Cardano (ADA) and XRP have recorded stunning gains in the last 24 hours, with double-digit surges that pushed them out of long-term descending trends. The altcoins bounced by nearly 10% as Bitcoin’s price recovered and drew close to $40,000. Meanwhile, Ether is also moving towards $2,500, with its prices firmly set in bullish territory. Overall, the cryptocurrency market is witnessing a significant revival after a string of positive developments helped turnaround investor sentiment.
Both XRP and ADA were up 10% following Bitcoin’s 12% rebound. ADA broke past its 200-day moving average (MA) and traded at over $1.20. The currency’s ascent was briefly abrupted by its 20-day MA, but it successfully moved past that point today. In doing so, Cardano has managed to emerge out of a long-term trend of decline, which has held it back since May.
XRP’s latest surge brought the prices near the 50-day moving average. The currency also surpassed its 20-day MA and climbed up to $0.696, but encountered resistance at the 50-day MA and has since pulled back to $0.65.
Looking forward, ADA’s key resistance levels lie at $1.35, $1.45, $1.52, and $1.60. On the other hand, XRP’s first resistance is at $0.69 (50-day MA). This is followed by $0.71, $0.77, and $0.82.
Altcoin market leader Ethereum has also posted impressive gains over the last few days. At the time of writing, it had already breached the weekly Bollinger MP ($2,255) and the weekly SMA ($2,247). From a short-term perspective, Ether is placed in a bullish zone and continued strength could result in a rally up to $2,500.
Ethereum’s three-week high was set in motion by similar gains made by Bitcoin, which usually determines the course of the crypto market. The flagship cryptocurrency has started showing signs of recovery from stagnation after a host of positive announcements.
The bullish cycle was kickstarted by “The B Word” conference, where Tesla CEO Elon Musk and Twitter boss Jack Dorsey emphasized the benefits of digital assets. Shortly after, speculations around Amazon moving ahead with crypto payments came to light. If insider information is correct, Bitcoin could become the first crypto asset to be accepted by the e-commerce giant.
It remains to be seen how long this momentum would last, given the inherent volatility of the crypto sphere. Nevertheless, this is a great time for traders who HODLed digital assets despite the ups and downs.