Dominating tokens like BTC and ETH are downplaying the hopes of fetching near-term profits. It is natural if altcoins attempt to make a comeback during the time of accumulation. Cardano’s ADA and Avalanche’s AVAX are pacing to retain the 8th spot on the table in terms of market capital. Specifically, Avalanche wishes to take that spot away at a time when the market is not doing well on the trading board.
The fall in ADA is greater than in AVAX, creating speculation about whether Cardano will indeed succeed. For reference, Cardano was last seen being traded at $0.6112, down by 10.03% in the last 7 days. Avalanche, on the other hand, is down by 5.68% during the same time to exchange hands at $57.00.
AVAX was previously above $60; however, it has retraced to a lower value. Now, the analysts have set the resistance level at $55; going below that level will potentially open the doors for a further slip. Avalanche holders hope that the token’s price will return to $60 or a higher level and remain in that range for an extended period of time. Nevertheless, many investors leverage this moment to accumulate tokens through mid- or long-term speculation.
Cardano is expected to mirror the movement of ETH. Meaning, it is expected to mark growth steadily and gradually once it hits momentum. Ether is down by 9.08% in the last 24 hours, at the time of writing this article. Once closer to $4,000, the token has moved back to $3,264.34 for a bearish dance. Altcoins could be driven by bullish sentiments, which may prevail later.
The confidence in ADA comes from the Relative Strength Index demonstrating a window for a rebound. Notably, there is only a likelihood and not a certainty since volatility always plays a role. The upcoming comfort zone is marked at $0.80 to pave the way for a surge to $1 by the end of this year, which is 2024.
The RSI for AVAX has reached its threshold limit, and investors will likely be exhausted from pumping life back into circulation. It did manage to move past $60 but is now back to the margin of ~$56.50. The next milestone has been set at $73 in the short term. The token may end up at $50 and later dance around $75.
Simply put, Avalanche will inevitably surpass $70 in the coming days. It is still recommended to divert funds to AVAX or any other cryptocurrency based on one’s risk assessment. The fall, if any, may reverse, but the extent of the same is little known.
Cardano and Avalanche pace toward making a flip as the crypto market plays amid rising bearish sentiments.
Source: https://www.cryptonewsz.com/cardano-to-flip-avalanche-take-an-upper-spot-in-market-cap/