As the overall market recovery continues, altcoins are gaining momentum with minor setbacks along the way. Among the top gainers, XRP price ranks at the top as it reclaimed the $0.60 mark overnight. However, the ADA price trend is struggling to make a comeback from $0.335, bouncing off a support trend line.
Let’s take a closer look at the XRP and ADA price charts to spot the buying opportunities for the altcoins.
V-shaped recovery promises $1 mark for XRP
After the market crash, XRP is one of the top altcoins to reclaim the lost highs at a breathtaking pace. With a V-shaped reversal from the 23.60% Fibonacci level and a tail formation to retest the broken trend line, XRP price is back at $0.060.
Trading View
XRP formed a Morning Star pattern with a massive bullish engulfing candle last night with an 18% increase and is back in action. As the bull run gains momentum, XRP is ready to challenge the 78.60% Fibonacci level at $0.65.
A bullish breakout above $0.65 will increase the bull market momentum and initiate the next recovery phase to $0.91.
Cardano’s wedge pattern holds the future
ADA price is falling in a bearish wedge and is at a crossroads with increasing bullish chances. As bulls maintain dominance above the $0.30 support level, the minor recovery from the support trend line suggests a new bull cycle.
Trading View
ADA price is currently trading at $0.335, showing a 3.40% intraday recovery and a bullish engulfing candle in the making. Despite the short-term upside, the overhead resistances are hoarding massive supply pressure at $0.42.
For a breakout from the resistance trend line, the falling 200D and 50D EMA, and the $0.42 resistance, a boost from a broader market recovery is crucial. Optimistically, the breakout run will take ADA price to the 78.60% Fib level at $0.676.
Therefore, a V-shaped recovery in XRP and a reversal in Cardano create buying opportunities in the altcoins segment.
