As the market gains momentum, Cardano
$ 0.736406(ADA) and Avalanche(AVAX) are moving towards significant resistance levels. Technical analysis indicates that both altcoins are approaching critical turning points in the coming days. According to Elliott Wave theory, Cardano is preparing for a new upward wave, while strong buying signals have started to emerge for Avalanche. However, experts warn that failure to break through the impending resistances could lead to sharp declines in prices.
ADA Coin Analysis: Price Set for Rise
ADA coin is on the verge of completing a lengthy correction phase after peaking at $1.38. The four-hour chart shows the complex W-X-Y-X-Z wave structure nearing its final phase. Following the Z wave’s completion at $0.57, the price has become trapped within a symmetrical triangle formation. Elliott Wave analysis suggests that this triangle formation signals the beginning of a significant upward wave.
ADA Coin Price Analysis and Commentary
Currently, Cardano’s price is testing the upper resistance of the triangle. Breaking this resistance could propel ADA to $0.7766 initially, and then to the crucial resistance level of $0.9069. Analysts note that if the upward trend continues, Cardano might aim for $1.53 in the short term and $1.74 in the long term.
The critical support level for the bullish scenario is identified at $0.6476. A drop below this level could invalidate the bullish forecasts and initiate a new downward wave.
AVAX Coin Analysis: Major Reversal Signs on Price Chart
AVAX coin has seen a rise of about 15% in the last week, trading around $21. However, technical analysts emphasize that the descending wedge formation on the price chart indicates an imminent upward breakout. Analyst CryptoELITES states that breaking the resistance at the $35-$40 range could see Avalanche’s price surge to $80-$100 and potentially reach $250.
AVAX Coin Price Analysis and Commentary
Recently, there has been a significant increase in purchases of AVAX by large investors, referred to as whales. According to IntoTheBlock, 314 large-volume transactions occurred in the last 24 hours. Experts suggest this indicates that large investors expect a price increase.
Although management changes at the Avalanche Foundation have affected investor confidence, the development team has confirmed that work continues unabated. If investor confidence is restored following this announcement, it is suggested that the momentum in AVAX’s rise could increase.
