Bitcoin has shown some strength since the early trading hours and has successfully soared above $26,000. While the bearish influence continues to prevail, the possibility of an extended bullish trend hovers over the BTC price and the entire crypto space. In the meantime, some of the altcoins are also closely following the trend and preparing for the upcoming bullish action.
Cardano (ADA)
Cardano is mainly known for its vital fundamentals, which appear to be strengthening every day. The token is currently facing very tough times as U.S-based exchanges are delisting as the SEC, in its lawsuit against Coinbase, names Cardano as a security. Ever since then, the ADA price has been losing enormous value and has lost almost all the gains incurred in 2023.
However, the bears are believed to drain in the coming weeks, which may offer the bulls a golden opportunity to lift the price back above major resistance. The token, after the recent drawback, appears to have inculcated acute strength, which may be utilized when market conditions ease.
Ripple (XRP)
The bearish market sentiments drove the XRP price lower, but the token maintained an ascending triangle. Hence, implies that the price may soon begin with a bullish breakout as the bears fail to dominate over the bulls. Moreover, the lawsuit against the SEC is slowly turning in favour of the company, due to which the native token is expected to rise with flying colours.
Besides, the stochastic RSI has dropped and is currently hovering within the oversold levels, indicating the possibility of a bullish rebound very soon. StochRSI moves close to the price and hence records every small variation. Currently, it is attempting a rebound, which may lift the price significantly.
Arbitrum (ARB)
Arbitrum is the most popular crypto within the crypto space. It gained huge attention within a very short time but also lost most of it at the moment. This compelled the price to remain within a descending trend, which has prevailed until now. Despite a huge plunge, the price is displaying enough strength and the possibility of a bullish rebound.
The stochastic RSI in the case of Arbitrum is about to flash bullish signals as the levels have reached the oversold level. The RSI is trying to flash a bullish signal which may trigger a massive upswing in the coming days.
The list also included popular tokens like Ethereum, and Binance Coin, while the top trend is following PEPE coin followed by Iotex and Bitcoin
Source: https://coinpedia.org/price-analysis/top-must-have-altcoins-before-the-next-bullish-price-action-within-the-markets/