyzes Solana (SOL), the 12th-largest cryptocurrency by market cap, which is still range-bound with support at $20, a range midpoint at $23, and resistance at $26.
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Cred suggests that Solana is forming a double-bottom pattern after managing to hold support at $20. He also notes that the mid and the other side of the range could be around $22 and $24-ish, respectively. Solana is currently worth $20.89.
Finally, Cred provides insights on Ethereum (ETH) rival Fantom (FTM), which is trading at $0.46 at the time of writing.
In another analysis, Cred discusses the bullish potential of Fantom (FTM), stating that as long as it remains above its previous resistance level of $0.43, it could continue to trend positively.
The analyst predicts that FTM could reach a price target of $0.70 to $0.90 in the event of a significant market rotation. Such an increase would represent a rally of over 90% for the cryptocurrency, which is positioned as a competitor to Ethereum.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
