- A price analysis reviews the technical setups for HBAR, ALGO, XRP, and Cardano.
- HBAR and ALGO are showing potentially bullish chart patterns on their daily timeframes.
- Cardano (ADA) was the most favored in a recent sentiment poll but is testing key support.
In a market poll gauging trader sentiment, ADA came out on top as the most favored asset with 56.3% bullish interest, followed by XRP at 25.6%, HBAR at 12.6%, and ALGO at 5.6%.
So now this new price analysis reviews the technical setups of these four best altcoin buys – XRP, Cardano (ADA), Hedera Hashgraph (HBAR), and Algorand (ALGO), to identify which presents the best buying opportunities based on their current market structures.
XRP: Bearish Pressure Despite High Volume
XRP traded at $2.12, down by 1.26%, with a market capitalization of $125.03 billion at the time of writing. The 24-hour volume rose 50.84% to $2.53 billion, with its circulating supply standing at 58.93 billion out of 100 billion total tokens.
XRP’s price surged past $2.18 early on before dropping below $2.10 and then stabilizing just above that level overnight. The technical outlook remains cautious amid ongoing bearish momentum.
Related: Altcoin Season Awakes: Can Cardano Lead the Charge and Hit $2.40?
Cardano (ADA): Approaches Critical Support with Potential Reversal
ADA recorded a decline of 1.23% to $0.5841, with a market capitalization of $20.65 billion and a fully diluted valuation of $26.28 billion. Over the past 24 hours, the trading volume surged by 89.15% to $778.17 million.
However, ADA’s price action shows a peak above $0.60 followed by a decline to near $0.56 and a limited recovery.
Analyst Jai points to ADA as nearing a major support zone of between $0.49 and $0.50. Jai predicts that a breakout above this pattern could drive ADA toward $1.00 or higher. However, failure to hold support may result in a retracement to $0.62–$0.65.
Hedera (HBAR): Potential Breakout from a Descending Wedge
HBAR traded at $0.1447, down 0.93% over 24 hours, with a market cap of $6.11 billion and an FDV of $7.23 billion. Moreover, trading volume surged by 53.72% to $116.8 million, with the circulating supply standing at 42.23 billion tokens from a max of 50 billion.
Price action revealed an early rise to near $0.151 before falling below $0.141 and stabilizing around $0.144. Despite the price decline, analyst TheFlashTrading identifies a descending wedge pattern on the daily chart, a technical formation that often signals an upcoming upward trend.
The analyst forecasts that if HBAR breaks above the wedge’s upper trendline, the price could reach resistance targets at $0.229 and $0.342.
Related: Crypto Confusion? These Altcoins Are Holding Strong Under Pressure
Algorand (ALGO): Rebound from Channel Support
ALGO rose by 0.54% to $0.1677, maintaining a market capitalization of $1.44 billion and a fully diluted valuation of $1.67 billion. Its trading volume surged by 91.23% to $85 million.
The price initially rose to $0.172, then fell below $0.162 before recovering to $0.167. Technical analyst TedPillows noted a descending channel pattern, noting that ALGO has recently bounced off the lower boundary of this channel.
This signals a short-term bullish correction amid an overall downtrend. The analyst notes that soft staking availability on Binance may increase demand. If market momentum continues, ALGO could advance toward $0.21–$0.22, though breaking above the upper channel line is required to confirm further gains.
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Source: https://coinedition.com/best-four-altcoin-buys-xrp-ada-price-analysis/