Cardano (ADA) has risen by 19.8% over the week and is now approaching the $1.00 mark, demonstrating resilience amid other cryptocurrencies. This indicates investors' faith in its potential.
Despite a slight price correction, the Ichimoku Cloud indicator shows that bullish momentum is holding.
If Cardano turns $0.92 into support, it could push the price towards the key resistance level of $1.00.
If ADA does not hold above $0.92, the token may decline to $0.85. Losing this support would nullify the bullish scenario and could lead to a bearish trend and further decline over the weekend.
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Altcoin analysis #Arbitrum $ARB
The price of ARB has fallen by 9% over the last 24 hours. The altcoin is holding above the support level of $0.510 after a failed attempt to establish itself above $0.550. This failure led to a temporary price drop, highlighting the need for stronger support.
The unlocking of tokens is scheduled for the weekend, resulting in 92.65 million ARB entering circulation for a total value of over $48.22 million.
Increased supply may pressure the price. However, the Parabolic SAR indicator still points to an upward trend, which could offset the negative effects of unlocking.
If ARB holds above $0.510, the price may rise to $0.550. If $0.550 becomes support, further increases up to $0.600 may be possible. Otherwise, losing support at $0.510 could lead to a drop to $0.473 or lower. This would nullify the bullish outlook for ARB.
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The recent unlocking of 1.67 million AVAX tokens worth nearly $40 million had little impact on the altcoin's price, demonstrating its resilience against increased supply.
AVAX is holding above the important support level of $24.39, and the 50-day EMA is approaching the 200-day EMA. The formation of a 'golden cross' could signal growth. If this happens, the price could rise to $26.11 or higher, continuing the upward movement. However, if selling pressure intensifies, AVAX may drop below the support level of $24.39. In this case, the price could fall to $23.33 or lower, which would nullify the bullish forecast and indicate a possible correction.
