Recapturing the critical support level, Bitcoin is laying strong ground for the altcoin market ahead of the weekend. According to technical analysis, the 4 altcoins that can make sharp upward movements are LTC, ADA, CRV and LDO.
Litecoin price prepares for new week’s volatility
Litecoin price is hovering within the bull pennant. This technical pattern includes a major advance following a tight consolidation. In this case, the 35% rise of LTC from March 11-24 formed a flagpole. This is followed by continued consolidation in the form of a pennant. Combined, this formation is referred to as a bullish pennant.
This continuation pattern predicts a 35% rise obtained by adding the height of the flagpole to the breaking point. According to technical analyst Akash Girimath, the breakout point for Litecoin price could be around $92, revealing the $125 target. Apart from breaking out of the ascending pennant formation, Litecoin price needs to turn the $95 hurdle into a support base. This move will be a secondary confirmation of the uptrend.
Although the 35% forecast for Litecoin price is based on a bullish pennant formation, failure to break the setup and the $95 resistance will signal weakness in the buyer camp.
In such a case, if Litecoin price produces a daily candlestick near the critical support level of $87, it will invalidate the pennant formation and bullish thesis.
Altcoin bulls set 20% target in CRV price
CRV price has bounced off the $0.892 support level three times since March 24. On April 3, it retested this level for the third time. This move started a 17% rise towards $1,035. Shortly after, the CRV began to curl, forming lower highs (LH) and higher lows (HL). Connecting these swing points using trend lines reveals the formation of a pennant.
This technical formation is a continuation pattern and predicts a 17% rally to $1,173 with the flagpole height added to the breakout point at $1,024. In some cases, CRV price may stop early at the 70.5% retracement level at $1,173 or extend as far as the 79% retracement level at $1,193.
On the other hand, if CRV price fails to rise and confirms a successful breakout, it will mean weakness. If the CRV drops and turns the $0.985 support level into a resistance level, it will invalidate the bullish argument. In such a case, its price could drop 9.80% to set the next support base at $0.892, according to technical analysis.
Cardano, the prominent name in the DeFi altcoin industry
The team behind popular crypto tracking platform TapTools explained why Cardano’s Total Locked Value (TVL) is “adjusted for exponential growth” in an announcement on April 7.
Comprehensive analysis attributes the expected rise to innovation, community support and strategic partnerships, emphasizing that these are their own views and do not guarantee future results.
According to analysts, Cardano’s unique Proof of Stake (PoS) model makes it a leading competitor in the DeFi space.
Accordingly, as DeFi adoption continues to increase, the network’s secure, scalable and environmentally friendly solution could attract more users and projects to the ecosystem. TapTools also suggested that the introduction of smart contracts in Cardano allows developers to build powerful dApps on the platform. Therefore, with more dApps launched on the platform, TVL can also grow in succession.
Strategic partnerships and collaborations
Cardano focuses on financial inclusion and real-world applications, especially when it comes to emerging markets. In this context, TapTools points out that the approach offers great potential as more users are attracted to the ecosystem, thus contributing to Cardano’s TVL.
Notable, strategic partnerships and collaborations have played a crucial role in the growth of the network so far. Cardano collaborated with key players in the industry; This explains why TapTools thinks these partnerships can be a facilitator for further adoption and growth in ADA TVL.
Cardano’s innovative consensus protocol Ouroboros
In a March 25 episode, Tap Tools announced its admiration for Cardano’s innovative PoS consensus protocol called Ouroboros, saying: Ouroboros is an important step forward for the industry.
Tap Tools supported each point with how it benefits the community, also explaining the main reasons why Cardano’s Ouroboros is desirable.
According to the Cardano Foundation, Ouroboros is a groundbreaking PoS protocol that significantly reduces energy consumption while improving the security of Proof-of-Work (PoW) systems. Ouroboros, the first proven secure PoS protocol based on extensive research, defines itself by
Cardano uniquely combines cryptography, combinatorics, mathematical game theory, behavioral psychology, and economic philosophy to ensure the integrity, longevity, and performance of the distributed networks that rely on it.
Energy efficiency
The Cardano Foundation also explains that Ouroboros is designed for unlimited scalability and sustainability, facilitating the creation of distributed, permissionless networks that can support new markets in an energy-efficient way.
With statistically verifiable security against exploiters, an incentive mechanism where network participants are rewarded, and a decentralized network control spread across stake pools, the PoS protocol provides a secure and sustainable solution for networks like Cardano. According to TapTools, Cardano is up to 4,000,000 times the energy efficiency of Bitcoin (BTC).
What is the Cardano price?
Cardano (ADA) is trading at $0.3876 after rising 0.68% in the past 24 hours. According to Coinecko data, the altcoin gained 16.2% compared to last month.
Lido DAO price targets 30% up
Given that LDO is an Ethereum layer 2 project, its price is expected to rise thanks to the “sell the news” event with the upcoming Shanghai upgrade. With the bulls buying the rumor, the LDO market experienced increased buyer momentum. This is evident when Lido DAO price broke the $2.63 resistance.
Further above, the altcoin could meet the next resistance at $2.92 or target the $3.27 resistance level in high bullish situations. Such a move would mean a 30% rise from the current price of $2.50.
The 50-, 100-, and 200-day EMAs at $2.42, $2.26 and $2.00 were below the Lido DAO price and offer further downside support. Also, the RSI and Awesome Oscillator were positive, showing buyers leading the market.
Santiment says LDO’s number of daily active addresses is increasing
The huge increase in daily active addresses at the beginning of April coincided with the Lido DAO price rally, which showed increased investor interest in LDO. If increased network activity is sustained in the coming days, it could generate more returns for investors.
Conversely, if it starts to take profits, Lido DAO price could decline and lose support due to the uptrend before breaking below the 50-day EMA at $2.42. A close daily candle below this level set by analyst Lockridge Okoth will invalidate the bar’s bullish argument.
An increase in selling pressure below the EMAs could bring the Lido DAO price to a February low of $1.96, which would mean a 20% drop from the current $2.50 price. If increased network activity becomes unsustainable after the Shanghai upgrade, it could signal an impending downtrend. cryptocoin.com In this article, we have included analyzes on whether the rise can bring a pump or a dump.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.