Altcoins Cardano, Litecoin, and Solana Show Signs of Strength
Major altcoins Cardano (ADA), Litecoin (LTC), and Solana (SOL) are exhibiting signs of resilience as they stabilize around key support levels. This suggests a potential upward trend as bullish momentum gathers pace. As of Wednesday, ADA and SOL are holding steady around $0.74 and $163.65, respectively, while LTC is approaching resistance at $96.30.
Former U.S. President Donald Trump recently weighed in, reigniting momentum for cryptocurrency legislation in the U.S. House of Representatives. This development has fueled optimism and a bullish sentiment across the cryptocurrency market.
Cardano Poised for Rally as it Finds Support
Cardano’s price surpassed its June 11 high of $0.73 on Sunday, a level that closely aligns with the 61.8% Fibonacci retracement at $0.72 (drawn from the May 12 high of $0.86 to the June 22 low of $0.51). ADA retested and bounced, finding support around $0.73 over the following two days. Currently, it is stabilizing around $0.74.
If the $0.73 support level holds, ADA could extend its rally toward its next daily resistance at $0.84.
The Relative Strength Index (RSI) on the daily chart reads 72, exceeding the overbought level of 70, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) displayed a bullish crossover in late June. It also shows increasing green histogram bars above its neutral zero line, suggesting that bullish momentum is gaining traction and continuing an upward trend.
However, should ADA face a correction and close below the $0.73 support, it could extend its decline to find support around the 50% Fibonacci retracement at $0.68, which coincides with the 200-day Exponential Moving Average (EMA).
Litecoin Could Rally if it Closes Above Resistance
Litecoin’s price surpassed the 50% Fibonacci retracement at $91.61 (drawn from the May 10 high of $107.05 to the June 22 low of $76.17) and the 200-day EMA at $91.71 on June 10, but failed to close above the weekly resistance at $96.30 the following day. Since then, LTC has been consolidating within this range. As of Wednesday, Litecoin’s price is approaching the weekly resistance at $96.30.
If LTC breaks and closes above this level on a daily basis, it could extend its rally to retest the May 10 high of $107.05.
The RSI on the daily chart reads 65, which is above its neutral line but still below overbought conditions, indicating strong bullish momentum. The MACD displayed a bullish crossover in late June, signaling a buying opportunity. It also shows increasing green histogram bars above its neutral zero line, suggesting that bullish momentum is gaining traction and continuing an upward trend.
On the other hand, if LTC corrects, it could extend its decline to find support around the 200-day EMA at $91.71.
Solana Could Rally as Bullish Momentum Builds
Solana’s price surpassed its daily resistance at $160 on June 10 and declined over the following two days, finding support around this level. This daily level aligns with the 200-day EMA at $159.12, marking this as a key support area. Currently, SOL continues to maintain support and is trading at $164.
If the $160 support level continues to hold, SOL could extend its rally toward its next daily resistance at $184.13.
Similar to Litecoin, Solana’s RSI and MACD indicators on the daily chart suggest that bullish momentum is gaining traction.
Conversely, should SOL face a pullback, it could extend its decline to find support around the 61.8% Fibonacci retracement, drawn from the April 7 low of $95.26 to the May 23 high of $187.23, at $152.10.
Stay ahead of the curve in the fast-paced crypto world – explore the latest updates and trends at Cryptonewsfeeds.com.
