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Recent analysis shows that XRP, Cardano (ADA), and Solana (SOL) tokens display remarkable technical strength, indicating possible short-term price recoveries.
Various bullish indicators, including XRP’s breakout above $2.00, ADA’s double bottom formation at $0.55, and SOL’s ascent past $130, imply accumulation phases, even amid significant market fluctuations. However, if Bitcoin were to drop below $80,000 or face increased macroeconomic pressures, any potential gains might be constrained.
The chief market analyst at FxPro noted in a communication to relevant outlets that traders should first wait for a confirmed Bitcoin trend reversal before committing to long-term purchases of key tokens.
“Bitcoin has not yet validated a reversal towards growth,” he stated. “The crucial milestone is the $85,000 level, which coincides with the 50-day moving average. Successfully surpassing this threshold would signify a confirmation of bullish sentiment, while movements below it would likely be dismissed as market noise.”
“XRP bounced back last week after touching the 200-day moving averages, presenting a modest but positive signal that market participants still favor a ‘buy on dips’ approach, anticipating the persistence of the bullish trend,” he added.
Below are key technical analysis insights for XRP, ADA, and SOL, based on market data:
XRP: Support at $2.00 Indicates Bullish Momentum
XRP climbed 11% last week, rising from $1.87 to $2.07, and broke through the key psychological level of $2.00 earlier this week. The current price action reflects a higher low at $2.065, with a recovery to $2.068, and reduced volatility suggests accumulation.
Technical Outlook:
- Support: $2.00-$2.065, reinforced by the 50-hour moving average at $2.03.
- Resistance: $2.10, with potential levels at $2.15-$2.20 on a breakout.
- Indicators: Increased volume during breakouts and the formation of higher lows confirm buying interest. The RSI near 60 indicates room for further upside without overbought conditions.
Short-Term Target: Should $2.00 hold, bulls may aim for $2.10-$2.15, whereas a drop below this risk $1.99.
Solana: Upward Channel Targets $125.50
Solana experienced a 3% increase from a low of $125, reaching nearly $134 in early European trading on Monday, contributing to a 30% rise from $101.30 to $125.48 over the past week, driven by optimism around ETF approvals (76% likelihood on Polymarket).
Support around $120 remains robust, with recent movement consolidating between $124.50 and $125.30, testing resistance at $125.50.
Technical Outlook:
- Support: $120-$124, with $115 as a more substantial base.
- Resistance: $130-$135, with $145 in view on a breakout.
- Indicators: Rising volume and narrowing Bollinger Bands suggest an impending breakout. MACD’s bullish divergence supports potential gains.
Short-Term Target: A breakout above $135 could propel SOL toward $140 and beyond. A dip below $120 could lead to a drop to $105, but the channel leans favorably for bulls.
Cardano: Double Bottom Fuels Recovery
ADA surged by 18.6% from $0.537 to $0.637 over the last week, forming a double bottom around $0.55, supported by strong volume on April 9th. Despite Bitcoin’s 15% weekly drop and trade tensions (China’s 34% tariffs on imports from the U.S.), ADA’s consolidation above 60 cents (now acting as support) indicates resilience. The ascending channel with support at 63 cents allows bulls to eye at least a target of 70 cents.
Technical Outlook:
- Support: $0.632-$0.636, buoyed by the 50-minute moving average at $0.636 as of Monday.
- Resistance: $0.641, with Fibonacci extensions at $0.645-$0.658.
- Indicators: Healthy volume and declining volatility indicate accumulation. Stochastic RSI suggests growing momentum.
Short-Term Target: A drop below 63 cents risks a move to 55-59 cents, yet the double bottom formation supports an upward trajectory.
Additional Reading: Bitcoin Confronts ‘Cloud Resistance’ at $85K, Neutralizing Risk-Reward Profile for Bulls