bitcoin The price exploded after suffering a strong bearish pressure and squeeze in a tight range. The breakout beyond $23,500 was not limited to Bitcoin. It has created significant bullish momentum in the entire crypto space. Meanwhile, some altcoins are scrambling to lead the list of top earners.
Cardano (ADA)
cardano price has been following a very narrow trend since the beginning of the asset. The price trend is trying to capitalize heavily on prevailing market sentiments that could push the price above $0.5. However, ADA price seems to have gained significant bullish momentum and it is possible to reach these levels very soon.
ADA price tested the 200-day MA on the previous trading day but failed to break through. The bears seem to have regained control. But if the bulls regain their dominance, the price will rise with the rally. However, it is likely to rise above $0.4 initially. This is likely to push levels above $0.435 by the end of the week.
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Ethereum (ETH)
Ethereum The price is showing strong bullish momentum as levels break beyond the 200-day MA on the daily timeframe. After the RSI rejects $1680, it is bearish as the price consolidates at tight levels. Therefore, after a short accumulation, ETH price is believed to rise above $1700 at the earliest.
However, it all comes down to Bitcoin bulls who seem a bit exhausted right now. If they continue with a notable uptrend, ETH price is likely to break above consolidation. Additionally, during the next bullish move, it is possible to secure levels above $1,780.
Polkadot (DOT)
The Polkadot price rally registered a notable rise in the first two weeks of 2023. However, it has lost much of its power. The price is trading above the important 200-day MA, which is acting as a strong support zone. Unfortunately, the RSI is falling due to fear of rejection that could be accompanied by a bearish MACD crossover.
Trading volume dropped significantly as the bears tried to regain their dominance. However, it is believed that after a short consolidation, prices will reverse the trend and rise rapidly in the coming days, reaching double digits soon.
Besides, other altcoins like Near Protocol, BinanceCoin, and meme-coins like Dogecoin and Shiba INU are likely to bounce beyond their significant resistance very soon.