Analysts are optimistic about Cardano price and predict that it will reach $0.90 before further declines in ADA. Meanwhile, analysts state that a touch of $1,326 is required for Polygon (MATIC) to invalidate the bear pattern. Ripple (XRP) price is seeing bulls using the previous month’s S2 as support to trigger a reversal.
“Cardano price looking at $0.90 target”
Cardano price continues its decline, while major wallet addresses seek and increase ADA holdings. However, as reported by Kriptokoin.com, Santiment revealed that major wallet addresses have accumulated about 200 million ADA tokens in the past two weeks.
Santiment analysts report that large wallet investors gave up their ADA holdings in December 2021. These investors continued to buy Cardano two weeks ago, which represented a trend change in ADA. The total value locked in the Cardano network recently surpassed $300 million, representing a shift in investor sentiment towards DeFi protocols and dApps. However, the Cardano price has not recovered, despite the increasing traction and demand from whales.
Transaction volume on Cardano Blockchain has increased by 14% monthly and Ethereum killer continues to attract new traders. Institutional investors are optimistic about Cardano and have increased their ADA purchases through Grayscale’s funding.
High transaction volume of $100,000 or more on Cardano Blockchain. Whale activity on ADA Blockchain is bullish for altcoin price.
FXStreet analysts are predicting a drop to $0.776, which is Cardano’s low range. However, they also note that the price could rise to $1,011 later on. Analysts have identified a bullish divergence on the Cardano price chart.
“MATIC price could drop sharply to $0.70”
According to crypto analyst Tony M, Polygon (MATIC) price is giving relevant signals as it remains in the bearish target zone of the past week at $1.10. The analyst states that the bears may have the power to send prices down by 30% in addition, and the analysis continues in the following direction.
MATIC price is currently trading at $1.10 as the price is consolidating within the projected bearish target zones based on last month’s bearish forecasts. Bears observing the Polygon price action are poised to send the price much lower as the consolidation refuses to let the bulls in in the middle half of the steep bearish rally that occurred at the end of April.
MATIC price may continue to decrease if market conditions continue. A Fibonacci projection tool surrounding the first two dips also predicts a drop to $0.93 and potentially a drop to $0.70. Examining the falling waves, it seems that MATIC price needs another pusher wave to cover the proportional drop displayed. Traders should wait for more sideways action before the next drop occurs.
Bear model required a touch $1,326 to override. If the bulls can touch this level, the downtrend is considered over. The bulls could recapture the trend and push prices back to $1.05, which would mean a 40% increase from the current MATIC price.
Ripple (XRP) to revisit $0.73
Ripple (XRP) price as markets look for a somewhat supportive dove from the FED, which could force some rate hikes but without triggering a massive sell-off in risky assets , at the peak of the rise. According to crypto analyst Filip L, with this predicted scenario, investors are leading the game plan and taking a leading position for stocks and cryptocurrencies to rise further after Wednesday’s Fed meeting. The analyst predicts that the XRP price will rise further by adding $0.11 to its value and continues his analysis as follows.
Ripple price sees the bulls return to the scene as the Relative Strength Index turns up after trading in the oversold territory. Higher lows are creating bullish bullish pressure on the upside as the bulls crush the bears by squeezing $0.6264 and the bulls are grabbing the bears by their throats. There could be a breakout higher that could efficiently move from $0.67 to the new monthly pivot and use this level for the next rise.
XRP price will see bulls avoid any profits around this new monthly pivot as the RSI will only trade near the mid-50 level. This means more upside areas that will trigger a second leg of the rally to $0.7304. This level is vital as it has been breached before. XRP price has surged over 20%, so a full unbundling would make sense this time around.
With the FED’s interest rate decision tomorrow evening, a serious event risk is at the door. If Jerome Powell comes out too hawkish and the Fed raises rates, carnage can be expected in equities and cryptocurrencies as well as risk assets. XRP will be no different, slicing the price of XRP through butter like a hot knife at $0.5852. Bulls trying to catch the falling blade of $0.5231 or $0.4799 and open up even more room on the downside will flee the scene.