Cardano (ADA) entered the consolidation mode after growth in early May, but is already giving signals of readiness to continue the upward movement.
Tezos (XTZ) is testing an important resistance, a break which will indicate the development of a bull trend.
Tezos (XTZ)
XTZ rises, following the line of upward support from early May. Quotes have recently bounced off this line for the third time. The support line is supported by a 200-day moving average, which runs just a little lower.
At the same time, there is strong resistance on the way up in the form of a 50-day moving average and a resistance zone of 29,500 Satoshi, which previously acted as support. Until altcoin returns support status to this level, its dynamics cannot be considered upward.
In the short-term charts, it is clear that XTZ broke through the downward resistance line, while the RSI rose significantly above level 50. This is a signal that the altcoin will continue to climb and break through the aforementioned resistance zone.
Cryptocurrency trader @RookieXBT writes on Twitter that two altcoins represented by Cardano (ADA) and Tezos (XTZ) are ready to continue the rise:
Does anyone else have a feeling that the two main altcoins will soon rush north? I mean $ ADA and $ XTZ.
We decided on a bullish forecast for XTZ, and now we will try to assess the prospects of ADA.
Cardano (ADA)
ADA has been growing since January 14th. However, the pace of recovery accelerated sharply towards the end of May along with trade. On June 4, quotes peaked at 947 satoshi and have since retreated slightly.
The next significant resistance levels go to 985 and 1,170 Satoshi, where the levels of 0.382 and 0.5% Fibonacci correction relative to the bearish move.
It is expected that the coin will reach at least the first of the mentioned resistance levels since in general its dynamics remains upward. Bullish prospects are particularly clearly visible through the prism of the long lower wick, formed on June 19. When the price confirmed the status of the previous resistance zone and immediately bounced northward.
In the short term, the ADA is inside a symmetrical triangle, if you do not take into account the aforementioned lower wick, which extends well below the line of upward support.
Despite the fact that the triangle is considered a neutral pattern. The fact that it formed after the climb increases the likelihood of a bullish breakout. Especially since no bearish divergence signals were detected on the charts during the formation of recent highs.
