Cardano and Avalanche Spark Interest with Strong Price Movements

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As the cryptocurrency market continues to fluctuate, Cardano (ADA) and Avalanche (AVAX) remain focal points for traders. The ADA price is striving to surpass the $0.85 level, while AVAX exhibits strong bullish signals according to technical indicators. This raises the question: Can these two cryptocurrencies maintain their upward trajectories? Let’s take a closer look.

Cardano Analysis: Can It Rise to $1?

Cardano has recently experienced a notable resurgence despite prolonged stagnation in price movements. The ADA coin price managed to rise above the critical resistance at $0.80, reaching over $0.81. However, the sustainability of this increase remains uncertain.

Following a rejection from the $1.20 level, ADA has begun trading within a declining channel. Nevertheless, the signs of recovery as it approaches $0.85 have sparked hope among traders. The cryptocurrency is currently trapped between the 50-day and 200-day moving averages, indicating a potential for new movement in the short term.

Avalanche Analysis: Bullish Signals Strengthen

Avalanche is signaling a strong upward movement according to technical indicators. Positive signals from TD Sequential, MACD, and Stochastic RSI suggest that the price of AVAX coin may continue to trend upwards. The TD Sequential indicator highlights potential buying opportunities as it points to trend exhaustion levels.

Cryptocurrency analyst Ali Martinez noted that following the 9 signal from TD Sequential, AVAX might be nearing the end of its downtrend. This suggests a potential short-term rally for the cryptocurrency. The MACD indicator supports this viewpoint, as the MACD line remains above the signal line, indicating sustained positive momentum.

Additionally, the Stochastic RSI is also showing an upward trend. The %K line has reached 67.22, indicating a market trend approaching overbought territory. While this suggests the potential for continued upward price movements, there is a risk of diminishing buying pressure during this phase.

At the time of writing, the AVAX coin price has increased by 2.79% over the last 24 hours, trading at $25.61. This price rise is supported by an increase in trading volume, which has surged by 38.21%. When considering both the surging trading volume and price movements, it seems likely that AVAX may test resistance levels above $26.

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