The altcoin market faced a major pullback after weeks of trending upwards. The top altcoins, Cardano (ADA) and Ripple (XRP), experienced drops of more than 10%.
Meanwhile, Pullix (PLX) showed remarkable resilience in the face of the downtrend. Now the downtrend looks to be over, what’s next for these cryptocurrencies?
Cardano’s Trading Volume Soars, Hints At ADA Price Rally
Cardano (ADA) was one of the worst-hit altcoins in the recent market crash. The price of Cardano fell from $0.64 to as low as $0.53 on the daily charge. However, after finding support from this level, the ADA price has increased back to $0.55 per coin.
Meanwhile, there are more positive signs for the Cardano coin. The trading volume of ADA surged by 49.07% to $631.41 million in 24 hours. A surge in trading volume is often a hint at a potential price surge. Technical indicators have also hinted at a potential price surge.
Cardano is at a critical level and would need to break above the resistance zones at $0.60 and $0.67, according to Crypto analyst LuckSide. Dan Gambriello has highlighted that the Cardanois attempting a symmetrical triangle breakout, which could see ADA hit $0.80.
Ripple (XRP) Drops Almost 20%, But There’s An Upside
Among the top altcoins, Ripple (XRP) suffered one of the largest losses. During the altcoin market collapse, the price of the Ripple coin fell by about 20%. The price of XRP plunged to as low as $0.500 as a result of the flash crash.
While this is a significant drop, it also represents an opportunity for XRP. The Ripple coin has now retested a key support level. At this level, Ripple has created a triple bottom. This is a big bullish trend that could lead to an increase in the price of XRP.
Ripple’s Relative Strength Index (RSI) is presently heading north, confirming the bullish push. XRP has now reached $0.580. If the price of Ripple rises beyond the psychological level of $0.600, a 20% increase is possible.
Pullix (PLX) Presale Shows Resilience in the Face of Downturn
Amidst the downturn in the altcoin market, the Pullix (PLX) presale remained resilient. While other altcoins in the DeFi market plunged, the price of PLX continued to increase, reaching $0.08 in December. Pullix has been on the rise because of the great innovation it brings to the DeFi market.
With features from both DEXs and CEXs, Pullix is a hybrid exchange platform that focuses on the community. Pullix offers advantages over traditional exchanges in terms of speed, cost, efficiency, and security because of its hybrid architecture.
The fact that this exchange provides access to the international financial market is yet another fantastic aspect. Users can trade FX, ETFs, commodities, and cryptocurrencies on the Pullixplatform. Advanced AI tools have also been integrated into the exchange. By using these tools, users may study markets and make more informed trading decisions.
Pullix is among the best cryptos available because of its relationship to the currency market, which opens up access to a market valued at over $632 trillion. Pullix will benefit greatly from this enormous liquidity, but PLX also stands to gain greatly.
Final Thoughts
The recent altcoin shakeout, marked by a 10% plunge in Cardano (ADA) and Ripple (XRP), underscores the rising Pullix. While it now trades at $0.08, analysts have forecasted a potential surge of 50x in 2024, making PLX one of the best cryptos to buy.
For more information regarding Pullix’s presale see links below:
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Source: https://cryptodaily.co.uk/2024/01/altcoin-shakeout-cardano-ada-and-ripple-xrp-witness-10-plunge-pullix-plx-presale-resilient-in-the-face-of-downturn