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▲ Ethereum (ETH), Cardano (ADA)/AI-generated image
Ethereum (ETH) and Cardano (ADA) are on the verge of breaking through their 200-day moving averages. This is analyzed as a turning point where the altcoin market, trapped in a long-term bearish trend, could change direction.
Dan Gambardello, host of the cryptocurrency YouTube channel Crypto Capital Venture, stated in a video released on August 6 (local time) that whether Ethereum breaks its 200-day moving average is a key variable that will determine the next trend in the altcoin market. Ethereum is confirming support near its 50-day moving average. The necessary increase to reach the upper trendline around $2,000 and the 200-day moving average is approximately 7%. Gambardello said, “Crossing the 200-day moving average could signal a shift in the market cycle over several months to several years.”
If it fails to break through upwards, the $1,700-$1,800 range will be the first line of defense. If even the 50-day moving average collapses, there's a possibility of a drop to the lower trendline around $1,500. Gambardello explained that news related to the Middle East situation and US cryptocurrency market structure bills could affect short-term prices.
SUI was identified as an altcoin to consider accumulating when market corrections continue. Gambardello analyzed, "If SUI rebounds from its bottom price range, it could rise by about 11% to test the upper trendline at $0.75." If it breaks the 200-day moving average, approximately $1 is the next target. In its own risk model, SUI's score was 12, and the percentage of price increase after 3 months of entering a similar range was 94%, with a 100% increase after one year. In case of further sharp declines, the $0.30 to $0.40 range was designated as a candidate for accumulation.
NEAR Protocol (NEAR) was evaluated as an asset with a good token issuance and distribution structure but higher risk than SUI. Its self-assessed risk score was 25, exceeding SUI's 12. Gambardello stated, "NEAR has already rebounded from its February lows, so the buying opportunity at that time has passed. However, if Bitcoin (BTC) and the cryptocurrency market experience another sharp drop back to previous price levels, buying could be considered."
Cardano surged by approximately 36% in just over a week, demonstrating the potential for an altcoin rotation. The short-term resistance is between $0.21 and $0.22, and the 200-day moving average is around $0.23. Cardano futures were launched in February, and the 6-month trading requirement will be met on August 9. This will be followed by a 75-day review process and a decision deadline of October 23. Gambardello explained that these timelines and expectations for institutional investment are supporting the recent rise.
[Article Key Summary]
-Ethereum is approximately 7% away from its 200-day moving average, and its breakthrough is presented as a turning point for the altcoin market.
-SUI's self-assessed risk score was 12, and NEAR's was 25, indicating that SUI is considered a relatively more favorable accumulation candidate.
-Cardano rose 36% in just over a week, with breaking $0.23 and meeting the August 9 futures trading requirement cited as key variables.
*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.*
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