As Bitcoin continues to traverse sideways and downwards, the altcoins are generally also depressed as they wait for the next upside surge. How are Ripple (XRP), Cardano (ADA), and Avalanche (AVAX) positioned?
$XRP nears end of descending triangle
Source: TradingView
The $XRP price is currently in a descending triangle which it began just over six weeks ago. These patterns are normally bearish, and are the opposite of ascending triangles which are bullish. That said, there is still a decent chance that the price could break to the upside, and given the bearish nature of the pattern, this would be extra bullish.
If the price falls down through the bottom of the triangle, the next decent support is at $2.60. Conversely, if the price breaks up, there is strong resistance overhead at $3.01. Breaking through this would leave targets at $3.38, and then the all-time high at $3.66.
$ADA major trendline fakeout
Source: TradingView
The $ADA price is currently in a descending wedge. After breaking out from a huge descending trendline, the bears got to work and changed an excellent bullish setup into a bearish one as the price was forced back under the trendline.
The price is at a very good level of horizontal support right now, and so a breakout of the wedge to the upside is quite likely. The price will then be forced into the point formed by the descending trendline and the horizontal support and it will have to break one way or the other.
$ADA approaches critical point
Source: TradingView
Zooming out into the weekly time frame it can be seen just how critical things are for the $ADA price . The descending trendline goes all the way back to the $3.10 all-time high. If this trend is not broken, $ADA could possibly descend to $0.68 and then $0.50. On the other hand, if the trend can be broken and a weekly candle closes above, a resulting surge could take the price to the targets of $1.16 and then $1.30.
$AVAX bulls target $56 to avoid another macro lower low
Source: TradingView
Since breaking out of a long-time descending trendline the $AVAX price shot up to $27.40, making a higher high as it did so. From this local top the price has chopped sideways in a triangle pattern, possibly in an accumulation phase.
This is all quite healthy for future price appreciation, as long as the bulls are able to send the $AVAX price out of the top of the triangle. If they can do so, the previous swing high is all the way up at $56. This is some target, but if it isn’t reached, this would be one more macro lower low and a long-term continuation of $AVAX to the downside.
