It was a sea of green in the cryptocurrency industry as Bitcoin and most altcoins surged. Cardano (ADA) price surged by 60%, while Cronos (CRO), Ripple (XRP), and IOTA (IOTA) surging by over 20% on Monday morning. This surge brought the market cap of all coins up by over 10% to $3.10 trillion. Here’s why these altcoins are soaring and what to expect.
Cardano price analysis
Cardano price surged by over 60% after Donald Trump hinted that it would be part of the crypto strategic reserves. This means that the American government may spend millions of billions of dollars acquiring the coins.
Cardano’s price surged because of its strong technicals. It had formed a falling wedge pattern, a popular bullish reversal sign. This pattern forms when an asset forms a series of lower lows and lower highs, with the two trendlines converging.
Cardano’s wedge pattern was about to converge when it bounced back. It will likely keep rising as bulls target the 2024 high of $1.328.
XRP price forecast
The XRP price staged a strong comeback in the American session also as Trump said that it would be part of the strategic reserves. Its surge happened after the token bottomed at $1.9607, where it struggled to move below since November last year. This price was the neckline of the head and shoulders pattern, a popular bearish reversal sign.
XRP price has invalidated the H&S pattern by moving above the shoulders section at $2.80. It has also moved above the 50-day moving average and the 23.6% Fibonacci Retracement level.
Therefore, the next key Ripple price to watch will be at $3.40, the highest swing in January. A move above that level will point to further gains, potentially to $5.
Cronos price analysis
Cronos price surged in the overnight session, reaching a high of $0.10, up from the year-to-date low of $0.0683. This rally happened a few days after Cronos partnered with Crypto.com to launch a debit card transfer.
The CRO price surged primarily for technical reasons since it bottomed at $0.0705, its lowest level in November last year. It formed a giant double-bottom pattern whose neckline was at $0.233.
However, CRO price found resistance at the 50-day moving average and the 78.6% retracement point. As such, there is a risk that the price surge is part of a dead cat bounce, where an asset has a temporary rebound and then resumes the downward trend.
IOTA price forecast
IOTA price peaked at $0.6335 in December and then crashed to a low of $0.1826 this month. It formed a double-bottom pattern at $0.1825. A double bottom is one of the most bullish patterns in the market.
IOTA coin then retested the upper side of the descending channel. This channel is part of the cup-and-handle pattern that has been forming in the past few days. It also resembles the falling wedge chart pattern.
Therefore, the IOTA token price will likely have a strong bullish breakout, with the initial resistance level to watch being at $0.4185, up by 70% from the current level.
Read more: Cronos price analysis: here’s why CRO could surge 40%
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