XRP and Solana are stagnant...Cardano (ADA) prepares for a 41% surge

▲ Cardano (ADA)/AI generated image

While XRP and Solana (SOL) are trading sideways, Cardano, Hyperliquid, and Avalanche are all testing price breakouts. Cardano has been given a target of up to 40.92% increase.

According to Benzinga on August 4 (local time), Cardano (ADA) reached $0.195 for the first time since July 4. Its market capitalization has increased by 24% in the past week. The price broke above the top of a symmetrical triangle and surpassed the 20-day exponential moving average of $0.1734 and the 50-day moving average of $0.1755. The Relative Strength Index (RSI) was 68.25, indicating a strong upward trend.

Cardano's target price, applying the width of the symmetrical triangle, is $0.24. The potential increase is calculated at 40.92%. The first resistance level is the 100-day exponential moving average of $0.197, and $0.2 is also presented as a major gateway. According to Santiment, the number of non-empty Cardano wallets has decreased by 7,070 compared to two months ago.

Hyperliquid (HYPE) rebounded by 3% to reach $55.65. It has re-approached the long-term trend line that has supported its ascent from $28 to $76 since its March low. Its July perpetual futures trading volume was recorded at $218 billion, surpassing the combined trading volume of $189 billion from seven other major perpetual futures decentralized exchanges. For a short-term upward reversal, a recovery to $60.87 is deemed necessary.

Avalanche (AVAX) rose by 3.5%, testing the top of a two-month-long consolidation range. If the daily closing price exceeds $6.85, the 100-day exponential moving average of $7.48 is presented as the next target price. In case of a decline, the key support level is $6. The Kenya National Examinations Council has registered over 15 million academic records generated since 1989 on the Avalanche C-chain. The verifiable records in this system are expected to increase to approximately 35 million in the future.

[Article Summary]

-Cardano broke out of a symmetrical triangle, and a target price of $0.24, representing a 40.92% increase, has been set.

-Hyperliquid's July perpetual futures trading volume was $218 billion, exceeding the combined trading volume of seven other major exchanges.

-Avalanche has entered a technical zone where it could rise to $7.48 if it breaks above $6.85.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*