ADA, the native token of the Cardano ecosystem, has witnessed a slight increase in the ongoing relief rally across the broader market. According to data from CoinMarketCap, the price of ADA has surged 3.29% over the past 24 hours to $0.3438. Notably, ADA has also recorded a weekly gain of 1.87%. 

Despite its remarkable performance in the daily and weekly charts, ADA is down 21.91% over the past 30 days. Most of this decline was witnessed on August 5, 2024, when ADA’s price tanked to $0.2799. However, the token has made significant efforts to recover these losses, as it currently trades at $0.3438. 

ADA to Hit $1.6 This Year 

Interestingly, famous pseudonymous market watcher “STEPH IS CRYPTO” predicted that ADA could surge to greater levels before the end of this year. 

Specifically, they projected that ADA could surge to $1.60 before the end of 2024. To hit the $1.60 target, ADA must surge 365% from its current price of $0.3438. 

To put it into perspective, an investor who commits $1,000 into ADA today at the current price of $0.3438 could make a return of $4,653 if the token’s price surges to $1.60.  

Besides ADA, the analysts also set price targets for other cryptocurrencies like Bitcoin (BTC), XRP (XRP), JasmyCoin (JASMY), Internet Computer (ICP), and Algorand (ALGO). According to STEPH, BTC, XRP, JASMY, ICP, and ALGO will hit $100,000, $2.50, $0.30, $50, and $0.50 by year-end, respectively. 

Meanwhile, STEPH did not outline the potential catalysts that could propel ADA for a 365% surge to $1.60. Nonetheless, the prediction reflects the positive sentiment across the market, where many experts have expressed confidence in an imminent rally for major assets like ADA, BTC, and XRP, among others. 

Similar Prediction and Catalyst for Potential Surge 

It bears mentioning that other experts have also set similar targets for Cardano. Earlier this year, popular Cardano bull Dan Gambardello envisaged a breakout that could take ADA’s price to $1.5. 

In the meantime, there are indications that ADA could witness positive updates, including a spot-based ETF, that could potentially pave the way for a major rally. As reported in May, Ripple CEO Brad Garlinghouse speculated that the SEC will approve multiple ETFs for different altcoins, such as ADA, SOL, and XRP. 

These projections hinge on XRP’s historical performance following previous formations of this pattern. Taking to X, market analyst Jaydee shared a 5-day chart where XRP has formed a golden cross, as its short-term moving average finally crosses above a long-term moving average.

Larger Golden Cross

Notably, Jaydee highlighted two previous golden crosses, which led to dramatic price increases. The first, occurring in 2017, saw XRP surge 650 times its initial value within 280 days. This led to the massive historic run that resulted in the $3.31 all-time high.

The second cross occurred in 2021, a few months after the U.S. SEC sued Ripple for allegedly securities laws violations. Despite XRP’s downward spiral following the lawsuit, the golden cross triggered an impressive run. XRP eventually spiked 10x within 70 days to hit a high of $1.96 in April 2021.

According to Jaydee, the latest golden cross on the 5-day chart could be signaling a similar bullish breakout. The chart indicates that XRP has been trading within a symmetrical triangle pattern. Multiple analysts have identified this pattern on different timeframes.

Notably, the convergence of the moving averages at the apex of this triangle suggests a potential explosive breakout to the upside, potentially leading to the kind of gains seen in previous cycles.

Consequently, Jaydee expects XRP to rally by 10x to 650x once the uptrend begins. From its current trading price around $0.60, a 10x increase would put XRP at a more realistic price of $6. However, a 650x spike could push prices toward $390.

XRP Forms Smaller Golden Cross

Interestingly, another analyst Xoom called attention to the daily timeframe, where another golden cross has formed. While this cross is on a smaller scale, its significance for the short-term remains crucial. 

The last time XRP formed this sort of golden cross on the daily chart was in early February of this year. Following that signal, XRP’s price surged by 50%, from $0.4968 on Feb. 5 to $0.7449 by March 11. Data shows XRP trading just above the golden cross, consolidating within a tight range.

XRP on a Rebound Path

Meanwhile, after weeks of a downtrend, XRP appears to be on a recovery path. XRP currently trades for at $0.6089, having bounced off support around $0.44921, as indicated by the S1 pivot point. 

Notably the Pivot Points clearly define the resistance levels, with R1 at $0.65974, R2 at $0.72478, and R3 at $0.83004. Should XRP break through these resistance levels, it could pave the way for the significant price increases suggested by the golden cross.

The MACD indicator is also in bullish territories. The MACD line has crossed above the signal line, representing a buy signal. Additionally, the histogram has shifted into positive territory, further indicating that momentum is turning in favor of the bulls.

This is according to market commentator King Aryan, who insists he is out to find the next 00x gem. The pundit made these disclosures earlier in the year, as the crypto market corrected the gains of the first quarter.

ADA’s Underperformance

Notably, ADA has suffered one of the worst declines during the market-wide retracement. The Cardano price has relinquished multiple support levels since its collapse in mid-March. Recall that ADA surged to a new yearly peak of $0.8100 on March 14, a day after Bitcoin (BTC) clinched its all-time high. 

However, as BTC retraced its gains, Cardano dropped with the rest of the market and has maintained its bearish trend since. Currently trading for $0.336, ADA is down nearly 59% from the yearly peak. Meanwhile, in comparison, Bitcoin is only down 20% from the March 13 all-time high figure.

Cardano’s unique bearish situation is due to its inability to record substantial short-term recoveries like the rest of the market. In the latest recovery push from Toncoin (TON), the token recently overtook ADA to become the tenth largest crypto asset. This development pushed Cardano off the top 10 list.

Cardano Price if ETH Hits $20K, and SOL Reaches $2K

Despite the bearish trend, analyst King Aryan expects Cardano to rally with the rest of the market when the bull run resumes. He recently presented price targets for Bitcoin and nine altcoins, including ADA. 

According to his assertion, Ethereum (ETH) could hit $20,000 by the end of this bull cycle, marking a 666% increase from the current price. In addition, the pundit believes Solana (SOL) is capable of soaring to a new all-time high of $2,000. This would represent a massive 1,308% rise from Solana’s value.

Meanwhile, he set his target for Cardano price at a whopping $75, a massive jump from current levels. Notably, Cardano currently changes hands at $0.3360 at the reporting time. The cryptocurrency would need to skyrocket by a massive 22,221% to reach this level, one of the highest projected growth rates on Aryan’s list.

Meanwhile, the analyst sees Bitcoin spiking 746% to $500,000 and XRP rising 3,233% to $20. While some of these targets are easier to reach, others like Cardano’s $75 goal could face problems. A $75 price would push ADA’s market cap to $2.7 trillion, over twice Bitcoin’s current valuation.

In a recent analysis, Mickle examined the historical trajectory of the XRP/BTC pair. He highlighted that the XRP to Bitcoin ratio has been a reliable indicator for forecasting incoming trends. 

Mickle asserted that each time the XRP/BTC hits rock bottom in a cycle, a massive parabolic move follows, with XRP significantly outperforming Bitcoin. He pointed to several instances in the past to support this claim.

XRP Historical Bottom with Bitcoin

The first instance occurred in June 2014 when the XRP/BTC pair dropped to approximately 0.00000430 BTC. By December of the same year, the pair had surged to 0.00009155 BTC. This marked a gain of over 2,020% for XRP against Bitcoin in just six months.

Meanwhile, another downtrend commenced after that violent rally. XRP/BTC later bottomed around a similar range of 0.000005 in February 2017. By May 2017, the XRP/BTC ratio had risen to above 0.000246 BTC, representing a growth of over 4,500% against Bitcoin.

A similar pattern re-occurred during the 2020 bearish cycle, with XRP once again outperforming Bitcoin a few months after hitting a low.

XRP Set for Parabolic Rise

A new bottom was recently observed in June of this year when the XRP/BTC pair dropped to 0.00000671 BTC.  Market observers believe that this recurrence of a low price against Bitcoin indicates that XRP may be on the brink of another explosive gain, similar to the previous three instances.

On the weekly timeframe, XRP has been pulling consistent greenish candles against BTC since this bottom. The XRP/BTC pair is currently at 0.00001013 BTC, up by 5% over the past day.

Notably, Mickle is not the first analyst to note this pattern in the XRP/BTC pair. In a previous analysis, market watcher Moonshilla acknowledged the presence of a quadruple bottom in the pair. 

Despite XRP’s long-standing unimpressive price action, Moonshilla argued that various indicators align to make a compelling case for a massive surge in XRP’s price. He emphasized that the risk-to-reward ratio for XRP is highly favorable, with potential rewards far outweighing the risks.

XRP Potential Target

While Mickle provided no potential target for XRP amid the observation, Moonshilla has suggested an ambitious outlook. Moonshilla believes that, given the alignment of multiple bullish indicators, XRP could potentially reach $100 or more.

He noted that this would place XRP’s market capitalization around $6.5 trillion. For comparison, he mentioned that Bitcoin would need to achieve a 6x increase, reaching around $350,000, to maintain its position without being overtaken by XRP.

According to pseudonymous cryptocurrency trader KALEO, Dogecoin’s price action will likely be anemic during the next several months. 

The next several months will be “death by boredom” due to declining volatility. 

The trader believes that DOGE will remain in the $0.085 and $0.11 range until the market heats up again. 

According to data provided by CoinGecko, Dogecoin is in 10th place by market capitalization. The leading meme cryptocurrency is valued at $14.8 billion. 

Related

GalaxyTrading, another pseudonymous cryptocurrency analyst, believes that DOGE will be “leading the charge” in the near future since it tends to serve as a key signal for the entire cryptocurrency space. 

So far, the performance of the cryptocurrency market is rather underwhelming, with Bitcoin (BTC) dipping below the $60,000 level. 

Still, the upcoming speech of Federal Reserve Chair Jerome Powell, which will take place at Jackson Hole on Friday, could bring more volatility. Powell is expected to indicate how fast the Fed is going to act when it comes to rate cuts. So far, the Fed is expected to settle for a 25 basis-point rate cut in September. 

Related

Dogecoin experienced a massive price surge in 2021 when interest rates were at extremely low levels in the US. The leading meme coin reached its current all-time high of $0.73 in early May 2021. 

After the Fed went on a rate-hiking spree in 2022, risky assets such as cryptocurrencies started to struggle. 

Earlier this year, meme coins experienced another revival with the Federal Reserve holding interest rates close to zero. However, OG players like Dogecoin recorded relatively modest gains compared to upstarts such as dogwifhat (WIF) and some celebrity meme coins. 

XRP, the controversial Ripple-affiliated cryptocurrency, is outperforming the broader market once again. 

According to data provided by CoinMarketCap, XRP is up 6.16% over the past 24 hours. 

This makes it the second best-performing in the top 100 (behind only Aave’s AAVE token). Neo (NEO), Tron (TRX), and Sui (SUI) have also recorded impressive gains over the past 24 hours. 

After adding 2.3% over the past hour alone, XRP managed to reclaim the much-coveted $0.6 level.  

As reported by U.Today, XRP formed the golden cross pattern, meaning that the token’s short-term moving average has now crossed a long-term one. This bullish pattern shows that the cryptocurrency is experiencing strong bullish momentum. However, it is worth mentioning that it tends to be a lagging indicator. 

In early August, XRP experienced a substantial price rally after a summary judgment was issued in the closely watched SEC v. Ripple case. The token experienced a price rally of roughly 27% on Aug. 7. 

Some analysts, however, correctly predicted that this rally would be short-lasting. By Aug. 11, the XRP price retraced back to the $0.54 level, losing as much as 15%. 

Related

Now, it remains to be seen whether XRP’s renewed momentum can actually be sustained by the bulls. 

So far, XRP is up 41% after bottoming out on Aug. 5 at $0.43 on the Binance exchange during the all-out crypto crash. 

As reported by U.Today, Stuart Alderoty, Ripple’s top lawyer, recently clarified that XRP’s legal status would not be under threat even if the SEC were to appeal the case. 

Bitcoin (BTC) price sideways movement reflects dwindling interest across the market, impacting altcoin majors such as Ethereum (ETH) price and XRP price. Market directionality will be determined by the outcome of the current bullish and bearish struggle.

Bitcoin Price Scouting The Next Move

Bitcoin price sits below all three key bull market indicators: the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). A daily close above the previous day’s open of $58,425 or near-term support at $58,000 is required to affirm the uptrend above $60,000.

Based on the Moving Average Convergence Divergence (MACD), a bearish outcome is highly likely. Traders will focus on shorting BTC price as long as the MACD upholds a sell signal in short-term ranges.

In retrospect, inflation data increased the chances of the Federal Reserve enacting the first rate cut of the year in September. Investors expect Bitcoin price prediction to pick up the pace following the cut. A sustained uptrend above $62,000 would clear the course to $66,000, thus narrowing the gap to $70,000.

Ethereum Price Set To Edge Lower

Ethereum price grapples with increasing overhead pressure after being rejected at $2,775 late last week due to resistance highlighted by the 20-day EMA in the daily range. Two death cross patterns signal a continued downtrend below $2,500 short-term support to the liquidity-rich $2,400 area.

According to Coinglass, the drop in ETH futures market open interest while volume increases hints at growing indecision among traders. This situation will likely culminate in bearish sentiment and increase the probability of another swing to $2,400. If traders in the spot market panic and sell, ETH price will drop to retest $2,200, collecting liquidity ahead of another breakout.

On the other side of the fence, a buy signal flaunted by the MACD upholds the short-term bullish thesis. However, for bulls to pull through with a major trend reversal, they must reclaim the short-term hurdle at $2,600. From here, $2,800 will be the next target, followed by $3,000, as ETH price forecast depicts.

XRP Signals Stay Green

XRP price holds above a key trend line support as well as the 20-day, 50-day, and 200-day EMAs after traders jumped on the bullish train during the Asian session on Monday.

The MACD buy signal augmented the chances of Ripple price breaking $0.6 resistance, but the uptrend cooled off, reflecting a sluggish broader market. A daily close above $0.58 will help validate the trend reversal expected to take on key hurdles at $0.64 and $0.7.

Conversely, the XRP price technical structure does not rule out the possibility of a correction to $0.55, especially with crypto assets experiencing declining trading volume. Therefore, it would be wise for investors to prepare for all scenarios, including an extended pullback to $0.5.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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.