- Summary:
- Bitcoin price touched $67k before retreating to $65 k, SOL price has momentum from its wider ecosystem while ADA has good entry point.
Table of Contents
The crypto market has been resilient in the last two weeks, rejecting pressure to break below the $2 trillion market capitalisation mark. Leading the pack has been Bitcoin, which resisted multiple attempts to break below the $60k mark. Below, we look at the three cryptos that hold high upside potential in the near-term.
Bitcoin
Bitcoin price broke above the psychological barrier at $65k mark on Monday after spiking by 5 percent. BTC trades at 66,105 as of this writing after rising by 0.2 percent on the daily chart. The crypto coin makes a return to that level after a month of accumulation below it, during which it broke below the $60k mark on two occasions. The crypto market bellwether trades above the Volume Weighted Moving Average (VWMA) level, underlining bullish momentum.
However, BTCUSD also faces a downside risk, based on the fact that it previously got rejected around the $66,500 mark. However, a break above that mark could potentially set the stage for a rally past the $70k mark.
Bitcoin price prediction
Pivot: BTC price faces resistance at 65,872, and the downside will prevail if action stays below that level. Conversely, a move above that level will favour bullish control.
Support: The first support will likely be at 65,438, and a break below that level will invalidate the upside narrative. Extended bearishness could send the price lower to test 64,873.
Resistance: The first resistance is likely to come at 66,500. A stronger upside momentum could break above that mark to render the downside narrative invalid. A stronger bullishness could extend gains to test 67,056.
Solana
Solana price has gained more than 9 percent in the last week, and a break above the $150 mark is a major psychological win. However, as it approaches the $165 mark, it will likely face increased downward pressure, as it has not broken above that level since mid-August. However, the momentum on SOLUSD signifies the potential to break above that barrier, as it trades above the 20, 50, 100 and 200 Exponential Moving Average (EMA) levels.
SOLUSD’s upsurge is accompanied by the uptick in the performance of meme coins within its ecosystem. Therefore, a continuation of the meme coin upside could add fuel to Solana price gains. In addition, SOL’s traded volume has risen by 35 percent in the last 24 hours as per data provided by CoinMarketCap. An uptick in volume during an uptrend signifies a potential continuation of gains by an asset.
Solana price forecast
Pivot: Solana price faces resistance at 154.45, and the downside will prevail if action stays below that level. Conversely, a move above that level will favour bullish control.
Support: The first support will likely be at 153.30, and a break below that level will invalidate the upside narrative. Extended bearishness could send the price lower to test 151.80
Resistance: The first resistance is likely to come at 156.38. A stronger upside momentum could break above that mark to render the downside narrative invalid. A stronger bullishness could extend gains to test 158.10
Cardano
Cardano has had a forgettable performance this year, and has traded below $0.50 since late April. More recently, it has struggled to break above the $0.40 mark, triggering a selloff. However, the utility of the Cardano blockchain ecosystem provides a stable foundation for recovery ADA, but that has been constrained in an environment where meme coins offer quicker and higher returns.
That said, ADA price’s current low price provides a good entry point that could draw increased whale activity in the coming days if the current crypto market uptrend continues. ADA price has gained 2 percent in the last week, providing some traction for the upside in the coming days.
Cardano price forecast
Pivot: Cardano price faces resistance at 0.360, and the downside will prevail if action stays below that level. Conversely, a move above that level will favour bullish control.
Support: The first support will likely be at 0.355. A break below that level will invalidate the upside narrative. Extended bearishness could send the price lower to test 0.350.
Resistance: The first resistance is likely to come at 0.366. A stronger upside momentum could break above that mark to render the downside narrative invalid. A stronger bullishness could extend gains to test 0.370.
