The crypto market is currently witnessing a strong wave of optimism, driven by the recent all-time high (ATH) of Bitcoin and the U.S. House of Representatives passing two laws, CLARITY and GENIUS. This positive momentum is expected to carry through the weekend, potentially benefiting altcoins as well.
This article will analyze three altcoins that have growth potential for the weekend and may continue to rise further.
Lido DAO (LDO)
The price of Lido DAO (LDO) has surged 25% in the past week, reaching $1.07, following an announcement from BitGo about supporting native ETH staking through the Lido protocol. This move has made BitGo the first custodian in the U.S. to support ETH staking via Lido, thereby reinforcing confidence in this altcoin and its growth potential in the future.
The announcement is expected to continue driving LDO through the weekend, with the potential to break the resistance level of $1.18. With strong support indicated by the Parabolic SAR below the price candles, LDO could rise to $1.34—equivalent to the highest level in 4 months. This upward trend suggests that bullish momentum is continuing.
However, if LDO cannot break through the resistance level of $1.18 again, this altcoin may face selling pressure. The price risks dropping to $1.07. If it loses this support area, LDO could slide down to $0.99, negating the bullish outlook and signaling a potential bearish trend.
Ethereum Classic (ETC)
The price of Ethereum Classic (ETC) has increased by 10% in the past 24 hours and 24% in the past 7 days, reaching $22.88. Currently, this altcoin faces resistance at the level of $24.52. For ETC to continue its growth, strong support from investors is needed. Overcoming this level is essential for maintaining the recent upward momentum and conquering new price levels.
With Ethereum (ETH) just reaching a 6-month high, ETC is likely to benefit from this price surge. ETH's rally could help ETC surpass the resistance level of $24.52, paving the way for the next increase to $27.21. This would be a significant milestone for this altcoin as it continues to attract upward momentum.
However, the Relative Strength Index (RSI) indicates that ETC is in the overbought zone, with a value exceeding 70. Historically, this often signals a potential price reversal. If the market cools down, ETC could drop to $20.81, erasing much of the recent gains and negating the optimistic outlook.
Cardano (ADA)
The price of Cardano (ADA) has risen 12% in the past seven days, reaching $0.82. This altcoin has benefited from widespread optimism in the market and the strong upward momentum of Bitcoin. This momentum further supports ADA's growth, and the upward trend may continue if investor confidence remains sustained.
In the past week, ADA has been approaching the significant milestone of $1. To reach this price, it must first overcome the resistance level of $0.93. The 50-day EMA is showing an upward trend, signaling the potential formation of a golden cross, which could continue to drive strong price increases in the coming days.
However, ADA may face a correction if the market shifts to a downward trend. If Cardano falls below the support level of $0.8093, the price could continue to drop further to $0.74 or even $0.70. This scenario would negate the current bullish thesis, indicating a potential reversal in price trend.