Crypto analyst Abiodun Oladokun talks about a 21 percent drop for ADA. The analyst also predicts a further decline for XRP, which has seen a sharp decline with the SEC’s appeal. We have compiled the analyst’s predictions for these 2 altcoin projects for our readers.
ADA price prediction: A 21% drop is in the cards for the altcoin!
Cardano’s Midnight side-chain allows developers to build functional applications while protecting user privacy. Announced in 2023, Midnight is Cardano’s Layer-1 (L1) privacy-focused solution. The recently launched test-net will focus on testing critical features to provide developers with a stable environment as they explore the protocol. Despite this progress, the ADA price has not reflected the development. The altcoin is trading at $0.34, down 11% since October 1. ADA continues to remain in a sideways channel on its one-day chart.
It also faces repeated strong selling pressure at the $0.40 resistance level despite repeated attempts to break out. The growing bearish sentiment in the broader cryptocurrency market casts doubt on any near-term revival in ADA’s buying pressure. This negative outlook is reinforced by the Elder-Ray Index reading of -0.04. It also suggests that bearish sentiment is currently dominating the market. If ADA fails to find support from the Ichimoku Cloud, the altcoin is likely to approach the lower support line of its sideways channel. Failure of the bulls to hold this level could push the altcoin’s price as low as $0.27, a 21% drop from its current value.
On the other hand, if buying pressure reappears, it is possible that ADA will rise above the cloud. Thus, it targets the channel’s resistance at $0.40. A successful breakout here could set the stage for a rally towards $0.60.
XRP price forecast: The token is approaching a two-month low!
As you have been following on Kriptokoin.com, Ripple’s XRP token has experienced a sharp decline. The altcoin price has lost more than 10% of its value in the last 24 hours. The price drop came after the U.S. Securities and Exchange Commission (SEC) filed an appeal challenging the previous ruling in favor of Ripple. With the growing bearish sentiment towards the altcoin, it is possible that it could revisit its two-month low of $0.47.
XRP’s price drop over the past week has brought it closer to a key resistance level of $0.51, which it holds just above. If the selling pressure intensifies, it will be difficult for it to hold this level. Thus, it is possible that XRP could fall as low as $0.46, a two-month low. If the altcoin fails to turn this level into a support base, the price is likely to fall as low as $0.38.
However, this negative outlook will be invalidated if market sentiment turns bullish from bearish. In this case, XRP’s price is likely to reverse course. Thus, it is possible that it could start an uptrend targeting $0.66.
The views and predictions in the article are those of the analyst and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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