According to crypto analysis platform Santiment, traders are bullish on the trio of Ethereum, Ripple and Cardano. Santiment also notes that ETH, in particular, has benefited the most from this perception, as it has previously risen to $2,700. Crypto analyst Victor Olanrewaju evaluates the technical outlook for these 3 altcoin prices.
Santiment: Bullish sentiment is rising for these 3 altcoins
cryptokoin.comAs you follow from, the market witnessed a ward post the spot Bitcoin ETF approval. However, this excitement did not last long. As we entered the weekend, sales came and the market gave back some of its gains. However, this decline could be a buying opportunity. Analytics platform Santiment looks at the on-chain Weighted Sentiment metric. As a result, traders state that bullish sentiment has increased for 3 altcoins.
Weighted Sentiment takes into account unique social volume to determine whether the average review about a cryptocurrency is positive or otherwise. When the metric is negative, it means investors are bullish. However, when it is positive, it indicates bullish sentiment, as is the case with ETH, ADA, and XRP. In this context, Santiment shared the following:
As the weekend begins, sentiment towards top assets remains at extremely optimistic levels following ETF approvals. Investors are particularly bullish on Ethereum after its market cap rose above $2,700 for the first time. There is also a notable bullish bias towards Bitcoin and XRPNetwork. As traders discuss the possibilities of ETH or XRP ETF approval, Cardano is being overlooked compared to the normal level of trader optimism.
Technical outlook for leading altcoin Ethereum
At the time of writing, ETH has fallen from its peak of $2,700 and was trading at $2,554. However, before retesting $2,556, ETH’s price hit $2,472. However, the RSI shown on the 4-hour chart showed that ETH was initially overbought on January 11 as well. At that time the RSI was 80.50. This contributed to the price decline. Moreover, the indicator did not fall below the 50.00 midpoint. This shows that the bulls are able to defend ETH’s momentum. If Mometum buying returns to ETH, it is possible for the altcoin price to touch the $2,500 psychological resistance.
If this happens, ETH could possibly make a new yearly high above the $2,700 mark. For this to happen, the MACD needs to be positive, especially since it was -16.74 at press time. If the MACD reverses from its downside, ETH momentum could be to the north and trigger a price increase.
Cardano (ADA) technical outlook
The ADA 4-hour chart showed that the price fell below the psychological zone of $0.60. Its decline below this important area was evidence of the intense selling pressure that began on January 11. However, there seems to have been a shift in investor sentiment as the price struggled to climb above $0.55. If the bulls take advantage of this zone, it is possible that they outperform the sellers as they look to surpass the $0.60 resistance. Also, the 20 EMA (blue) crossed over the 50 EMA (yellow). Thus, it indicates that the next trend for the altcoin is likely to be bullish. These EMAs were also around $0.55, meaning the price is likely to act as support for the next leg.
Finally, Ripple (XRP) technical view
The market structure of XRP is also similar to ADA. XRP rose to $0.57 after falling to $0.55. This increase indicates that there is some buying pressure from lower levels. This sentiment is also supported by the RSI, which is just below the 50.00 midpoint. RSI data shows that the previous selling pressure was not more intense. However, if the bulls want to push XRP towards $0.65, they need to overcome the selling pressure at $0.62. If this happens, the path to $0.65 could be opened for the altcoin.
However, it is also possible for the bears to resist the potential upside move. If the bears are successful, the XRP price is likely to drop to $0.50. On the other hand, the bulls have an advantage, especially as the Chaikin Money Flow (CMF) rose to 0.22. CMF data shows that XRP’s buying momentum is much greater than the selling pressure. So, XRP has more chances of reaching $0.60 than of falling to $0.50.
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