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Highlights
- Cardano (ADA) is facing a significant resistance zone between $0.54 and $0.56.
- The IMX price has achieved a decisive breakout from the neckline resistance of a cup-and-handle pattern, indicating a significant trend change.
- The ICP price shows sideways movement within a triangle pattern, indicating near-term consolidation.
Crypto Price Predictions: The cryptocurrency market is back on recovery sentiment led by sustainable growth in the leading digital asset Bitcoin. Within three weeks, the BTC price has surged from $38540 to $48565, registering 26% growth. While the ongoing momentum may push the Bitcoin price above $50000 psychologically, an alternative speculation has emerged in the market as well.
Following the FTX collapse, the Bitcoin recovery efforts have led the long-term holders’ MVRV indicator to hit 2.06, marking the ‘High Risk’ orange zone, according to crypto analytics firm Santiment. This level, often seen at the start of bull markets, suggests long-term investors are experiencing notable gains. However, the metric warns that such ‘High-Risk’ territory may indicate the market is entering speculative bubble territory, calling for careful consideration by investors amid the resurgence of bullish sentiment.
After the challenging recovery since the FTX collapse, this indicator has advanced to 2.06, entering the High Risk🟧regime.
These levels are typically seen during the early stages of bull markets, as long-term investors return to a relatively meaningful level of profitability. pic.twitter.com/XMSjJjUc1z
— glassnode (@glassnode) February 9, 2024
Amid a positive yet cautious approach, the potential traders may like to focus on coins like Cardano (ADA), Immutable (IMX), and Internet Computers(ICP)
Also Read: Bitcoin Price Prediction: Will $BTC Reclaim $50000 in Coming Week?
Key Levels To Watch As Cardano (ADA) Price Eyes $0.68 Target
Cardano (ADA) is currently at a critical juncture, confronting a significant resistance zone between $0.54 and $0.56. Analysis from crypto trader @Alichart reveals that this range is not just a price barrier but also a densely populated holder zone, with nearly 50,000 addresses holding around 2 billion ADA. This concentration of holdings makes it a formidable obstacle to ADA’s price trajectory.
Should the Cardano price successfully breach this resistance, it could signal a strong bullish momentum, potentially setting the stage for a rally toward the $0.68 mark.
#Cardano faces a formidable obstacle between $0.54 and $0.56, a zone where nearly 50,000 addresses hold approximately 2 billion $ADA. Overcoming this resistance could pave the way for a bullish move toward $0.68! pic.twitter.com/SZJuDe5UQg
— Ali (@ali_charts) February 11, 2024
On February 8th, the ADA price gave a bullish breakout from the resistance trendline of the pennant pattern in the daily time frame chart. This bullish continuation pattern signals the end of the 2-month correction and pays the way for renewed recovery in the market.
Currently trading at $0.534, the Cardano price seeks support around the $0.526 level and makes a positive turnaround for the anticipated rally.
Also Read: Bitcoin is Now World’s 10th Largest Asset, Surpassing Tesla, and Visa
Here’s why ImmutableX (IMX) Price Is Set For Massive Rally
Overlooking the current speculation in the market, the ImmutableX coin continues its bullish trajectory and emerged as the highest gainer in the top 100 cryptocurrencies by market cap.
The IMX price has been under aggressive recovery since the June-January end when the price rebounded from local support of $1.7. The positive turnaround has surged the price by 70% within 3 weeks to currently trade at $2.89.
Amid this rally, the contract gave a decisive breakout from the neckline resistance of a cup-and-handle pattern to signal a major trend change in this asset. With an intraday gain of 6%, the coin price offers a suitable follow-up to the recent breakout and surpassed a horizontal level of $2.84, which was last tested in March 2022.
If the pattern holds true, the immutable price should chase a $4.3 target, pointing to a potential gain of 70%.
Also Read: Expert Anticipates Bitcoin Correction To $33K, But There’s A Positive Side
Internet Computer (ICP) Price Is Nearing A Decisive Breakout
Despite the renewed buying interest in the market, the Internet Computer price has remained sideways in the near term. This consolidation can be traced using the two converging trendlines of the triangle pattern.
Currently trading at $12.6, the ICP price is poised for a decisive breakout from the triangle pattern. A potential breakout from the overhead trendline releases the build-up momentum and signals the continuation of the recovery trend. The post-breakout rally may surge to $18.3.
Internet Computer Protocol ($ICP) has clinched the top spot in development activity, as reported by on-chain analytics firm Santiment. This marks a notable achievement for the ICP ecosystem, with Dfinity’s developers actively propelling forward projects. Later Santiment added, It’s no mere coincidence that the majority of projects ranked in the top 10 for development activity are also found among the top 50 assets by market capitalization.
🧑💻 This is indeed the first time @dfinity has entered the top position among #crypto assets, in terms of notable development activity. It is not coincidental that the majority of projects in the top 10 typically hover as the top 50 market cap assets. When developing
(Cont) 👇 https://t.co/ExYKdnLu5n
— Santiment (@santimentfeed) February 12, 2024
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