- Ethereum has experienced a positive price surge in recent weeks.
- Dogecoin targets $0.20 after a recent price hike.
- Cardano has reclaimed a crucial support level of $0.40.
The altcoin market is gearing up to see a bullish rally, with Ethereum (ETH), Dogecoin (DOGE), and Cardano (ADA) leading the charge. These altcoins closed the weekly candle with notable gains, hinting at a potential price increase shortly.
Notably, ETH surged to $2,000 in August and since then it has been hovering around the $1,600 level. On the other hand, DOGE saw a massive price jump of over 50%, bringing it closer to its target of $0.20. Meanwhile, ADA reclaimed a crucial support level of $0.40, which further suggests an incoming bullish trend for the altcoin. With these promising developments in play, it seems like Ethereum, Dogecoin, and Cardano are set for a big price rally soon.
Ethereum closed the weekly chart on a bullish note, with a 4% gain. In addition, the bullish crossover of the 50 EMA and 200 EMA signals continued positive momentum for ETH in the upcoming week. As one of the top altcoins in terms of market cap, Ethereum has been steadily increasing in price and is showing promising growth potential.
ETH/USD price chart,source:TradingView
Dogecoin recorded a significant price change after Elon Musk acquired twitter, with DOGE gaining over 50% in just a few days. This brought the altcoin closer to its target price of $0.20, and with continued support from Musk, DOGE could very well reach this mark soon.
DOGE/USD price chart,source:TradingView
Cardano is among the altcoins that stabilized in price following the recent market crash in May. ADA managed to reclaim its crucial support level at $0.40 and is currently following a bullish trend. With technical indicators suggesting a potential breakout in price, Cardano is likely to break out of its current trading range and experience a price increase shortly. Cardano’s current price is $0.3955 which is slightly below its important long-term support of $0.40. Cardano is expected to rebound strongly as it has been consistently following a bullish trend.
ADA/USD price chart,source:TradingView
Overall, Ethereum, Dogecoin, and Cardano are demonstrating strong growth potential as they continue on their bullish path. Investors should keep an eye out for these altcoins in the upcoming weeks as they could see a significant price rally.
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